Broker-Dealers Stick to SEC's Digital Data Drill
Published Date: 5/21/2025
Notice
Summary
The SEC wants to keep collecting electronic trading info from broker-dealers to help with investigations and inspections. Most brokers submit data online, which takes about 8 minutes each, while a few still do it manually, taking longer. This proposal asks for comments on continuing this process, which affects clearing firms and keeps things running smoothly without adding new costs or deadlines.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Mandatory Electronic Trading Data Submissions
If you are a broker-dealer registered with the SEC, Rule 17a-25(a)(1) requires you to submit securities transaction information electronically when the Commission requests it. The required data include identifiers for prime brokerage arrangements, average price accounts, and depository institutions, and Rule 17a-25(c) requires you to submit and keep current contact person information for electronic blue sheet (EBS) requests.
Estimated Submission Volume and Time Burden
The SEC estimates it sends about 10,807 EBS requests per year to clearing broker-dealers, producing an average of 213,233 annual responses. The Commission estimates each electronic response takes about 8 minutes and each manual response takes about 1.5 hours, for an aggregate annual burden of 28,562 hours.
Manual Submissions Are a Small Share
Only a small number of respondents submit EBS responses manually (approximately 96 manual submissions per year), and the SEC states these manual submissions have a minimal effect on total annual burden hours.
Opportunity to Comment by July 21, 2025
The SEC is soliciting written comments on the Rule 17a-25 information collection and requests comments be sent by July 21, 2025. The Commission seeks feedback on the necessity of the collection, its estimated burden, ways to improve the information collected, and ways to minimize respondent burden.
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