Submission for OMB Review; Comment Request, Extension: Form 13F, 71115-71117 [2021-26967]
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Federal Register / Vol. 86, No. 237 / Tuesday, December 14, 2021 / Notices
opportunity to make an oral
presentation.41
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposed rule change should be
approved or disapproved by January 4,
2022. Any person who wishes to file a
rebuttal to any other person’s
submission must file that rebuttal by
January 18, 2022. The Commission asks
that commenters address the sufficiency
of the Exchange’s statements in support
of the proposal, which are set forth in
the Notice,42 in addition to any other
comments they may wish to submit
about the proposed rule change.
Comments may be submitted by any
of the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSE–2021–45 on the subject line.
jspears on DSK121TN23PROD with NOTICES1
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSE–2021–45. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
39 15
40 17
U.S.C. 78f(b)(5).
CFR 240.19b–4.
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18:24 Dec 13, 2021
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filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSE–2021–45 and should
be submitted by January 4, 2022.
Rebuttal comments should be submitted
by January 18, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.43
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–26970 Filed 12–13–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0006, SEC File No.
270–022]
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 (the
‘‘Commission’’) 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
41 Section 19(b)(2) of the Exchange Act, as
amended by the Securities Act Amendments of
1975, Public Law 94–29 (June 4, 1975), grants the
Commission flexibility to determine what type of
proceeding—either oral or notice and opportunity
for written comments—is appropriate for
consideration of a particular proposal by a selfregulatory organization. See Securities Act
Amendments of 1975, Senate Comm. on Banking,
Housing & Urban Affairs, S. Rep. No. 75, 94th
Cong., 1st Sess. 30 (1975).
42 See supra note 3.
43 17 CFR 200.30–3(a)(57).
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71115
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
The information collection
requirements apply to institutional
investment managers that meet the $100
million reporting threshold. Section
13(f)(6)(A) of the Exchange Act defines
an ‘‘institutional investment manager’’
as any person, other than a natural
person, investing in or buying and
selling securities for its own account,
and any person exercising investment
discretion with respect to the account of
any other person. Rule 13f–1(b) under
the Exchange Act defines ‘‘investment
discretion’’ for purposes of Form 13F
reporting.
The reporting system required by
Section 13(f) of the Exchange Act is
intended, among other things, to create
in the Commission a central repository
of historical and current data about the
investment activities of institutional
investment managers, and to improve
the body of factual data available to
regulators and the public.
The currently approved burden
estimates include a total hour burden of
472,521.6 hours, with an internal cost
burden of $31,186,425.60, to comply
with Form 13F.5 Consistent with a
recent rulemaking proposal that made
adjustments to these estimates due
primarily to the Commission’s belief
that the currently approved estimates do
not appropriately reflect the information
collection costs associated with Form
13F,6 the table below reflects the revised
estimates.
3 17
CFR 240.13f–1.
CFR 249.325.
5 This estimate is based on the last time the rule’s
information collection was submitted for PRA
renewal in 2018.
6 See Electronic Submission of Applications for
Orders under the Advisers Act and the Investment
Company Act, Confidential Treatment Requests for
Filings on Form 13F, and Form ADV–NR;
Amendments to Form 13F, Investment Company
Release No. (Nov. 4, 2021).
4 17
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Federal Register / Vol. 86, No. 237 / Tuesday, December 14, 2021 / Notices
TABLE—FORM 13F CURRENT AND REVISED BURDEN ESTIMATES
Initial
hours
Annual hours
Internal
time cost
Wage rate
External costs 1
REVISIONS TO CURRENT PRA BURDEN ESTIMATES
Revised Burdens for 13F–HR Filings
Current estimated annual burden of
Form 13F–HR per filer.
..............
80.8 hours ................
×
$66 2 ...................................................
$5,332.80.
Revised current annual estimated
burden per filer.
..............
10 hours 3 .................
×
$202.50 (blended rate for senior programmer and compliance clerk).4
$2,025 .....................
1 hour 3 .....................
$368 (compliance attorney rate) 5 .....
$368.
$789.6
Total revised estimated burden per
filer.
..............
11 hours ...................
............................................................
$2,393 .....................
$789.
Number of filers ..................................
..............
5,466 filers 7 ..............
............................................................
5,466 filers ...............
5,466 filers.
Revised current annual burden of
Form 13F–HR filings.
..............
60,126 hours ............
............................................................
$13,080,138 ............
$4,312,674.
Current estimated annual burden of
Form 13F–NT.
..............
80.8 hours.
Revised current annual burden of
Form 13F–NT per filer.
..............
4 hours .....................
$71 (wage rate for compliance clerk)
$284 ........................
$300.
Number of filers ..................................
..............
1,535 filers 8 ..............
............................................................
1,535 filers ...............
1,535 filers.
6,140 hours ..............
............................................................
$435,940 .................
$460,500.
Revised Burdens for 13F–NT Filings
×
Revised Burdens for Form 13F Amendment Filings
Current estimated burden per amendment filing.
..............
4 hours .....................
$66.00 ................................................
$264.
Revised current estimated burden per
amendment.
..............
3.5 hours 9 ................
$202.50 (blended rate for senior programmer and compliance clerk).
$708.75 ...................
0.5 hour 9 ..................
$368 (compliance attorney rate) .......
$184.
............................................................
$892.75 ...................
×
$300.
Total revised estimates burden per
amendment.
..............
4 hours .....................
$300.
Number of amendments ....................
..............
244 amendments 10 ..
............................................................
244 amendments ....
244 amendments.
Revised current annual estimated
burden of all amendments.
..............
976 hours .................
............................................................
$217,831 .................
$73,200.
jspears on DSK121TN23PROD with NOTICES1
TOTAL ESTIMATED FORM 13F BURDEN
Currently approved burden estimates
472,521.6 hours
............................................................
$31,186,425.60 .......
$0.
Revised current burden estimates .....
67,242 hours
............................................................
$13,733,909 ............
$4,846,374.
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 or Form 13F–NT, 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 $489 for one hour of outside legal services each
year.
2. $66 was the estimated wage rate for a compliance clerk in 2018.
3. The estimate reduces the total burden hours associated with complying with the reporting requirements of Form 13F–HR from 80.8 to 11 hours. We believe that
this reduction adequately reflects the reduction in the time managers spend complying with Form 13F–HR as a result of advances in technology that have occurred
since Form 13F was adopted. The revised estimate also assumes that an in-house compliance attorney would spend 1 hour annually on the preparation of the filing,
as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 10 hours would be divided equally between a senior programmer and compliance clerk.
4. The $202.50 wage rate reflects current estimates of the blended hourly rate for an in-house senior programmer ($334) and in-house compliance clerk ($71).
$202.50 is based on the following calculation: ($334 + $71)/2 = $202.50. The $334 per hour figure for a senior programmer is based on salary information for the securities industry compiled by the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by
Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. The
$71 per hour figure for a compliance clerk is based on salary information from the SIFMA Report, modified by Commission staff to account for an 1800-hour workyear and inflation, and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead.
5. The $368 per hour figure for a compliance attorney is based on salary information for the securities industry compiled by the Securities Industry and Financial
Markets Association’s Office Salaries in the Securities Industry 2013 (‘‘SIFMA Report’’), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead.
6. $789 includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $489 for one hour of outside
legal services. We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings.
7. This estimate is based on the number of 13F–HR filers as of December 2019.
8. This estimate is based on the number of Form 13F–NT filers as of December 2019.
9. The revised estimate assumes that an in-house compliance attorney would spend 0.5 hours annually on the preparation of the filing amendment, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 3.5 hours would be divided equally between a senior programmer and compliance clerk.
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Federal Register / Vol. 86, No. 237 / Tuesday, December 14, 2021 / Notices
71117
10. This estimate is based on the number of Form 13F amendments filed as of December 2019.
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
the costs of Commission rules. 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 control
number.
Written comments are invited on: (a)
Whether the collections of information
are necessary for the proper
performance of the functions of the
Commission, including whether the
information has practical utility; (b) the
accuracy of the Commission’s estimate
of the burdens of the collections of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burdens of the collections
of information on respondents,
including through the use of automated
collection techniques or other forms of
information technology. Consideration
will be given to comments and
suggestions submitted in writing within
60 days of this publication.
Please direct your written comments
to David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O John R.
Pezzullo, 100 F Street NE, Washington,
DC 20549; or send an email to: PRA_
Mailbox@sec.gov.
Dated: December 8, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. PA–57A; File No. S7–14–21]
Privacy Act of 1974; System of
Records; Correction
Securities and Exchange
Commission.
ACTION: Notice; correction.
AGENCY:
The Securities and Exchange
Commission published a document in
the Federal Register on November 29,
2021, concerning a Privacy Act of 1974;
System of Records. The document
contained an incorrect effective date.
Comments are due on December 29,
2021.
jspears on DSK121TN23PROD with NOTICES1
SUMMARY:
For
general and privacy related questions
VerDate Sep<11>2014
18:24 Dec 13, 2021
Jkt 256001
Correction
In the Federal Register of November
29, 2021 in FR Doc. 2021–25871, on
page 67755, in the first column, correct
the DATES section to read:
DATES: The changes will become
effective December 29, 2021, to permit
public comment on the revised routine
uses. The Commission will publish a
new notice if the effective date is
delayed to review comments or if
changes are made based on comments
received. To assure consideration,
comments should be received on or
before December 29, 2021.
[FR Doc. 2021–26991 Filed 12–13–21; 8:45 am]
BILLING CODE P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #17165 and #17166;
Pennsylvania Disaster Number PA–00113]
Presidential Declaration Amendment of
a Major Disaster for the
Commonwealth of Pennsylvania
U.S. Small Business
Administration.
ACTION: Amendment 3.
AGENCY:
This is an amendment of the
Presidential declaration of a major
disaster for the Commonwealth of
Pennsylvania (FEMA–;4618–DR), dated
09/10/2021.
Incident: Remnants of Hurricane Ida.
Incident Period: 08/31/2021 through
09/05/2021.
DATES: Issued on 12/07/2021.
Physical Loan Application Deadline
Date: 01/10/2022.
Economic Injury (EIDL) Loan
Application Deadline Date: 06/10/2022.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: The notice
of the President’s major disaster
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declaration for the Commonwealth of
Pennsylvania, dated 09/10/2021, is
hereby amended to extend the deadline
for filing applications for physical
damages as a result of this disaster to
01/10/2022.
All other information in the original
declaration remains unchanged.
(Catalog of Federal Domestic Assistance
Number 59008)
Barbara Carson,
Acting Associate Administrator for Disaster
Assistance.
[FR Doc. 2021–27009 Filed 12–13–21; 8:45 am]
BILLING CODE 8026–03–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Docket No. FAA–2021–1024]
Dated: December 9, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
SUMMARY:
[FR Doc. 2021–26967 Filed 12–13–21; 8:45 am]
FOR FURTHER INFORMATION CONTACT:
please contact: Ronnette McDaniel,
Privacy and Information Assurance
Branch Chief, 202–551–7200 or
privacyhelp@sec.gov.
SUPPLEMENTARY INFORMATION:
Agency Information Collection
Activities: Requests for Comments;
Clearance of Renewed Approval of
Information Collection: Certification of
Airports
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, FAA
invites public comments about our
intention to request the Office of
Management and Budget (OMB)
approval to renew an information
collection.
SUMMARY:
Written comments should be
submitted by February 14, 2022.
ADDRESSES: Please send written
comments:
By Electronic Docket:
www.regulations.gov. Enter docket
number: FAA–2021–1024 into search
field.
By email: chel.schweitzer@faa.gov.
FOR FURTHER INFORMATION CONTACT: Chel
Schweitzer by email at:
chel.schweitzer@faa.gov; phone: 202–
679–2677.
SUPPLEMENTARY INFORMATION: 14 CFR
part 139 establishes certification
requirements for airports serving
scheduled passenger-carrying
operations of an air carrier operating
aircraft configured for more than 9
passenger seats, as determined by the
regulations under which the operation
is conducted or the aircraft type
certificate issued by a competent civil
aviation authority; and unscheduled
DATES:
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]]>Agencies
[Federal Register Volume 86, Number 237 (Tuesday, December 14, 2021)]
[Notices]
[Pages 71115-71117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26967]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0006, SEC File No. 270-022]
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 (the ``Commission'') 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\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78m(f).
\2\ 15 U.S.C. 78a et seq.
\3\ 17 CFR 240.13f-1.
\4\ 17 CFR 249.325.
---------------------------------------------------------------------------
The information collection requirements apply to institutional
investment managers that meet the $100 million reporting threshold.
Section 13(f)(6)(A) of the Exchange Act defines an ``institutional
investment manager'' as any person, other than a natural person,
investing in or buying and selling securities for its own account, and
any person exercising investment discretion with respect to the account
of any other person. Rule 13f-1(b) under the Exchange Act defines
``investment discretion'' for purposes of Form 13F reporting.
The reporting system required by Section 13(f) of the Exchange Act
is intended, among other things, to create in the Commission a central
repository of historical and current data about the investment
activities of institutional investment managers, and to improve the
body of factual data available to regulators and the public.
The currently approved burden estimates include a total hour burden
of 472,521.6 hours, with an internal cost burden of $31,186,425.60, to
comply with Form 13F.\5\ Consistent with a recent rulemaking proposal
that made adjustments to these estimates due primarily to the
Commission's belief that the currently approved estimates do not
appropriately reflect the information collection costs associated with
Form 13F,\6\ the table below reflects the revised estimates.
---------------------------------------------------------------------------
\5\ This estimate is based on the last time the rule's
information collection was submitted for PRA renewal in 2018.
\6\ See Electronic Submission of Applications for Orders under
the Advisers Act and the Investment Company Act, Confidential
Treatment Requests for Filings on Form 13F, and Form ADV-NR;
Amendments to Form 13F, Investment Company Release No. (Nov. 4,
2021).
[[Page 71116]]
Table--Form 13F Current and Revised Burden Estimates
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial
hours Annual hours Wage rate Internal time cost External costs \1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
REVISIONS TO CURRENT PRA BURDEN ESTIMATES
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised Burdens for 13F-HR Filings
--------------------------------------------------------------------------------------------------------------------------------------------------------
Current estimated annual burden ........ 80.8 hours................ x $66 \2\............ $5,332.80................
of Form 13F-HR per filer.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised current annual estimated ........ 10 hours \3\.............. x $202.50 (blended $2,025................... $789.\6\
burden per filer. rate for senior
programmer and
compliance
clerk).\4\
---------------------------- ------------------------------------------------
1 hour \3\................ $368 (compliance $368.....................
attorney rate) \5\.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Total revised estimated burden ........ 11 hours.................. ................... $2,393................... $789.
per filer.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of filers................ ........ 5,466 filers \7\.......... ................... 5,466 filers............. 5,466 filers.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised current annual burden of ........ 60,126 hours.............. ................... $13,080,138.............. $4,312,674.
Form 13F-HR filings.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised Burdens for 13F-NT Filings
--------------------------------------------------------------------------------------------------------------------------------------------------------
Current estimated annual burden ........ 80.8 hours................
of Form 13F-NT.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised current annual burden of ........ 4 hours................... x $71 (wage rate for $284..................... $300.
Form 13F-NT per filer. compliance clerk).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of filers................ ........ 1,535 filers \8\.......... ................... 1,535 filers............. 1,535 filers.
--------------------------------------------------------------------------------------------------------------------------------------------------------
6,140 hours............... ................... $435,940................. $460,500.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised Burdens for Form 13F Amendment Filings
--------------------------------------------------------------------------------------------------------------------------------------------------------
Current estimated burden per ........ 4 hours................... $66.00............. $264.....................
amendment filing.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised current estimated burden ........ 3.5 hours \9\............. x $202.50 (blended $708.75.................. $300.
per amendment. rate for senior
programmer and
compliance clerk).
---------------------------- ------------------------------------------------
0.5 hour \9\.............. $368 (compliance $184.....................
attorney rate).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Total revised estimates burden ........ 4 hours................... ................... $892.75.................. $300.
per amendment.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of amendments............ ........ 244 amendments \10\....... ................... 244 amendments........... 244 amendments.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised current annual estimated ........ 976 hours................. ................... $217,831................. $73,200.
burden of all amendments.
--------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL ESTIMATED FORM 13F BURDEN
--------------------------------------------------------------------------------------------------------------------------------------------------------
Currently approved burden 472,521.6 hours ................... $31,186,425.60........... $0.
estimates.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Revised current burden estimates 67,242 hours ................... $13,733,909.............. $4,846,374.
--------------------------------------------------------------------------------------------------------------------------------------------------------
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 or Form 13F-NT, 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 $489 for one hour of outside legal services each year.
2. $66 was the estimated wage rate for a compliance clerk in 2018.
3. The estimate reduces the total burden hours associated with complying with the reporting requirements of Form 13F-HR from 80.8 to 11 hours. We
believe that this reduction adequately reflects the reduction in the time managers spend complying with Form 13F-HR as a result of advances in
technology that have occurred since Form 13F was adopted. The revised estimate also assumes that an in-house compliance attorney would spend 1 hour
annually on the preparation of the filing, as well as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 10
hours would be divided equally between a senior programmer and compliance clerk.
4. The $202.50 wage rate reflects current estimates of the blended hourly rate for an in-house senior programmer ($334) and in-house compliance clerk
($71). $202.50 is based on the following calculation: ($334 + $71)/2 = $202.50. The $334 per hour figure for a senior programmer is based on salary
information for the securities industry compiled by the Securities Industry and Financial Markets Association's Office Salaries in the Securities
Industry 2013 (``SIFMA Report''), modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account
for bonuses, firm size, employee benefits and overhead. The $71 per hour figure for a compliance clerk is based on salary information from the SIFMA
Report, modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 2.93 to account for bonuses, firm size,
employee benefits and overhead.
5. The $368 per hour figure for a compliance attorney is based on salary information for the securities industry compiled by the Securities Industry and
Financial Markets Association's Office Salaries in the Securities Industry 2013 (``SIFMA Report''), modified by Commission staff to account for an
1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead.
6. $789 includes an estimated $300 paid to a third-party vendor in connection with the Form 13F-HR filing as well as an estimated $489 for one hour of
outside legal services. We estimate that Form 13F-HR filers will require some level of external legal counsel in connection with these filings.
7. This estimate is based on the number of 13F-HR filers as of December 2019.
8. This estimate is based on the number of Form 13F-NT filers as of December 2019.
9. The revised estimate assumes that an in-house compliance attorney would spend 0.5 hours annually on the preparation of the filing amendment, as well
as determining whether a 13(f) Confidential Treatment Request should be filed. The remaining 3.5 hours would be divided equally between a senior
programmer and compliance clerk.
[[Page 71117]]
10. This estimate is based on the number of Form 13F amendments filed as of December 2019.
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 the
costs of Commission rules. 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 control number.
Written comments are invited on: (a) Whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collections of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burdens of the collections of information on respondents,
including through the use of automated collection techniques or other
forms of information technology. Consideration will be given to
comments and suggestions submitted in writing within 60 days of this
publication.
Please direct your written comments to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, C/O John R.
Pezzullo, 100 F Street NE, Washington, DC 20549; or send an email to:
[email protected].
Dated: December 8, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26967 Filed 12-13-21; 8:45 am]
BILLING CODE P
