The Securities and Exchange Commission (SEC) is requesting public comments on a proposed extension of the information collection related to Form 3, which is used by insiders of public companies. This form is a statement of beneficial ownership of securities, filed annually by approximately 21,968 insiders, each taking about 0.5 hours to complete. The SEC is seeking feedback on the necessity and usefulness of this information collection, the accuracy of their burden estimates, and suggestions to improve or reduce the burden of the data collection. Comments are invited within 60 days of the publication, and they can be submitted to the SEC's Chief Information Officer.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to know what people think about a form that company insiders, like bosses, have to fill out to show what stocks they own. They want feedback on if this form is useful or too hard to fill out, and people have 60 days to send their thoughts to help make the form better.