Certain registered investment companies and business development companies ("BDCs") are required to submit to the Commission in Inline XBRL format certain information that is disclosed in their registration statements, post-effective amendments thereto, prospectuses filed pursuant to Rule 424(b) and Rule 497(c) or (e) under the Securities Act, and Exchange Act reports that are incorporated by reference into a registration statement, and, for BDCs, their financial statements, pursuant to specified form and rule requirements .
On October 13, 2021, the Commission adopted rules modifying most fee-bearing forms, schedules, statements, and related rules to require all fee calculation disclosure information in a filing fee exhibit that will be structured in Inline XBRL. In particular, amended Forms N‑2 and N-14 and new Rule 408 of Regulation S‑T will require (non-interval) registered closed-end investment companies and BDCs to tag their filing fee exhibits in Inline XBRL.
The rule amendments will modernize filing fee disclosure and payment methods. The amendments will revise most fee-bearing forms, schedules, statements, and related rules to require each filing fee table and accompanying disclosure to include all required information for fee calculation in a structured format using Inline XBRL. The amendments also will add options for fee payment via ACH and debit and credit cards and eliminate options for fee payment via paper checks and money orders. Finally, the amendments also will make other fee-related revisions. The Commission anticipates that the amendments will, in the aggregate, increase the burdens and costs on affected entities due to changes in fee calculation disclosure requirements and the new requirement to structure fee-related information.
For purposes of the PRA, the Commission estimates that, the amendments will result in an increase of 82 internal burden hours, and an increase of $98,700 in external costs for the services of outside professionals to comply with the requirement to tag the filing fee exhibits for Forms N-2 and N-14 in Inline XBRL.
In the aggregate, we estimate that investment company filers will spend approximately 252,684 total burden hours, and $15,449,450 in total external costs for the services of outside professionals to comply with the Inline XBRL tagging requirements associated with the disclosure forms. These figures reflect the Commission’s revision and update of burden estimates for the PRA for Investment Company Interactive Data, including the new burdens associated with the rulemaking changes.
No
No
No
No
No
No
No
Amy Miller 202 551-4447
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Interactive Data (A-Filing Fees) Supporting Statement.pdf
Registered Investment Company Interactive Data