8011-01P
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-522, OMB Control No. 3235-0586]
Submission for OMB Review; Comment Request; Extension: Rule 38a-1
Upon Written Request, Copies Available From
Securities and Exchange Commission
Office of FOIA Services
100 F Street NE
Washington, DC 20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C.
3501 et seq.), the Securities and Exchange Commission (the “Commission”) has submitted to the
Office of Management and Budget a request for extension of the previously approved collection
of information discussed below.
Rule 38a-1 (17 CFR 270.38a-1) under the Investment Company Act of 1940 (15 U.S.C.
80a) (“Investment Company Act”) is intended to protect investors by fostering better fund
compliance with securities laws. The rule requires every registered investment company and
business development company (“fund”) to: (i) adopt and implement written policies and
procedures reasonably designed to prevent violations of the federal securities laws by the fund,
including procedures for oversight of compliance by each investment adviser, principal
underwriter, administrator, and transfer agent of the fund; (ii) obtain the fund board of directors’
approval of those policies and procedures; (iii) annually review the adequacy of those policies
and procedures and the policies and procedures of each investment adviser, principal
underwriter, administrator, and transfer agent of the fund, and the effectiveness of their
implementation; (iv) designate a chief compliance officer to administer the fund’s policies and
procedures and prepare an annual report to the board that addresses certain specified items

relating to the policies and procedures; and (v) maintain for five years the compliance policies
and procedures and the chief compliance officer’s annual report to the board.
The rule contains certain information collection requirements that are designed to ensure
that funds establish and maintain comprehensive, written internal compliance programs. The
information collections also assist the Commission’s examination staff in assessing the adequacy
of funds’ compliance programs.
The Commission staff estimates that 13,628 funds are subject to rule 38a-1. Based on
these estimates, the total annual burden hours associated with Rule 38a-1 is 476,980 hours. The
estimated total annual burden hours associated with rule 38a-1 have increased 25,572hours, from
451,408 hours to 476,980 hours and external costs increased from $19,608,000 to $23,876,256.
These changes in burden hours and external costs reflect changes in the number of affected
entities and in the external cost associated with the information collection requirements. These
changes reflect revised estimates.
The estimate of average burden hours is made solely for the purposes of the Paperwork
Reduction Act. The estimate is based on communications with industry representatives and is
not derived from a comprehensive or even a representative survey or study. Responses will not
be kept confidential. Other information provided to the Commission in connection with staff
examinations or investigations is kept confidential subject to the provisions of applicable law. If
information collected pursuant to rule 38a-1 is reviewed by the Commission’s examination staff,
it is accorded the same level of confidentiality accorded to other responses provided to the
Commission in the context of its examination and oversight program. An agency may not
conduct or sponsor, and a person is not required to respond to, a collection of information unless
it displays a currently valid OMB control number.
The public may view background documentation for this information collection at the
following website: www.reginfo.gov. Find this particular information collection by selecting
"Currently under 30-day Review - Open for Public Comments" or by using the search function.

Written comments and recommendations for the proposed information collection should be sent
within 30 days of publication of this notice by [INSERT DATE 30 DAYS AFTER DATE OF
PUBLICATION IN THE FEDERAL REGISTER] to (i)
MBX.OMB.OIRA.SEC_desk_officer@omb.eop.gov and (ii) Austin Gerig, Director/Chief Data
Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi, 100 F Street, NE,
Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov.
Dated: July 8, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.

[FR Doc. 2024-15293 Filed: 7/11/2024 8:45 am; Publication Date: 7/12/2024]