Filing Fee Proposed Release PRA Supporting Statement.Final.01-30-2022

Filing Fee Proposed Release PRA Supporting Statement.Final.01-30-2022.pdf

Form S-1 Registration Statement

OMB: 3235-0065

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SUPPORTING STATEMENT FOR PROPOSED AMENDMENTS TO MODERNIZE
FILING FEE DISCLOSURE AND PAMENT METHODS
This supporting statement is part of a submission under the Paperwork Reduction Act of
1995 (“PRA”), 44 U.S.C. §3501, et seq.
A.

JUSTIFICATION
1. CIRCUMSTANCES MAKING THE COLLECTION OF INFORMATION
NECESSARY

In Release No. 33-10720,1 the Commission proposed amendments to modernize filing fee
disclosure and payment methods. The proposed amendments would revise most fee-bearing
forms, schedules, statements, and related rules to require each fee table and accompanying
disclosure to include all required information for fee calculation in a structured format2 using
Inline eXtensible Business Reporting Language (“XBRL”).3 The proposed amendments also
would add the option for fee payment via Automated Clearing House (“ACH”) and eliminate the
option for fee payment via paper checks and money orders. Finally, the proposed amendments
also would make other fee-related revisions.
The proposed amendments affect “collection of information” requirements within the
meaning of the PRA.4 The titles of the collections of information impacted by the amendments
are:5


“Form S-1” (OMB Control No. 3235-0065);



“Form S-3” (OMB Control No. 3235-0073);



“Form S-4” (OMB Control No. 3235-0324);

1

Release No. 33-10720 (Oct. 24, 2019) [84 FR 71580 (Dec. 27, 2019)] (“Proposing Release”), a copy of which is
attached.

2

Structured data is data that is tagged to make it machine-readable, facilitating its use by investors and other
market participants, such as data aggregators (i.e., entities that, in general, collect, package, and resell data).

3

Inline XBRL allows filers to embed XBRL data directly into a HyperText Markup Language (“HTML”)
document, eliminating the need to tag a copy of the information in a separate XBRL exhibit.

4

This supporting statement relates only to the amendments that would affect operating companies. A separate
supporting statement will be submitted for the amendments that would affect other entities.

5

The proposed amendments would affect Regulation S-K, Regulation C, and Regulation S-T, but the paperwork
burdens for these regulations are imposed through the forms that are subject to the requirements in the
regulations and are reflected in the analysis of those forms. After the Proposing Release was issued by the
Commission, OMB discontinued the OMB Control Numbers for these regulations so that the PRA inventory
would not reflect duplicative burdens.



“Form S-8” (OMB Control No. 3235-0066);



“Form S-11” (OMB Control No. 3235-0067);



“Form F-1” (OMB Control No. 3235-0258);



“Form F-3” (OMB Control No. 3235-0256);



“Form F-4” (OMB Control No. 3235-0325);



“Form F-10” (OMB Control No. 3235-0380);



“Schedule 13E-3” (OMB Control No. 3235-0007);



“Schedule 13E-4F” (OMB Control No. 3235-0375);



“Schedule 14A” (OMB Control No. 3235-0059);



“Schedule 14C” (OMB Control No. 3235-0057);



“Schedule TO” (OMB Control No. 3235-0515);



“Schedule 14D-1F” (OMB Control No. 3235-0376); and



“Rule 13e-1” (OMB Control No. 3235-0305).

2. PURPOSE AND USE OF THE INFORMATION COLLECTION
The regulations, forms, schedules and rule listed above, which were adopted under the
Securities Act or the Exchange Act, set forth the disclosure requirements for these fee-bearing
documents.
The purpose of the proposed amendments is to improve filing fee preparation and
payment processing by facilitating both enhanced validation through fee structuring and lowercost, easily routable payments through the ACH payment option.
3. CONSIDERATION GIVEN TO INFORMATION TECHNOLOGY
The collection of information requirements of the proposed amendments would be set
forth in Regulations S-T and C and the respective forms, schedules and rule. The information
required by these provisions would continue to be filed electronically with the Commission using
the Commission’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.

2

4. DUPLICATION OF INFORMATION
The proposed amendments would require fee-related information to be presented in both
traditional human-readable (i.e., HTML) and structured format. When the information is solely
in traditional format, it cannot be used as effectively as when also in a structured format that a
variety of software applications can recognize and process, enabling efficient automated access
to, and processing of, information relevant to fee calculation.
5. REDUCING THE BURDEN ON SMALL ENTITIES
The proposed amendments would affect some companies that are small entities. The
Commission performed an Initial Regulatory Flexibility Act Analysis and estimated that there
are approximately 1,171 issuers that file with the Commission, other than investment companies,
that may be considered small entities and are potentially subject to the proposed amendments.
Although the proposed amendments would have an impact on a substantial number
of small entities, the Commission expects that the impact on entities affected by the
proposed amendments would not be significant. Some of the proposed amendments, like
those that would require the structuring of filing fee disclosures and related information,
would increase compliance costs for registrants, but are expected to have a small
incremental effect on existing burdens for all issuers, including small entities.
The Commission believes the proposed amendments would clarify, consolidate and
simplify compliance and reporting requirements for small entities and other registrants. The
proposed amendments would modernize and streamline the filing fee payment process and
filing fee disclosures by requiring more complete disclosure of filing fee-related information
and requiring the filing fee information to be presented in a structured format. The proposed
amendments should make it easier to validate filing fee calculations and payments made by
small entities and other registrants. The Commission is proposing a transition period for the
fee-related information structuring requirements under the proposed amendments for all
registrants. Small entities would be in the last group phased in under the proposed transition
and this transition would occur after they already have experience with the financial
statement and cover page Inline XBRL structuring requirements. Accordingly, the
Commission does not believe it is necessary to establish different compliance and reporting
requirements or timetables for small entities, beyond their proposed transition period
treatment, or to exempt small entities from all or part of the proposed amendments.
6. CONSEQUENCES OF NOT CONDUCTING COLLECTION
The regulations, forms, schedules and rule listed above set forth the disclosure
requirements for fee-bearing documents filed to help investors make informed investment and
voting decisions. Failure to conduct these collections of information would reduce the
information available to investors to make these decisions. The proposed amendments are
intended to improve filing fee preparation and payment processing by facilitating both enhanced
validation through fee structuring and lower-cost, easily routable payments through the ACH
payment option.

3

7. SPECIAL CIRCUMSTANCES
There are no special circumstances in connection with these amendments.
8. CONSULTATIONS WITH PERSONS OUTSIDE THE AGENCY
The Commission has issued a proposing release soliciting comment on the new
“collection of information” requirements and the associated paperwork burdens. Comments on
Commission releases are generally received from registrants, investors, and other market
participants. In addition, the Commission and staff participate in ongoing dialogue with
representatives of various market participants through public conferences, roundtables and
meetings. All comments received on the proposal are available at
https://www.sec.gov/comments/s7-20-19/s72019.htm. The Commission will consider all
comments received prior to publishing the final rules as required by 5 CFR 1320.11(f).
9. PAYMENT OR GIFT TO RESPONDENTS
No payment or gift has been provided to any respondents.
10. CONFIDENTIALITY
All documents submitted to the Commission are available to the public.
11. SENSITIVE QUESTIONS
No information of a sensitive nature, including social security numbers, will be required
under the following collections of information in connection with the proposed amendments:
Form S-1, Form S-3, Form S-4, Form S-8, Form S-11, Form F-1, Form F-3, Form F-4, Form F10, Schedule 13E-3, Schedule 13E-4F, Schedule 14A, Schedule 14C, Schedule TO, Schedule
14D-1F, and Rule 13e-1. The information collections collect basic Personally Identifiable
Information (“PII”) that may include a name and job title. However, the agency has determined
that the information collections do not constitute a system of records for purposes of the Privacy
Act. Information is not retrieved by a personal identifier. In accordance with Section 208 of the
E-Government Act of 2002, the agency has conducted a Privacy Impact Assessment (“PIA”) of
the EDGAR system, in connection with these collections of information. The EDGAR PIA,
published on February 5, 2020, is provided as a supplemental document and is also available at
https://www.sec.gov/privacy.
12./13. ESTIMATES OF HOUR AND COST BURDENS
The paperwork burden estimates associated with the proposed rule amendments include
the burdens attributable to collecting, preparing, reviewing, and retaining records. The
Commission estimates that the proposed amendments would affect the collections of information
listed above on a per form, schedule and rule basis as follows:

4

PRA Table 1. Estimated Paperwork Burden Changes Due to the Proposed Amendments
Per Form, Schedule, or Rule
Proposed Amendments

Disclosure of Fee-Related Information:
Adding a new “fee rate” column to the fee table
of Forms S-1, S-3, S-8, S-11, S-4, F-1, F-3, F-4,
and F-10 under the Securities Act of 1933 and
Schedules 13E-3, 13E-4F, 14A, 14C, TO, and
14D-1F under the Securities Exchange Act of
1934 (“collectively, the “Affected Securities Act
and Exchange Act Forms and Schedules”).

Affected Forms,
Schedules, and
Documents

Estimated Burden
Change

 Forms S-1, S-3, S-8, S11, S-4, F-1, F-3, F-4,
and F-10

 0.25 hour net increase in
compliance burden

 Schedules 13E-3, 13E4F, 14A, 14C, TO and
14D-1F

 Adding or revising instructions regarding
presentation, calculations and related disclosure in
general and, in particular, associated with Rule
415(a)(6), Rule 424(g), Rule 429, Rule 457(a),
(b), (f), (h), (o), and (p) and Rule 0-11(a)(2), as
applicable, in regard to the Affected Securities
Act and Exchange Act Forms and Schedules.
Adding a new checkbox column to the fee table
of the Affected Securities Act and Exchange Act
Forms and Schedules to indicate whether the filer
is relying on, as applicable, Securities Act of
1933 Rule 415(a)(6), Rule 429, or Rule 457(b),
(o), or (p); or Securities Exchange Act of 1934
Rule 0-11(a)(2).

Adding a fee table and related instructions to
Rule 13e-1 to conform its requirements to those
proposed for the Affected Securities Act and
Exchange Act Forms to the extent applicable.

 Documents filed under
Rule 13e-1

 0.25 hour net increase in
compliance burden

 Forms S-1, S-3, S-8, S11, S-4, F-1, F-3, F-4,
and F-10

 1 hour net increase in
compliance burden per
form / schedule

Structuring of Fee-Related Information:
 Require structuring, in an Inline XBRL format,
of all the fee-related information that would be
required in the body of the Affected Securities
Act and Exchange Act Forms and Schedules and
documents filed under Rule 13e-1. The structured
information would include each fee table in the
Affected Securities Act and Exchange Act Forms
and Schedules and documents filed under Rule
13e-1, together with a related explanatory section.

 Schedules 13E-3, 13E4F, 14A, 14C, TO and
14D-1F
 Documents filed under
Rule 13e-1

5

Below is the Commission’s estimate of the incremental change in internal burden and
outside professional cost as a result of the proposed amendments. These estimates represent the
average burden for all registrants, both large and small. In deriving these estimates, the
Commission recognizes that the burdens will likely vary among individual registrants based on a
number of factors, including the nature of their business. The Commission does not believe that
the proposed amendments would change the frequency of responses to the existing collections of
information; rather, it estimates that the proposed amendments would change only the burden per
response.
The burden estimates were calculated by multiplying the estimated number of responses
by the estimated average amount of time it would take a registrant to prepare and review the
disclosures required under the proposed amendments. For purposes of the PRA, the burden is
allocated between internal burden hours and outside professional costs. The table below sets
forth the percentage estimates the Commission typically uses for the burden allocation for each
form. The Commission also estimates that the average cost of retaining an outside professional
is $400 per hour.
PRA Table 2. Standard Estimated Burden Allocation for Specified Forms and Schedules
Form / Schedule Type

Internal

Outside Professionals

Schedules 14A and 14C

75%

25%

Forms S-1, S-3, S-11, S-4, F1, F-3, F-4, F-10, N-2, N-5,
and N-14.
Schedule 13E-3.
Rule 13e-1.

25%

75%

Form S-8 and Schedule TO

50%

50%

Schedules 13E-4F and 14D1F

100%

The table below illustrates the incremental change to the total annual compliance burden of
affected forms, in hours and in costs, as a result of the proposed amendments.

6

PRA Table 3. Calculation of the Incremental Change in Annual Burden Estimates of
Affected Responses Resulting from the Proposed Amendments
Form

Estimated
Number
of
Affected
Responses
(A)

Estimated
Increment
al Burden
Hours/For
m
(B)

Total
Increment
al Burden
Hours
(C)6

898
1,651
588
2,140
67
66
113
39
77
362

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

1,123
2,064
735
2,675
84
83
141
49
96
453

281
516
184
1,338
21
21
35
12
24
340

842
1,548
551
1,337
63
62
106
37
72
113

Estimated
Outside
Professional
Costs/Affec
ted
Responses
(F)
= (E) x
$400
$336,800
$619,200
$220,400
$534,800
$25,200
$24,800
$42,400
$14,800
$28,800
$45,200

78

1.25

98

74

24

$9,600

77

1.25

96

24

72

$28,800

3

1.25

4

4

0

0

1,378

1.25

1,723

862

861

$344,400

2

1.25

3

3

0

0

10

1.25

13

3

10

$4,000

9,441

3,742

5,699

$2,279,200

= (A) x
(B)
S-1
S-3
S-4
S-8
S-11
F-1
F-3
F-4
F-10
Sch.
14A
Sch.
14C
Sch.
13E-3
Sch.
13E4F
Sch.
TO
Sch.
14D1F
Rule
13e-1
Totals

7,549

Estimated
Internal
Burden
Hours
(D)
= (C) x
(Allocation
%)

Estimated
Outside
Professional
Hours
(E)
= (C) x
(Allocation
%)

The following table summarizes the requested paperwork burden, including the estimated
total reporting burdens and costs, under the proposed amendments.

6

The estimates in Columns (C), (D) and (E) are rounded to a whole number.

7

PRA Table 4. Requested Paperwork Burden under the Proposed Amendments
Current Burden
Form/
Collec
tion

Current
Annual
Responses
(A)

Current
Burden
Hours
(B)

S-1
S-3
S-4
S-8
S-11
F-1
F-3
F-4
F-10
Sch.
14A

898
1,651
588
2,140
67
66
113
39
77
6,369

146,062
192,530
562,362
28,890
12,229
26,707
4,459
14,049
558
777,590

Sch.
14C

569

Sch.
13E-3

Program Change
Current Cost
Burden
(C)

Requested Change in Burden

Number
of
Affected
Responses
or New
Responses
(D)

Increase
in
Company
Hours
(E)1

Increase in
Professional
Costs
(F)2

Annual
Responses
(G) = (A)

$178,916,043
$234,859,580
$677,255,579
$11,556,000
$14,943,768
$32,293,375
$5,724,600
$17,073,825
$669,900
$103,678,712

898
1,651
588
2,140
67
66
113
39
77
362

281
516
184
1,338
21
21
35
12
24
340

$336,800
$619,200
$220,400
$534,800
$25,200
$24,800
$42,400
$14,800
$28,800
$45,200

898
1,651
588
2,140
67
66
113
39
77
6,369

146,343
193,046
562,546
30,228
12,250
26,728
4,494
14,061
582
777,930

$179,252,843
$235,478,780
$677,475,979
$12,090,800
$14,968,968
$32,318,175
$5,767,000
$17,088,625
$698,700
$103,723,912

56,356

$7,514,944

78

74

$9,600

569

56,430

$7,524,544

77

2,646

$3,174,248

77

24

$28,800

77

2,670

$3,203,048

Sch.
13E4F
Sch.
TO

3

6

0

3

4

0

3

10

0

1,378

29,972

$11,988,600

1,378

862

$344,400

1,378

30,834

$12,333,000

Sch.
14D1F
Rule
13e-1

2

4

0

2

3

0

2

7

0

10

25

$30,000

10

3

$4,000

10

28

$34,000

1

From Column (D) in PRA Table 3.

2

From Column (F) in PRA Table 3.

14.

Burden
Hours
(H) = (B)
+ (E)

Cost Burden
(I) = (C) + (F)

COSTS TO FEDERAL GOVERNMENT

The annual cost of reviewing and processing disclosure documents, including registration
statements, post-effective amendments, proxy statements, annual reports and other filings of
operating companies amounted to $119,447,840 million in fiscal year 2020, based on the
Commission’s computation of the value of staff time devoted to this activity and related
overhead.

8

15.

REASON FOR CHANGE IN BURDEN

The proposed rule amendments would modernize filing fee disclosure and payment
methods. They would revise most fee-bearing forms, schedules, statements, and related rules to
require each fee table and accompanying disclosure to include all required information for fee
calculation in a structured format using Inline XBRL. The proposed amendments also would
add the option for fee payment via ACH and eliminate the option for fee payment via paper
checks and money orders. Finally, the proposed amendments also would make other fee-related
revisions. The Commission anticipates that the amendments would, 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.
As explained above, the proposed rule amendments are expected to increase the compliance
burden for each affected form, schedule, or rule by increasing both the internal company hours and
external professional costs required to collect, prepare, review, and retain records in connection with
the forms, schedules and rule. The Commission estimates for PRA purposes that the proposed
amendments would result in a total increase in company hours of 3,742 hours and a total increase in
professional costs of $2,279,200. The Commission does not expect that the proposed amendments
would change the number of annual responses filed for each form, schedule or rule.

16.

INFORMATION COLLECTION PLANNED FOR STATISTICAL PURPOSES
The information collections do not employ statistical methods.

17.

APPROVAL TO OMIT OMB EXPIRATION DATE

The Commission requests authorization to omit the expiration date on the electronic
version of the forms and schedules. Including the expiration date on the electronic version of the
forms and schedules will result in increased costs, because the need to make changes to the
forms and schedules may not follow the application’s scheduled version release dates. The
OMB control number will be displayed.
18.

EXCEPTIONS TO CERTIFICATION FOR PAPERWORK REDUCTION ACT
SUBMISSIONS
There are no exceptions to certification for Paperwork Reduction Act submissions.

B.

STATISTICAL METHODS
The information collections do not employ statistical methods.

9

Form S-1 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form S-1, the proposed
amendments would result in an increase of 281 burden hours and an increase in the cost burden
of $336,800 for the services of outside professionals.
Form S-3 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form S-3, the proposed
amendments would result in an increase of 516 burden hours and an increase in the cost burden
of $619,200 for the services of outside professionals.
Form S-4 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form S-4, the proposed
amendments would result in an increase of 184 burden hours and an increase in the cost burden
of $220,400 for the services of outside professionals.

10

Form S-8 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form S-8, the proposed
amendments would result in an increase of 1,338 burden hours and an increase in the cost burden
of $534,800 for the services of outside professionals.
Form S-11 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form S-11, the proposed
amendments would result in an increase of 21 burden hours and an increase in the cost burden of
$25,200 for the services of outside professionals.
Form F-1 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form F-1, the proposed
amendments would result in an increase of 21 burden hours and an increase in the cost burden of
$24,800 for the services of outside professionals.

11

Form F-3 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form F-3, the proposed
amendments would result in an increase of 35 burden hours and an increase in the cost burden of
$42,400 for the services of outside professionals.
Form F-4 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form F-4, the proposed
amendments would result in an increase of 12 burden hours and an increase in the cost burden of
$14,800 for the services of outside professionals.
Form F-10 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Form F-10, the proposed
amendments would result in an increase of 24 burden hours and an increase in the cost burden of
$28,800 for the services of outside professionals.

12

Schedule 14A Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Schedule 14A, the proposed
amendments would result in an increase of 340 burden hours and an increase in the cost burden
of $45,200 for the services of outside professionals.
Schedule 14C Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Schedule 14C, the proposed
amendments would result in an increase of 74 burden hours and an increase in the cost burden of
$9,600 for the services of outside professionals.
Schedule 13E-3 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Schedule 13E-3, the proposed
amendments would result in an increase of 24 burden hours and an increase in the cost burden of
$28,800 for the services of outside professionals.

13

Schedule 13E-4F Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Schedule 13E-4F, the proposed
amendments would result in an increase of 4 burden hours and no increase in the cost burden for
the services of outside professionals.
Schedule TO Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Schedule TO, the proposed
amendments would result in an increase of 862 burden hours and an increase in the cost burden
of $344,400 for the services of outside professionals.
Schedule 14D-1F Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Schedule 14D-1F, the proposed
amendments would result in an increase of 3 burden hours and no increase in the cost burden for
the services of outside professionals.

14

Rule 13e-1 Short Statement
The proposed rule amendments would modernize filing fee disclosure and payment
methods. The proposed amendments would revise most fee-bearing forms, schedules,
statements, and related rules to require each fee table and accompanying disclosure to include all
required information for fee calculation in a structured format using Inline XBRL. The proposed
amendments also would add the option for fee payment via ACH and eliminate the option for fee
payment via paper checks and money orders. Finally, the proposed amendments also would
make other fee-related revisions. The Commission anticipates that the amendments would, 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, for Rule 13e-1, the proposed
amendments would result in an increase of 3 burden hours and an increase in the cost burden of
$4,000 for the services of outside professionals.

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