The Securities and Exchange Commission (SEC) is seeking an extension from the Office of Management and Budget (OMB) for an information collection authorization under the Paperwork Reduction Act. This involves Rule 18f-3 related to funds that offer multiple share classes, which requires these funds to have a plan explaining their arrangement and expenses. The SEC estimates around 2,970 hours annually will be needed for compliance across registrants. Public comments on the matter can be submitted within 30 days of the notice.
Simple Explanation
The Securities and Exchange Commission (SEC) wants permission to keep asking certain questions about how some funds tell people about their costs, but there are some questions about how well they understand the time and privacy involved.