SEC Refines Online System for Reporting Financial Tips
Published Date: 3/10/2025
Notice
Summary
The SEC is updating its online system and paper form for people who want to report suspicious activities or possible securities law violations. These updates make it easier and faster to submit tips, complaints, or referrals, with the online form taking about 30 minutes and the paper form about 1.5 hours. Around 35,000 online and 170 paper reports are filed yearly, so these changes help keep the process smooth without extra costs or delays.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Faster Online Tip Submission
The SEC updated its web-based Electronic Data Collection System so filing a tip, complaint, or referral (TCR) online now takes about 30 minutes on average. The agency receives about 35,000 online TCRs per year, and estimates the annual reporting burden for the online system is 17,500 hours.
Paper Form TCR Time Burden
The paper Form TCR takes about one and one-half hours to complete on average. The SEC receives about 170 paper Form TCR submissions per year and estimates the annual reporting burden for the paper form is 255 hours.
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