Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 22d-1
Published Date: 1/29/2026
Notice
Summary
The SEC is asking for comments on extending a rule that helps investment funds offer discounts on sales fees to certain investors. This rule makes sure funds tell everyone clearly about these fee changes within a year. If you’re involved with investment funds, this means staying informed and following some simple notice steps—no big cost changes, just clear communication.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Funds must notify investors within one year
If you own or might buy shares of a mutual fund or similar investment fund, the rule requires the fund to tell existing and prospective investors about any scheduled variation or elimination of a front-end sales load. Funds must apply the variation uniformly to the specified class, provide required registration-statement information, revise the prospectus and statement of additional information before offering the variation, and advise existing shareholders within one year of first making the variation available.
Funds may offer load discounts to classes
Rule 22d-1 allows a fund to schedule variations in, or eliminate, a front-end sales load for particular classes of investors or transactions, enabling certain eligible investors to receive reduced or no sales charges when buying fund shares.
Estimated paperwork burden on funds
The SEC estimates about 6,740 series currently issue securities with a front-end sales load, that up to 50% (about 3,370 series) may rely on the rule each year, and that compliance with the rule's notice requirements takes roughly 0.25 hours per respondent, totaling an estimated 843 annual internal burden hours.
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