# 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 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).
| | Initial | Annual hours | | Wage rate | Internal | External costs |
| --- | --- | --- | --- | --- | --- | --- |
| | | | | | | |
| | | | | | | |
| Current estimated annual burden of Form 13F-HR per filer | | 80.8 hours | × | $66 | $5,332.80 | |
| Revised current annual estimated burden per filer | | 10 hours | × | $202.50 (blended rate for senior programmer and compliance clerk) | $2,025 | $789. |
| | | 1 hour | | $368 (compliance attorney rate) | $368 | |
| Total revised estimated burden per filer | | 11 hours | | | $2,393 | $789. |
| Number of filers | | 5,466 filers | | | 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 | | | 1,535 filers | 1,535 filers. |
| | | 6,140 hours | | | $435,940 | $460,500. |
| | | | | | | |
| Current estimated burden per amendment filing | | 4 hours | | $66.00 | $264 | |
| Revised current estimated burden per amendment | | 3.5 hours | × | $202.50 (blended rate for senior programmer and compliance clerk) | $708.75 | $300. |
| | | 0.5 hour | | $368 (compliance attorney rate) | $184 | |
| Total revised estimates burden per amendment | | 4 hours | | | $892.75 | $300. |
| Number of amendments | | 244 amendments | | | 244 amendments | 244 amendments. |
| Revised current annual estimated burden of all amendments | | 976 hours | | | $217,831 | $73,200. |
| | | | | | | |
| 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. | |
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.