Another Day, Another SEC Rule 17f-1 Extension Comment Request
Published Date: 8/24/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Estimated Time and Cost Burden
The Commission estimates each fund that relies on Rule 17f-1 spends about 3.5 internal hours annually (0.5 hours for the board and 3 hours for the controller) and incurs outside costs of about $1,548 per year for a lawyer and $11,550 per year for an independent public accountant, for a total external cost of approximately $13,098 per fund. The staff estimates about 4 funds rely on the rule annually, for an estimated total annualized external cost burden of $52,392 and a total internal hour burden of about 14 hours.
Custody Contracts and Audit Rule
If a registered management investment company (a fund) puts its assets in custody with a national securities exchange member, the fund must have a written custodial contract that the board initially ratifies and then approves annually. The rule also requires an independent public accountant to examine the fund's custodial assets at least three times during the fund's fiscal year, and the contract plus each examination certificate must be transmitted to the Securities and Exchange Commission.
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