The Securities and Exchange Commission (SEC) is asking for public comments regarding the information collection involved in Rule 13h-1 and Form 13H, which concern the registration of large traders. These are rules that help the SEC gather data about traders who engage in substantial trading activities. The rules require large traders to identify themselves and provide certain information to the SEC, and also require specific broker-dealers to maintain and report transaction records related to these traders. The SEC estimates that complying with these requirements will take about 185,200 hours each year. The public can provide feedback on the necessity and effectiveness of this information collection, aiming to minimize the burden of the process.
Simple Explanation
The SEC, like the boss of stock trading, wants help from people to figure out if their rules for big traders are working well and are not too hard. They're asking for ideas on how to make sure the rules to keep track of big trades are fair and not too much work.