Overview
Title
Submission for OMB Review; Comment Request; Extension: Form SE
Agencies
ELI5 AI
The SEC wants permission to keep using a special form called Form SE that people need when they can't send documents online and have to mail them as paper instead. They are asking for thoughts on this process, wanting to know if it's helpful or if there's a better way to do it.
Summary AI
The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget (OMB) to extend the use of Form SE. This form is used when electronic filers need to submit paper documents due to certain exemptions. The SEC estimates that about 2.7 responses are filed annually, each taking approximately 0.10 hours, totaling an estimated annual burden of 1 hour. They invite public comments on the necessity, accuracy, quality, and ways to reduce the burden of this information collection by April 7, 2025.
Keywords AI
Sources
AnalysisAI
Editorial Commentary
The notice from the Securities and Exchange Commission (SEC), as published in the Federal Register, addresses a request for public comment on the extension of Form SE, a document used to submit paper filings when electronic submissions are not feasible. This process is relevant under a hardship exemption as stipulated by the SEC's regulations. The form helps the SEC trace paper copies of electronic filings when a hardship exemption is invoked.
Summary of the Document
The SEC, in compliance with the Paperwork Reduction Act of 1995, is seeking approval from the Office of Management and Budget (OMB) to continue the use of Form SE. This form serves as an essential tool for parties who are required to file electronically but face certain exemptions that necessitate paper submissions. The Commission estimates that approximately 2.7 instances of Form SE are filed annually, with each filing taking about 0.10 hours, summing up to an annual burden estimate of approximately 1 hour.
Significant Issues or Concerns
There are a few notable aspects of the document that might require further clarification or improvement:
Absence of Document Abstract: The metadata lacks an abstract, which would typically offer a concise overview of the document’s key purpose and significance. Without this, readers may need more context at a glance.
Fractional Filers and Burden Estimate: The SEC’s estimation of 2.7 filers annually and the consequent burden estimate rounded up to 1 hour may confuse some. The decision to round up from 0.27 hours could be better explained, and the notion of a fractional filer might need simplification or adjustment in expression, as it is uncommon to refer to a fractional number of filers.
Lack of Context for Hardship Exemption: The document refers to a “hardship exemption” without providing specific examples or context about what constitutes such an exemption. This information would be crucial for potential filers to understand when they might need to use Form SE.
Guidance on Public Comment Submission: The notice invites public comments but lacks detailed instructions or guidelines on how those comments should be structured, which could help ensure they are constructive and useful for the review process.
Impact on the Public and Stakeholders
General Public: For most people, this notice might not directly affect their daily lives unless they are involved in activities requiring filing documents with the SEC. However, it is an example of how federal agencies seek to streamline processes and reduce administrative burdens through public consultation.
Specific Stakeholders: Entities required to file electronic documents with the SEC stand to gain clarity on how to proceed when exceptions arise. Lawyers and compliance officers in particular could benefit from understanding how to effectively navigate exemptions and the implications of relying on Form SE.
By simplifying the process and inviting public feedback, the SEC could potentially enhance both the accuracy and efficiency of its filing procedures, aligning with broader goals of transparency and administrative efficacy. However, without clearer guidance and explanation within this notice, stakeholders might encounter challenges fully grasping the processes involved.
Issues
• The abstract for the document is missing in the metadata, which may affect the understanding of the document's purpose.
• The document does not specify why the annual burden estimate is rounded up to 1 hour instead of using the exact calculated time of 0.27 hours.
• The phrase '2.7 filers file Form SE each year' is not clear, as it is unusual to have a fractional number of filers.
• The document does not provide any specific examples or context for 'hardship exemption', which could help in understanding when Form SE is applicable.
• The notice invites written comments but does not provide the agency's preferred methods or guidelines on how to structure such comments for clarity and utility.