Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 22c-1
Published Date: 2/6/2026
Notice
Summary
The SEC is asking to keep a rule that lets certain investment funds use "swing pricing" to protect investors from losing money when lots of people buy or sell shares. This mainly affects open-end funds (not money market or ETFs) that want to adopt this pricing method. While no funds use it yet, a few might start soon, costing about $77,000 and 280 hours to set up policies.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Setup Costs for Funds Adopting Swing Pricing
The SEC estimates that 5 fund complexes may adopt swing pricing and that preparing and approving swing-pricing policies will total 280 hours. The Commission estimates a cost of $77,038 per fund complex (total $385,190 across the 5 complexes) to document, review, and initially approve those policies and procedures.
Estimated Annualized Burden and Outside Legal Costs
Amortized over three years, the SEC estimates an average aggregate annual burden of 113.3 hours and average aggregate time costs of $130,336 related to Rule 22c-1. The SEC also estimates a total external legal services cost of $2,920 (based on $584/hour × 5 fund complexes).
Funds May Use Swing Pricing to Protect Investors
The rule lets open-end management investment companies (other than money market funds and ETFs) choose to use “swing pricing” to reduce shareholder dilution and protect investors when many shares are bought or sold. The rule is voluntary for funds, but compliance with Rule 22c-1(a)(3) is required if a fund chooses to use swing pricing.
Recordkeeping and Six-Year Retention Requirement
Funds that use swing pricing must maintain swing policies and procedures that are in effect (or were in effect within the past six years) in an easily accessible place and retain written periodic reports from the swing-pricing administrator describing reviews, effectiveness, and any back-testing. The SEC estimates recordkeeping will total 20 hours across the 5 fund complexes, with an aggregate cost of $1,940 and a per-complex time cost of $388.
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Key Dates
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