The Securities and Exchange Commission (SEC) is asking for an extension of the approval for collecting certain information under Rule 17f-4, which is part of the Investment Company Act. This rule involves how investment funds and their custodians manage their securities using systems known as securities depositories. The SEC estimates the ongoing efforts of 639 entities, including funds and custodians, result in a total annual burden of 3,148 hours. The Commission is seeking public comments on this information collection, such as its necessity and ways to improve it, before the submission deadline on March 31, 2025.
Simple Explanation
The SEC is asking people to say what they think about a rule that talks about how investment companies keep track of their money using special systems, like big safes for money. They want to make sure these companies are doing it right, and they're counting on people's opinions to help them decide!