Document ID: SEC-2021-1717-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2021-12-08T05:00Z

[Federal Register Volume 86, Number 233 (Wednesday, December 8, 2021)]
[Notices]
[Pages 69695-69697]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-26596]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-22, OMB Control No. 3235-0006]

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Form 13F

    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'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    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

[[Page 69696]]

securities, as set forth in rule 13f-1(c), to file quarterly reports 
with the Commission on Form 13F.\4\
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    \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.
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    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.
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    \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).

                                                  Table--Form 13F Current and Revised Burden Estimates
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                                    Initial
                                     hours           Annual hours                     Wage rate          Internal time cost        External costs \1\
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                                                        REVISIONS TO CURRENT PRA BURDEN ESTIMATES
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                                                           Revised Burdens for 13F-HR Filings
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Current estimated annual burden    .........  80.8 hours................     x   $66 \2\............  $5,332.80...............
 of Form 13F-HR per filer.
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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\.
                                             ----------------------------       -----------------------------------------------
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Total revised estimated burden     .........  11 hours..................         ...................  $2,393..................  $789.
 per filer.
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Number of filers.................  .........  5,466 filers \7\..........         ...................  5,466 filers............  5,466 filers.
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Revised current annual burden of   .........  60,126 hours..............         ...................  $13,080,138.............  $4,312,674.
 Form 13F-HR filings.
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                                                           Revised Burdens for 13F-NT Filings
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Current estimated annual burden    .........  80.8 hours................
 of Form 13F-NT.
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Revised current annual burden of   .........  4 hours...................     x   $71 (wage rate for   $284....................  $300.
 Form 13F-NT per filer.                                                           compliance clerk).
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Number of filers.................  .........  1,535 filers \8\..........         ...................  1,535 filers............  1,535 filers.
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                                              6,140 hours...............         ...................  $435,940................  $460,500.
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                                                     Revised Burdens for Form 13F Amendment Filings
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Current estimated burden per       .........  4 hours...................         $66.00.............  $264....................
 amendment filing.
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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).
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Total revised estimates burden     .........  4 hours...................         ...................  $892.75.................  $300.
 per amendment.
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Number of amendments.............  .........  244 amendments \10\.......         ...................  244 amendments..........  244 amendments.
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Revised current annual estimated   .........  976 hours.................         ...................  $217,831................  $73,200.
 burden of all amendments.
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                                                             TOTAL ESTIMATED FORM 13F BURDEN
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Currently approved burden                     472,521.6 hours                    ...................  $31,186,425.60..........  $0.
 estimates.
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Revised current burden estimates.               67,242 hours                     ...................  $13,733,909.............  $4,846,374.
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Notes:

[[Page 69697]]

 
\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.
\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.
    The public may view the background documentation for this 
information collection at the following website, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) 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]. Written comments and recommendations for the 
proposed information collection should be sent within 60 days of 
publication of this notice to www.reginfo.gov/public/do/PRAMain. Find 
this particular information collection by selecting ``Currently under 
30-day Review--Open for Public Comments'' or by using the search 
function.

    Dated: December 3, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-26596 Filed 12-7-21; 8:45 am]
BILLING CODE 8011-01-P