SEC and Fed Team Up on Buyout Forms: Interagency Paperwork Harmony?
Published Date: 3/13/2026
Notice
Summary
The SEC is asking to keep using and extend a form called Rule 13e-3, which companies use to share important info about big stock buyouts or takeovers. This form will now be a 'common form,' meaning the Federal Reserve can use it too, making things simpler for both agencies. No new costs or deadlines are added, just a smooth extension to keep things running.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Large 'Going Private' Filing Burden
Companies that file Schedule 13E-3 will continue to face the same filing burden: about 41 issuers file it annually, each response takes about 138.70 hours, with 25% of those hours (totaling 1,422 hours per year) carried internally by issuers and 75% carried by outside professionals.
Outside Professionals’ Annual Cost Burden
SEC estimates that 75% of the 138.70 hours per Schedule 13E-3 response are performed by outside professionals at an estimated $600 per hour, resulting in an estimated total annual external cost burden of $2,559,015 across all filings.
Disclosure Remains Public on EDGAR
Schedule 13E-3 is mandatory and publicly available on the SEC’s EDGAR system so investors are provided information in connection with certain going private transactions.
Designation as a 'Common Form' for Fed Use
The SEC is requesting OMB approval to designate this existing collection (OMB Control No. 3235-0007) as a 'common form' so the Board of Governors of the Federal Reserve System (which uses the collection under OMB Control No. 7100-0091) may also use the same form.
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