Federa Register 30-Day Notice

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Federal Register / Vol. 90, No. 180 / Friday, September 19, 2025 / Notices

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0006]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Form 13F
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
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) is soliciting
comments on the collection of
information summarized below. The
Commission plans to submit this

existing collection of information to the
Office of Management and Budget for
extension and approval.
Section 13(f) 1 of the Securities
Exchange Act of 1934 2 (the ‘‘Exchange
Act’’) empowers the Commission to: (1)
adopt rules that create a reporting and
disclosure system to collect specific
information; and (2) disseminate such
information to the public. Rule 13f–1 3
under the Exchange Act requires
institutional investment managers that
exercise investment discretion over
accounts that have in the aggregate a fair
market value of at least $100,000,000 of
certain U.S. exchange-traded equity
securities, as set forth in rule 13f–1(c),
to file quarterly reports with the
Commission on Form 13F.4
On June 23, 2022, the Commission
adopted amendments to Form 13F to
require, among other things,

institutional investment managers that
make confidential treatment requests for
filings made under Section 13(f) of the
1934 Act to submit them electronically
via EDGAR.5
In our most recent PRA submission
for Form 13F, we estimated a total hour
burden of 101,339.29 hours, with an
external cost burden of $4,846,374.
Estimates concerning the burdens
associated with the information
collections required by rule 13f–1 and
Form 13F are set forth in the table
below. The estimate of average burden
hours is made solely for the purposes of
the Paperwork Reduction Act. The
estimate is not derived from a
comprehensive or even a representative
survey or study of Commission rules.
Reporting burdens may differ
substantially across respondents.

TABLE—FORM 13F PRA ESTIMATES
Initial
hours

Wage
rate

Annual hours

Internal time cost

External costs 1

PRA Burden Estimates
Burdens for 13F–HR Filings
Estimated burden per filing ..............

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

2 hours .....................

Number of filings ..............................
Annual burden of Form 13F–HR filings.

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

28,925 filings 4 ..........
57,850 hours ............

×

$314 (blended rate for compliance
attorney, senior programmer, and
compliance clerk) 2.
..........................................................
..........................................................

$628 ........................

$221.3

28,925 filings ...........
$18,164,900 ............

28,925 filings.
$6,392,425.

$494 ........................

$75.7

6,935 filings .............
$3,425,890 ..............

6,935 filings.
$520,125.

$628 ........................

$75 7

1,450 amendments
$910,600 .................

1,450 amendments.
$108,750.

Burdens for 13F–NT Filings
Estimated burden of per filing ..........

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

2 hours .....................

Number of filings ..............................

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

6,935 filings 5 ............
13,870 hours ............

×

$247 (blended rate for senior programmer and compliance clerk) 6.
..........................................................
..........................................................

Burdens for Form 13F Amendment Filings
Estimated burden per amendment ...

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

2 hours .....................

×

Number of amendments ...................
Annual estimated burden of all
amendments.

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

1,450 amendments 8
2,900 hours ..............

.........

$314 (blended rate for compliance
attorney, senior programmer, and
compliance clerk) 2.
..........................................................
..........................................................

Total Estimated Form 13F Burden

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Currently approved burden estimates.
Revised current burden estimates ...

101,339.29 hours

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

$22,092,421.60 .......

$4,846,374.

74,620 hours

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

$22,501,390 ............

$7,021,300.

Notes:
1 The external costs of complying with Form 13F can vary among filers. Some filers use third-party vendors for a range of services in connection with filing reports
on Form 13F, while other filers use vendors for more limited purposes such as providing more user-friendly versions of the list of section 13(f) Securities. For purposes of the PRA, we estimate that each filer will spend an average of $300 on vendor services each year in connection with the filer’s four quarterly reports on Form
13F–HR (13F Holdings or Combination Report) or Form 13F–NT (13F Notice), as applicable, in addition to the estimated vendor costs associated with any amendments. In addition, some filers engage outside legal services in connection with the preparation of requests for confidential treatment or analyses regarding possible
requests, or in connection with the form’s disclosure requirements. For purposes of the PRA, we estimate that each manager filing reports on Form 13F–HR will incur
$584 for one hour of outside legal services each year. The Commission’s estimates of the relevant wage rates for external time costs, such as outside legal services,
take into account staff experience, a variety of sources including general information websites, and adjustments for inflation.
2 This estimated burden is from Securities Industry and Financial Markets Association’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1,800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead (‘‘SIFMA Wage Report’’). The wage rate reflects current estimates from the SIFMA Wage Report of the blended hourly rate for a compliance attorney ($449),
senior programmer ($408), and compliance clerk ($86) (($449 + $408 + $86)/3 = $314.33).
1 15

U.S.C. 78m(f).
U.S.C. 78a et seq.
3 17 CFR 240.13f–1.
4 17 CFR 249.325.
5 See Electronic Submission of Applications for
Orders under the Advisers Act and the Investment
2 15

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17:06 Sep 18, 2025

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Company Act, Confidential Treatment Requests for
Filings on Form 13F, and Form ADV–NR;
Amendments to Form 13F, Release No. IC–34635
(June 23, 2022). The amendments to Form 13F also
require managers to provide additional identifying
information and allow managers to disclose, for any
security reported on Form 13F, the security’s share

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class level Financial Instrument Global Identifier.
The rules also make certain technical amendments,
including to modernize the structure of data
reporting and amend the instructions on Form 13F
for confidential treatment requests in light of a
recent decision of the U.S. Supreme Court.

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Federal Register / Vol. 90, No. 180 / Friday, September 19, 2025 / Notices

45297

3 This includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $584 for one hour of outside legal
services ($884/4 filings per year = $221 per filing). We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings.
4 This estimate is based on the number of 13F–HR filings averaged over three years as of December 2024.
5 This estimate is based on the number of Form 13F–NT filings averaged over three years as of December 2024.
6 The wage rate reflects current estimates from the SIFMA Wage Report of the blended hourly rate for a senior programmer ($408) and compliance clerk ($86)
(($408 + $86)/2 = $247).
7 This includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–NT filing and Form 13F amendments ($300/4 filings per year = $75
per filing).
8 This estimate is based on the number of Form 13F amendments filed averaged over three years as of December 2024.

An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number. Written comments are
invited on: (a) whether this collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202507-3235-005
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–18118 Filed 9–18–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0462]

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Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 604
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
(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 an extension of
the proposed collection of information
in Rule 604.

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Rule 604, 17 CFR 242.604, requires
specialists and market makers to
publish customer limit orders that are
priced superior to the bids or offers
being displayed by each such specialist
or market maker.1 Customer limit orders
that match the bid or offer being
displayed by a specialist or market
maker must be published if the limit
price also matches the national best bid
or offer (‘‘NBBO’’) and the size of the
customer limit order is more than de
minimis (i.e., more than 10% of the
specialist’s or market maker’s displayed
size).
The information collection in Rule
604 is mandatory and is a third party
disclosure requirement. The information
collected and disclosed pursuant to
Rule 604 is necessary to facilitate the
establishment of a national market
system for securities. The information is
useful to investors because the
publication of trading interest that
improves specialists’ and market
makers’ quotes presents investors with
improved execution opportunities and
improved access to the best available
prices when they buy or sell securities.
The Commission estimates that
approximately 30 respondents will
respond to the collection of information
requirements each time they receive a
displayable customer limit order. The
Commission further estimates that a
respondent will receive a customer limit
order, on average, 37,460.31 times per
trading day with an estimate average
time of 0.001 second per quote update.
Accordingly, assuming 252 days in a
trading year, an average 2.62 hours per
year per respondent, the Commission
estimates that the total annual burden
for all respondents is 78.7 hours.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will
have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
1 See Securities Exchange Act Release No.
37619A (September 6, 1996), 61 FR 48290
(September 12, 1996).

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imposed by the proposed collection of
information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
collection techniques or other forms of
information technology.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202507-3235-011
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
October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–18115 Filed 9–18–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0733]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 194
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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) is submitting
to the Office of Management and Budget
(‘‘OMB’’) this request for Extension of
the proposed collection of information
for Commission Rule of Practice 194,
(17 CFR 240.194), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule of Practice 194 provides a
process for security-based swap dealers
and major security-based swap
participants (collectively, ‘‘SBS Entity’’)
to make an application to the
Commission for an order permitting an

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