The Securities and Exchange Commission (SEC) is requesting public comments on the continuation of its Form 11-K, used by employee stock purchase and savings plans to report financial information. This form is part of the requirements under the Securities and Exchange Act. The SEC estimates that completing each form takes about 95.81 hours, with a cost of $7,525, and receives about 941 submissions annually. Feedback is requested on the necessity and utility of the form, ways to enhance its quality, and suggestions to reduce the burden on respondents, by March 17, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to hear people's thoughts about a form called Form 11-K, which companies use to tell about their employee stock and savings plans. They want ideas on making it easier and quicker to fill out since it currently takes a long time and costs a lot to complete.