SEC Wants Your Thoughts on Keeping Tender Offer Forms Alive
Published Date: 4/16/2026
Notice
Summary
The SEC is asking for comments on extending Schedule TO, a form that people making tender offers must file to keep investors informed. About 259 folks file this form roughly twice a year, spending around 22 hours and nearly $9,000 each time. Comments are due by June 15, 2026, so if you’re involved in tender offers, now’s the time to speak up!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Paperwork burden and cost for filers
If you conduct a tender offer, filing Schedule TO takes an estimated 22.38 hours and about $8,949.93 in cost per response. The SEC estimates 591 responses annually for a total annual burden of 13,227 hours and $5,289,409 in costs.
Schedule TO keeps investors informed
If you invest in companies, Schedule TO (17 CFR 240.14d-100) is the form people making tender offers must file so investors can get the information they need to make informed decisions. The SEC says about 259 respondents file Schedule TO roughly 2.28 times per year (591 responses annually); comments on this collection are due by June 15, 2026.
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
2026-07651 — 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, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07432 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form 5-Annual Statement of Beneficial Ownership
The Securities and Exchange Commission (SEC) wants to keep using Form 5, which helps track who owns big shares in companies to prevent insider trading. They’re asking for approval to extend this form’s use and make it a ‘common form’ that other agencies, like the Federal Reserve, can use too. This won’t cost extra money but keeps important info flowing smoothly and on time.
Next: 2026-07434 — Agency Information Collection Activity Under OMB Review: Request for Disinterment
The Department of Veterans Affairs is updating the form used when families want to move a loved one’s remains from a national cemetery to another place. This affects veterans’ families who must get everyone’s written okay or a court order before the move. Comments on these changes are open until May 18, 2026, and the process takes about 10 minutes per request.