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The Securities and Exchange Commission (SEC) is seeking public comments on changes to the way investment companies advertise their performance to potential investors. The proposed changes, known as Rule 482, aim to ensure that advertisements provide balanced and informative information about investment objectives, risks, charges, and past performance, which may not guarantee future results. Additionally, the rule would align risk statements in advertisements with those required in official prospectuses, particularly for money market funds. Comments on the proposed changes are invited until March 24, 2025.

The Securities and Exchange Commission (SEC) issued notices for deregistration applications under Section 8(f) of the Investment Company Act of 1940. Several investment companies, including BNY Mellon Municipal Bond Funds, John Hancock Tax-Advantaged Global Shareholder Yield Fund, List Income Opportunities Fund, and PREDEX, have applied to cease being investment companies. These applicants are transferring their assets to other funds and have made final distributions to shareholders. Each application contains specific details about the asset transfer, final distributions, and expenses incurred.

The Securities and Exchange Commission (SEC) is requesting public comments on the necessity and impact of its collection of information through Form N-PX, as part of the requirements under the Paperwork Reduction Act. Form N-PX is used by registered management investment companies to report their proxy voting records annually. The SEC estimates that the cost and time burden for filing this form is approximately $17.66 million and 47,984 hours for all affected funds. They invite written comments on ways to improve or reduce the burden of this data collection within 60 days.

The Securities and Exchange Commission is considering applications from several investment companies seeking to deregister under the Investment Company Act of 1940 as they have stopped operations. These companies have either distributed their assets or transferred them to other funds, with some incurring liquidation or reorganization expenses, often covered by investment advisers or related parties. Various applications were filed or amended in 2020 and 2021, with the companies seeking orders to cease being recognized as investment companies. Some entities, like American Independence Funds Trust and Boston Income Portfolio, have requested official deregistration following the liquidation of their assets.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget (OMB) to continue collecting information through Form N-14 under the Paperwork Reduction Act. Form N-14 is used by investment companies and business development companies for registering securities during certain business transactions. The SEC estimates that about 253 filings are made each year, with considerable internal efforts and costs involved in preparing these forms. Amendments to Form N-14 aim to reduce the burden and costs for certain companies by allowing them to incorporate information by reference. Public comments on this information collection are encouraged and can be submitted within 30 days.

The Securities and Exchange Commission (SEC) has requested an extension for the information collection of Form N-54A, which investment companies use to notify the SEC of their election to be regulated as business development companies. This form is mandatory and aims to help the SEC administer specific provisions of the Investment Company Act of 1940. On average, about seven companies file this notification annually, with a total burden of 3.5 hours and an estimated cost of $1,288 to the industry. Public comments on the information collection are invited and can be submitted via the provided contact details.

The Securities and Exchange Commission (SEC) is seeking public feedback on extending a rule that helps prevent conflicts of interest for people working with investment companies. Rule 17j-1 requires those affiliated with investment companies to follow a code of ethics that ensures their personal investments do not conflict with the company's activities. This rule mandates reports on personal securities transactions and record-keeping to detect any potential violations. The SEC estimates around 84,567 people are affected by this rule, leading to annual costs of approximately $4.68 million for compliance. Comments are invited on the necessity and impact of these reporting requirements.

The Securities and Exchange Commission (SEC) is proposing to extend the current collection of information under the Paperwork Reduction Act of 1995 related to investment companies. According to rule 0-1 of the Investment Company Act of 1940, which was amended in 2001, funds relying on specific exemptions must have independent legal counsel whose independence is verified by the fund's independent directors. The SEC estimates that around 1,010 funds need to spend approximately 0.75 hours annually to meet these requirements, with an overall compliance cost of about $175,523. The SEC invites public comments on whether this information collection is necessary and how it can be improved or made less burdensome.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget to continue collecting certain information under Rule 19a-1, as mandated by the Paperwork Reduction Act of 1995. This rule requires investment companies to inform their shareholders about the sources of dividend payments to ensure clarity and prevent confusion between income dividends and other types of distributions. It affects around 12,019 investment companies annually, creating an estimated total burden of 24,038 hours and an approximate cost of $2,892,693. The SEC is accepting public comments on this information collection request within 30 days of the notice's publication.

The Securities and Exchange Commission (SEC) is requesting an extension from the Office of Management and Budget (OMB) for a collection of information related to Form N-8A. This form is used by investment companies to notify the SEC of their registration under the Investment Company Act of 1940. The SEC estimates that around 99 investment companies file this form every year, with a burden of about 99 hours in total time and $55,638 in costs. The SEC invites public comments on this request to assist in improving the process and minimizing the burden for respondents.