SEC Yawns: Extending Another Paperwork Rule Nobody Asked For
Published Date: 8/7/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Recordkeeping Mandate for Funds and BDCs
Registered investment companies, business development companies (BDCs), and certain majority-owned subsidiaries must keep and update the accounts, books, auditors' certificates, and other records that underlie their financial statements under Rule 31a-1. The SEC estimates ~14,301 entities are covered, each spending about 1,750 hours per year (total estimated burden 25,026,750 hours; SEC attributes 2,502,675 hours to the rule) and an estimated annual cost per entity of $613,200, with a total industry cost of about $877 million.
Records Kept, Not Filed; No Confidentiality
Rule 31a-1 requires covered entities to maintain records but does not require these records to be filed with the SEC; therefore, the Commission says confidentiality is not applicable. The records must be preserved under Rule 31a-2, which sets retention periods for different record categories.
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Key Dates
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