[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