SEC Extends Foreign Custody Paperwork: Business as Usual
Published Date: 4/13/2026
Notice
Summary
The SEC is asking to keep collecting info under Rule 17f-5, which helps protect investment funds’ assets held by foreign banks. This rule affects investment funds and their managers who use foreign custodians, making sure they carefully watch over these assets and report any big changes. No new costs or deadlines are added, but the extension keeps these important protections in place.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Estimated Paperwork Burden and Cost
The SEC estimates Rule 17f-5 creates up to 16,292.5 hours of annual paperwork burden and a total monetized annual cost of $5,344,500. The staff estimates about 55 registrants will average 1 response each (3.5 hours per response, totaling 192.5 hours) and about 15 foreign custody managers will average 4 responses each (about 250 hours per response, totaling about 16,100 hours).
Rule 17f-5 Maintains Asset Protections
The SEC is extending the information collection under Rule 17f-5 so registered investment funds and any foreign custody managers they delegate to must keep protections for fund assets held with foreign banks. The rule requires fund boards and delegates to make findings, receive written reports when assets are placed or when material changes occur, include specified contract provisions, and monitor custody arrangements.
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