Notice2026-07723
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form N-PX
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 21, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 76 (Tuesday, April 21, 2026)</title>
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[Federal Register Volume 91, Number 76 (Tuesday, April 21, 2026)]
[Notices]
[Pages 21358-21360]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07723]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0582]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Form N-PX
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``Paperwork Reduction Act''), the
Securities and Exchange Commission (the ``Commission'') is soliciting
comments on the collection of information summarized below. The
Commission plans to submit this existing collection of information to
the Office of Management and Budget (``OMB'') for extension and
approval.
The purpose of Form N-PX is to meet the filing and disclosure
requirements of rules under the Act and also to enable funds to provide
investors with
[[Page 21359]]
information necessary to evaluate overall patterns in the manager's
voting behavior. This information collection is primarily for the use
and benefit of investors. The information filed with the Commission
also permits the verification of compliance with securities law
requirements and assures the public availability and dissemination of
the information. Due to the Amendments, Form N-PX will also be used by
institutional investment managers to meet the filing and disclosure
requirements of section 14A under the Exchange Act.
The table below summarizes our estimates associated with the
amendments to Form N-PX that the Amendments address:
Form N-PX PRA Estimates
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Internal annual Internal time Annual external
burden hours Wage rate \1\ costs cost burden
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Funds
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Estimated annual burden of Form \2\ 12.5 x \3\ $613 $7,662 $1,200
N-PX per response.
Estimated number of annual x 13,291 ...... .............. x 13,291 x 13,291
responses \4\.
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Total annual burden........ 166,138 ...... .............. $101,835,642 $15,949,200
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Institutional Investment Managers
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Estimated annual burden 7.5 x \5\ $613 $4,598 \6\ $2,000
associated with Form N[dash]PX
filing requirement.
Estimated number of annual x 7,678 ...... .............. x 7,678 x 7,678
responses.
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Total annual burden........ 57,585 ...... .............. $35,299,605 $15,356,000
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Total Burden
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Currently Approved Burden...... 380,741 ...... .............. ................. $36,141,445
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Total Burden............... 223,723 ...... .............. ................. $31,305,200
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1. To calculate the occupational hourly rates used in this release, the Commission uses occupational mean hourly
wage data from the Occupational Employment and Wage Statistics (OEWS) program of the Bureau of Labor
Statistics (BLS) for [``Securities, Commodity Contracts, and Other Financial Investments and Related
Activities'' (NAICS 523)] [the private sector]. See Occupational Employment and Wage Statistics, U.S. Bureau
of Labor Statistics, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>; see also Standard Occupational Classification, U.S. Bureau of
Labor Statistics, <a href="https://www.bls.gov/soc/">https://www.bls.gov/soc/</a> (describing occupational classification system used by BLS); Exec.
Off. of the President, Off. of Mgmt. & Budget, North American Industry Classification System (2022), available
at <a href="https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf">https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf</a> (describing the industry
classification system used by BLS and other agencies). The mean hourly wage for each occupation is adjusted
for changes in the seasonally adjusted employment cost index for private wages and salaries between the data
reference period and when the data are released by BLS. See Employment Cost Index, U.S. Bureau of Labor
Statistics, <a href="https://www.bls.gov/eci/">https://www.bls.gov/eci/</a>. The adjusted mean hourly wage is then multiplied by a factor that
accounts for nonwage costs borne by employers, such as bonuses, benefits, and overhead. This factor is
calculated as an average over the 10 most recently available years of data of the ratio of the Bureau of
Economic Analysis's annual gross output data for [NAICS 523] [the private sector] to total annual wages across
all occupations for [NAICS 523] [the private sector] in the OEWS data. See Gross Output by Industry, U.S.
Bureau of Economic Analysis, <a href="https://www.bea.gov/data/industries/gross-output-by-industry">https://www.bea.gov/data/industries/gross-output-by-industry</a>; Occupational
Employment and Wage Statistics, U.S. Bureau of Labor Statistics, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>. The final product
is the occupational hourly rate. See generally Updated Methodology for Calculating Occupational Hourly Rates
(Dec. 19, 2025), available at <a href="https://www.sec.gov/files/method-occupational-hourly-rates.pdf">https://www.sec.gov/files/method-occupational-hourly-rates.pdf</a>.
2. The hourly burden for funds will vary significantly depending on whether they hold equity securities, do not
hold equity securities, or are funds of funds. For purposes of the PRA, we assume an average burden for all
funds that are required to file Form N-PX.
3. Represents the blended estimated hourly wage rates of a computer programmer and an attorney. In the case of
the final estimates, the blended hourly rate is based on 5 hours for a computer programmer at $416 per hour
and 7.5 hours for an attorney at $744 per hour.
4. These estimates are conducted for each fund portfolio, not for each filing, and are an average estimate
across all Form N-PX reporting persons. In certain cases, a single Form N-PX filing will report the proxy
voting records of multiple fund portfolios. In those circumstances, the reporting person will bear the burden
associated with each fund portfolio it reported. This average estimate takes into account higher costs for
funds filing reports for multiple portfolios without assuming any economies of scale that multiple-portfolio
fund complexes may be able to achieve.
5. Represents the blended estimated hourly wage rates of a programmer and an attorney. In the case of the final
estimates, the blended hourly rate is based on 3 hours for a computer programmer at $416 per hour and 4.5
hours for an attorney at $744 per hour.
6. Costs are estimated on a per-portfolio (not per-fund complex) basis, and larger fund complexes may be able to
achieve greater economies of scale. The same may also be true of managers.
Compliance with Form N-PX is mandatory. Responses to the collection
of information requirements will not be kept confidential.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules and forms.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#124273627760657d60794077766771667b7d7c537166526177713c757d64"><span class="__cf_email__" data-cfemail="0e5e6f7e6b7c79617c655c6b6a7b6d7a6761604f6d7a4e7d6b6d20696178">[email protected]</span></a> by June 22, 2026. There will be a second
opportunity to comment on
[[Page 21360]]
this SEC request following the Federal Register publishing a 30-Day
Submission Notice.
Dated: April 17, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-07723 Filed 4-20-26; 8:45 am]
BILLING CODE 8011-01-P
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