The Securities and Exchange Commission (SEC) is requesting public comments on the necessity and impact of its collection of information through Form N-PX, as part of the requirements under the Paperwork Reduction Act. Form N-PX is used by registered management investment companies to report their proxy voting records annually. The SEC estimates that the cost and time burden for filing this form is approximately $17.66 million and 47,984 hours for all affected funds. They invite written comments on ways to improve or reduce the burden of this data collection within 60 days.
Simple Explanation
The Securities and Exchange Commission (SEC) wants people to tell them if filling out a form about how investment companies vote is too hard or costs too much money. They think doing this takes a lot of time and money, so they want ideas on how to make it better.