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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12524 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.9(d) To Permit an Intermarket Sweep Order (“ISO”) To Be Entered as a Non-Displayed Order and To Establish the Price Level at Which the System Will Consider an ISO Available for Other Orders To Be Entered
Cboe BZX Exchange is updating its rules to let a special type of order called an Intermarket Sweep Order (ISO) be hidden from view when entered. They’re also setting clear price rules for when these orders can be matched with others, and allowing hidden orders to adjust prices more aggressively. This change affects traders using the BZX Exchange and aims to make trading faster and smarter, with the new rules kicking in soon after approval.
2026-12607 — The RBB Fund Trust and Seven Post Investment Office LP
The RBB Fund Trust and Seven Post Investment Office LP want permission to change their subadvisory agreements without asking shareholders first and to keep some fee details private. This could speed up how they manage investments and handle fees. If no one objects by July 13, 2026, the SEC will approve these changes.
Previous / Next Documents
Previous: 2025-09142 — Submission for OMB Review; Comment Request; Extension: Rule 6h-1
The SEC is asking to keep Rule 6h-1 in place, which helps stop price manipulation in security futures trading and ensures fair settlement prices. This rule affects national exchanges trading these products and requires quick trading halts if the underlying securities stop trading. Only one group is impacted, spending about 10 hours and $4,510 yearly to follow the rule, with no big changes or extra costs expected.
Next: 2025-09144 — Agency Information Collection Activities: Submission for OMB Review; Comment Request
CMS wants your thoughts on their plan to collect info from the public again. This is a chance to share how much time or effort it might take and suggest ways to make it easier. If you’re involved with Medicare or Medicaid, your input can help shape how this info is gathered—no money changes yet, but your voice matters now!