SEC Extends Reports on Pilfered Securities
Published Date: 12/29/2025
Notice
Summary
The SEC is asking for comments on keeping a rule that requires certain financial groups—like brokers and banks—to save reports about lost or stolen securities for three years. This helps everyone track thefts and follow the rules. About 10,000 groups spend roughly 33 minutes a year on this, costing about $50 per hour in staff time.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Three-Year Record Retention Requirement
If you are a reporting institution (for example, an exchange, broker, dealer, transfer agent, clearing agency, member of the Federal Reserve System, or an FDIC‑insured bank), you must keep certain lost-and-stolen securities records in an easily accessible place for three years. The records include copies of Form X-17F-1A reports, agreements between reporting institutions about the Program, and confirmations or other information received from the Commission or its designee. The SEC estimates about 10,018 reporting institutions keep 33 records per year, spending about 33 minutes (0.5511 hours) each year per institution, with an average clerical cost of $50/hour leading to about $31.35 per institution per year and a total annual compliance cost of about $314,064.3.
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