The Securities and Exchange Commission (SEC) has requested the Office of Management and Budget (OMB) to approve an extension for collecting fingerprint information as required by Rule 17f-2(c) under the Securities Exchange Act of 1934. This rule involves the submission of fingerprints by certain people in the securities industry to the FBI through registered exchanges or associations, known as self-regulatory organizations (SROs). About 3,900 entities submit roughly 281,804 fingerprints annually, which takes around 70,451 hours in total. Fees for processing these fingerprints amount to over $7 million per year, ensuring careful handling and confidentiality.
Simple Explanation
The SEC is asking for more time to check fingerprints from people in the finance world because it's a rule they have to follow. There’s a big job of collecting and checking lots of fingerprints every year, which costs a lot of money, but they didn’t really explain why some costs more and take so much time.