SEC Seeks Extension for Rule 17f-7 Custody Reports
Published Date: 3/3/2026
Notice
Summary
The SEC is asking to keep collecting info under Rule 17f-7, which helps protect investment funds when they store foreign assets with trusted banks. Funds and their advisers must get risk reports from their main bank and have contracts that ensure ongoing safety checks. This extension keeps the rules steady, so funds stay safe without extra costs or delays.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Continued Rule 17f-7 Compliance Burden
If you are an investment adviser or run a global custodian, Rule 17f-7’s information and monitoring requirements will continue and require ongoing work. The SEC estimates about 1,264 advisers each making 8 responses per year (48 hours per adviser; 60,672 hours total) and about 87 global custodians each making 4 responses per year (1,040 hours per custodian; 90,480 hours total). The staff totals the annual burden at 151,152 hours and estimates an internal cost of approximately $49,083,792 per year ($23,116,032 for advisers and $25,967,760 for custodians).
Submitted Information Not Confidential
If you submit information under Rule 17f-7, the SEC says that the information will not be kept confidential. That means materials you provide under the rule can be publicly accessible rather than protected as private filings.
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