Federal Register 30-Day Notice

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Federal Register / Vol. 91, No. 150 / Thursday, August 6, 2026 / Notices
current market. The proposal would,
therefore, result in more accurate
calculations for margin requirements
commensurate with risks and particular
attributes of the products it clears.
Accordingly, the Proposed Rule
Change is consistent with the
requirements of Rule 17ad–22(e)(6)
under the Act.28
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the Proposed
Rule Change is consistent with the
requirements of the Exchange Act, and
in particular, with the requirements of
Section 17A(b)(3)(F) of the Exchange
Act,29 and Rule 17ad–22(e)(6)(i)
thereunder.30 It is therefore ordered
pursuant to Section 19(b)(2) of the
Exchange Act 31 that the proposed rule
change (SR–OCC–2026–005) be, and
hereby is, approved.32
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.33
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–15928 Filed 8–5–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0548]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 35d–1 Under the Investment
Company Act of 1940
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995

shareholders with at least 60 days prior
notice of any change in the investment
policy, or a change to the fund’s name
that accompanies the investment policy
change (‘‘notice to shareholders’’).4 The
rule further requires funds that adopt an
80% investment policy to maintain
written records documenting their
compliance with rule 35d–1, including
records of any notice sent to the fund’s
shareholders pursuant to the rule.5
These records must be retained for no
less than six years following the
creation of each required record (or, in
the case of notices, following the date
the notice was sent), the first two years
in an easily accessible place.
Rule 35d–1 is designed to address
certain broad categories of fund names
that, in the Commission’s view, are
likely to mislead an investor about a
fund’s investments and risks. The rule’s
provisions are intended to further that
goal. For example, the rule’s notice to
shareholders provision is designed to
ensure that when shareholders purchase
shares in a fund based, at least in part,
on its name, and with the expectation
that it will follow the investment policy
suggested by that name, they will have
sufficient time to decide whether to
redeem their shares in the event that the
fund decides to pursue a different
investment policy. The rule’s
recordkeeping requirements are
designed to help ensure compliance
with the rule’s requirements and aid in
oversight.
Rule 35d–1’s collection of information
requirements include, as detailed in
Table 1 below, the notice requirement
and recordkeeping requirements for
funds that are required to adopt an 80%
investment policy. Compliance with
these requirements is mandatory.
Responses to these requirements will
not be kept confidential.

(44 U.S.C. § 3501 et seq.), the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) is submitting to the
Office of Management and Budget
(‘‘OMB’’) this request for Extension of
the proposed collection of information.
Section 35(d) of the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) 1 prohibits a registered
investment company from adopting as
part of the name or title of such
company, or of any securities of which
it is the issuer, any word or words that
the Commission finds are materially
deceptive or misleading and authorizes
the Commission, by rule, regulation, or
order, to define such names or titles as
are materially deceptive or misleading.2
Rule 35d–1 under the Investment
Company Act defines as ‘‘materially
deceptive and misleading’’ for purposes
of section 35(d), among other things, a
name suggesting that a registered
investment company or a business
development company (‘‘BDC’’),
including any series thereof (a ‘‘fund’’)
focuses its investments in a particular
type of investment or investments, a
particular industry or group of
industries, particular countries or
geographic regions, or investments that
have, or whose issuers have, particular
characteristics, unless, among other
things, the fund adopts a policy to
invest at least 80% of the value of its
assets in the type of investment
suggested by its name.3 The rule
imposes a similar 80% investment
policy requirement for funds that have
names suggesting that a fund’s
distributions are exempt from federal
income tax or from both federal and
state income tax (‘‘tax-exempt funds’’).
Rule 35d–1 requires either that (1) the
80% investment policy be fundamental
or, (2) generally in the case of funds
other than tax-exempt funds, registered
closed-end funds, and BDCs, that the
fund has adopted a policy to provide its

TABLE 1—SUMMARY OF REVISED ANNUAL RESPONSES, BURDEN HOURS, AND MONETIZED ANNUAL TIME BURDEN
Annual number of responses
(funds)
Currently
approved

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Rule 35d–1 Notice
Requirement.

34

Revised
estimate
1 37

3

29 15 U.S.C. 78q–1(b)(3)(F).
30 17 CFR 240.17ad–22(e)(6)(i).
31 15 U.S.C. 78s(b)(2).
32 In approving the Proposed Rule Change, the
Commission considered the proposal’s impact on

20:33 Aug 05, 2026

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Currently
approved

Change

28 17 CFR 240.17ad–22(e)(6).

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Annual time burden
(hours)

680

Revised
estimate

Monetized annual time burden
(dollars)
Change
60

20 hours per notice 2 × 37 funds
= 740 hours.

efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
33 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 80a–1 et seq.
2 15 U.S.C. 80a–34(d); see also Investment
Company Names, Investment Company Act Release

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Currently
approved
3 $289,000

Revised
estimate
$750 4 × 20 hours =
$15,000 per fund.
$15,000 × 37
funds = $555,000.

Change
$266,000

No. 35000 (Sept. 20, 2023) [88 FR 70436 (Oct. 27,
2023)] (adopting amendments to rule 35d–1).
3 17 CFR 270.35d–1. A policy that a fund must
adopt under rule 35d–1 is referred to as an ‘‘80%
investment policy.’’
4 17 CFR 270.35d–1(a)(2)(ii), (a)(3)(i), (d), (f).
5 17 CFR 270.35d–1(b)(3).

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50912

Federal Register / Vol. 91, No. 150 / Thursday, August 6, 2026 / Notices

TABLE 1—SUMMARY OF REVISED ANNUAL RESPONSES, BURDEN HOURS, AND MONETIZED ANNUAL TIME BURDEN—
Continued
Annual number of responses
(funds)
Currently
approved

Revised
estimate

Annual time burden
(hours)
Currently
approved

Change

Revised
estimate

Monetized annual time burden
(dollars)
Change

Currently
approved

Revised
estimate

Change

$600 8 × 75 hours
per fund =
$45,000 per fund.
$45,000 × 10,855
funds =
$488,475,000.
$489,030,000 .........

175,114,050

Rule 35d–1 Recordkeeping Requirement.

10,291

5 10,855

564

771,825

75 hours per fund 6
× 10,855 funds =
814,125 hours.

42,300

7 313,360,950

Total Time Burden (hours) and
Monetized Annual Time Burden (dollars).

..................

..................

..................

772,505

814,865 hours ........

42,360

313,649,950

175,380,050

1 The Commission estimates, across approximately 14,282 open-end and closed-end funds registered with the Commission (12,710 open-end management investment companies (Form N–1A filers), 707 closed-end management investment companies (Form N–2 filers not classified as BDCs), 693 UITs (Form N–4, N–6, N–8B–
2, and S–6 filers), and 172 BDCs (based on Form 10–K filings and related amendments), as of December 31, 2025) that approximately 76% of these funds, or approximately 10,855 funds, have names that would require an 80% investment policy. The Commission further estimates that 1% of these 10,855 funds, or approximately 109 funds, would within the next three years provide a notice to shareholders pursuant to rule 35d–1. Therefore, over the course of 3 years, the Commission
estimates that on average approximately 37 funds per year would provide a notice to shareholders under rule 35d–1.
2 The Commission continues to estimate, as under the currently-approved burden, a burden of 20 hours per notice.
3 The currently-approved cost burden was estimated as follows: 20 hours per notice × $425 (blended rate for attorneys) × 34 funds = $289,000.
4 We estimate $750 as follows: $744 rate for an attorney, rounded up for simplicity = $750. To calculate the occupational hourly rate used in the Commission’s current estimates, the Commission uses occupational mean hourly wage data from the Occupational Employment and Wage Statistics (OEWS) program of the Bureau of
Labor Statistics (BLS) for ‘‘Securities, Commodity Contracts, and Other Financial Investments and Related Activities’’ (NAICS 523). See Occupational Employment
and Wage Statistics, U.S. BUREAU OF LABOR STATISTICS, https://www.bls.gov/oes/; see also Standard Occupational Classification, U.S. BUREAU OF LABOR
STATISTICS, https://www.bls.gov/soc/ (describing occupational classification system used by BLS); EXEC. OFF. OF THE PRESIDENT, OFF. OF MGMT. & BUDGET,
NORTH AMERICAN INDUSTRY CLASSIFICATION SYSTEM (2022), available at https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf (describing the industry classification system used by BLS and other agencies). The mean hourly wage for each occupation is adjusted for changes in the seasonally adjusted employment cost index for private wages and salaries between the data reference period and when the data are released by BLS. See Employment Cost
Index, U.S. BUREAU OF LABOR STATISTICS, https://www.bls.gov/eci/. The adjusted mean hourly wage is then multiplied by a factor that accounts for nonwage
costs borne by employers, such as bonuses, benefits, and overhead. This factor is calculated as an average over the 10 most recently available years of data of the
ratio of the Bureau of Economic Analysis’s annual gross output data for NAICS 523 to total annual wages across all occupations for NAICS 523 in the OEWS data.
See Gross Output by Industry, U.S. BUREAU OF ECONOMIC ANALYSIS, https://www.bea.gov/data/industries/gross-output-by-industry; Occupational Employment
and Wage Statistics, U.S. BUREAU OF LABOR STATISTICS, https://www.bls.gov/oes/. The final product is the occupational hourly rate. See generally UPDATED
METHODOLOGY FOR CALCULATING OCCUPATIONAL HOURLY RATES (Dec. 19, 2025), available at https://www.sec.gov/files/method-occupational-hourlyrates.pdf.
5 We estimate that 10,855 funds have names that would require an 80% investment policy. See supra footnote 1 to Table 1.
6 The Commission continues to estimate, as under the currently-approved burden, an average annual burden of 75 hours associated with recordkeeping under rule
35d–1. This burden would be higher for new funds that would have to establish recordkeeping procedures, and lower for funds whose records (or a significant subset
of records) would be able to be automated.
7 The currently-approved cost burden was estimated as follows: 75 annual burden hours associated with recordkeeping × $406 (blended rate for compliance attorney and senior programmer) × 10,291 funds = $313,649,950.
8 We estimate $600 as follows: blended rate for an attorney ($744) and a computer programmer ($416) = $580, rounded up for simplicity = $600. See supra footnote 4 to Table 1 (discussing calculation of occupational hourly rates used in the Commission’s current estimates).

Cost burden is the external cost of
services purchased to comply with rule
35d–1, such as for the services of
computer programmers, outside
counsel, financial printers, and

advertising agencies. The cost burden
does not include the cost of the internal
hour burden discussed in Table 1 above.
We estimate a total annual external cost
burden to all respondents of $5,446,000

($18,500 (notice requirement) +
$5,427,500 (recordkeeping
requirement)), as detailed in Table 2
below.

TABLE 2—SUMMARY OF REVISED ANNUAL EXTERNAL COST BURDEN
[Purchase of services]
Annual number of responses
(funds)
Currently
approved

Change

Currently
approved

Revised
estimate

Change

34
10,291

4 10,855

3
564

5 5,814,415

$750 3 × 37 funds = $27,750 ..............
$750 6 × 10,855 funds = $8,141,250 ..

$8,540
2,326,835

........................

........................

........................

5,833,625

$8,169,000 ..........................................

2,335,375

Rule 35d–1 Notice Requirement .........
Rule 35d–1 Recordkeeping Requirement.
Total External Cost Burden (dollars).

Revised
estimate

Annual external cost burden
(dollars)

1 37

2 $19,210

1 See supra footnote 1 to Table 1.

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2 The currently-approved annual external cost burden was estimated as follows: $565 for 1 hour of external legal services × 34 funds = $19,210.

3 We estimate $750 as follows: $744 rate for an attorney, rounded up for simplicity = $750. See supra footnote 4 to Table 1 (discussing calculation of occupational
hourly rates used in the Commission’s current estimates).
4 See supra footnote 5 to Table 1.
5 The currently-approved annual external cost burden was estimated as follows: $565 for 1 hour of external legal services × 10,291 funds = $5,814,415.
6 See supra footnote 3 to Table 2.

An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information

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20:33 Aug 05, 2026

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unless it displays a currently valid OMB
Control Number.

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The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/

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Federal Register / Vol. 91, No. 150 / Thursday, August 6, 2026 / Notices
PRAViewICR?ref_nbr=202605-3235-020
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by
September 8, 2026.
Dated: August 3, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–15934 Filed 8–5–26; 8:45 am]

Summary of Information Collection

BILLING CODE 8011–01–P

Title: Small Business Week Award
Nominations.
OMB Control Number: 3245–0360.
Form Number: 3300–3306.
Description of Respondents:
Nominated Small Business Owners and
Nominators.
Estimated Number of Respondents:
500.
Estimated Annual Responses: 500.
Estimated Annual Hour Burden: 750

SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements under Office of
Management and Budget Review
AGENCY: U.S. Small Business

Administration.
ACTION: 30-Day notice; request for

Solicitation of Public Comments

comments.
SUMMARY: The Small Business

Administration (SBA) will submit the
information collection described below
to the Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, as amended, on
or after the date of publication of this
notice. SBA is publishing this notice to
allow all interested members of the
public an additional 30 days to provide
comments on the collection of
information.
DATES: Submit comments on or before

September 8, 2026.
ADDRESSES: Written comments and

recommendations for this information
collection request should be sent within
30 days of publication of this notice to
www.reginfo.gov/public/do/PRAMain.
Find this particular information
collection request by selecting ‘‘Small
Business Administration’’; ‘‘Currently
Under Review,’’ then select the ‘‘Only
Show ICR for Public Comment’’
checkbox. This information collection
can be identified by title and/or OMB
Control Number, which are provided
below.
FOR FURTHER INFORMATION CONTACT: You

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financial performance, community
involvement and SBA assistance. The
information is also used to verify the
accuracy of information submitted and
determining whether there are any
actual or potential conflicts of interest.
Awards are presented to winners during
the Presidentially declared Small
Business Week.

may obtain information including a
copy of the forms and supporting
documents from the Interim Agency
Clearance Officer, Shauniece Carter, at
(202) 205–6536, or shauniece.carter@
sba.gov, or from www.reginfo.gov/
public/do/PRAMain.
SUPPLEMENTARY INFORMATION: Small
business owners or advocates who have
been nominated for an SBA recognition
award submit this information for use in
evaluating nominee’s eligibility for an
award including business profile,

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SBA invites the public to submit
comments, including specific and
detailed suggestions on ways to improve
the collection and reduce the burden on
respondents. Commenters should also
address (i) whether the information
collection is necessary for the proper
performance of SBA’s functions,
including whether it has any practical
utility; (ii) the accuracy of the estimated
burdens; (iii) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (iv) the
use of automated collection techniques
or other forms of information
technology to minimize the information
collection burden on those who are
required to respond.
Shauniece Carter,
Interim Agency Clearance Officer.
[FR Doc. 2026–16045 Filed 8–5–26; 8:45 am]
BILLING CODE 8026–09–P

DEPARTMENT OF STATE
[Public Notice: 13094]

Certification Under Section
7045(b)(2)(A) of the National Security,
Department of State, and Related
Programs Appropriations Act, 2026
(Div. F, P.L. 119–75)
By virtue of the authority vested in
me by section 7045(b)(2)(A) of the
National Security, Department of State,
and Related Programs Appropriations
Act, 2026 (Div. F, P.L. 119–75) (FY 2026
NSSAA), I hereby certify that the central
governments of El Salvador, Guatemala,
and Honduras are:
i. Combating corruption and
impunity, including investigating and
prosecuting government officials,

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50913

military personnel, and police officers
credibly alleged to be corrupt, and
improving strategies to combat money
laundering and other global financial
crimes;
ii. Implementing reforms, policies,
and programs to strengthen the rule of
law, including increasing the
transparency of public institutions,
strengthening the independence of
judicial and electoral institutions, and
improving the transparency of political
campaign and political party financing;
iii. Protecting the rights of human
rights defenders, trade unionists,
journalists, civil society groups,
opposition political parties, and the
independence of the media;
iv. Taking demonstrable actions to
secure national borders and stem mass
migration toward Mexico and the
United States, including positive
governance related to combating crime
and violence, building economic
opportunity, improving government
services, and protecting human rights;
v. Providing effective and accountable
law enforcement and security for its
citizens, curtailing the role of the
military in public security, and
upholding due process of law;
vi. Implementing programs to reduce
violence against women and girls;
vii. Implementing policies to reduce
poverty and promote economic growth
and opportunity, including the
implementation of reforms to strengthen
educational systems, vocational training
programs, and programs for at-risk
youth;
viii. Cooperating with the United
States to counter drug trafficking,
human trafficking and smuggling, and
other transnational crime;
ix. Cooperating with the United States
and other governments in the region to
facilitate the return, repatriation, and
reintegration of migrants; and
x. Implementing policies that improve
the environment for businesses,
including foreign businesses, to operate
and invest, including executing tax
reform in a transparent manner,
ensuring effective legal mechanisms for
reimbursements of tax refunds owed to
United States businesses, and resolving
disputes involving the confiscation of
real property of United States entities.
This certification shall be published
in the Federal Register and, along with
the accompanying Memorandum of
Justification, shall be reported to
Congress.
Dated: July 1, 2026.
Christopher Landau,
Deputy Secretary of State, U.S. Department
of State.
[FR Doc. 2026–15949 Filed 8–5–26; 8:45 am]
BILLING CODE 4710–29–P

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