The Securities and Exchange Commission is seeking an extension of a previously approved information collection associated with Form N-17f-1. This form is used to verify that a fund's assets, held by members of national securities exchanges, are properly accounted for with an independent accountant's examination. It is estimated that preparing, reviewing, and filing the form requires 1.5 hours per submission, with each fund submitting it three times per year, resulting in an annual burden of 27 hours for all funds. Comments on this extension request can be submitted to the SEC or through specified online platforms within 30 days of this notice's publication.
Simple Explanation
The Securities and Exchange Commission wants to keep using a form that helps check if a fund's money is properly looked after. They ask people to share their thoughts on the form's use, but it's unsure if giving feedback will change anything or how everyone's thoughts will be shared.