The Securities and Exchange Commission (SEC) is seeking public comments on their information collection process under Rule 17f-4, which deals with investment companies using securities depositories. They estimate that 639 entities, including funds and custodians, must follow these rules, involving a total annual burden of 3,148 hours for reporting and compliance. The SEC wants feedback on whether the information collected is useful and how to reduce its burden, and the deadline for comments is February 14, 2025. Written comments can be sent to the SEC's designated contact.
Simple Explanation
The SEC wants to hear what people think about a rule that tells certain money managers how they should store their securities safely. They are asking if the information they collect is helpful or if there's a way to make things easier and need all ideas by February 14, 2025.