Online TCR and Form TCR Supporting Statement (2025 extension) 3.6.25

SUPPORTING STATEMENT
FOR THE PAPERWORK REDUCTION ACT SUBMISSION FOR
THE COLLECTION OF INFORMATION
ELECTRONIC DATA COLLECTION SYSTEM AND FORM TCR
A. JUSTIFICATION
1. NECESSITY OF INFORMATION COLLECTION
Electronic Data Collection System
The Securities and Exchange Commission (“Commission”) uses an Electronic Data
Collection System (the “Database”) for the receipt, collection and analysis of tips, complaints and
referrals (“tips”). An individual wishing to provide the Commission with information regarding
an alleged violation of the federal securities laws may elect to submit information through the
Database. The public interface to the Database is available using the agency’s Tips, Complaints
and Referrals Portal.
Form TCR
In Release No. 34-64545,1 the Commission adopted rules (“Rules”) and forms to
implement Section 21F of the Securities Exchange Act of 1934 entitled “Securities Whistleblower
Incentives and Protection,” which was created by Section 922 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (“Dodd-Frank Act”).2 The Rules describe the whistleblower
program that the Commission has established pursuant to the Dodd-Frank Act, which enables the
Commission to pay an award, subject to certain limitations and conditions, to whistleblowers who
voluntarily provide the Commission with original information about a violation of the federal
securities laws that leads to the successful enforcement of a covered judicial or administrative
action, or of a related action. In order for the whistleblower program to effectively operate, the
Rules contain “collection of information” requirements within the meaning of the Paperwork
Reduction Act of 1995 and implement Form TCR to collect this information. A submitter’s
decision to seek whistleblower status and file a claim for a whistleblower award under the Rules
using Form TCR is entirely voluntary.
2. INFORMATION COLLECTION PURPOSE AND USE
Electronic Data Collection System
Implementation of the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934, Release
No. 34-64545; File No. S7-33-10 (adopted May 25, 2011).
2
Pub. L. No. 111-203, § 922(a), 124 Stat 1841 (2010).
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The information in the Database provides the ability for the SEC to review and respond
promptly and appropriately to information provided by the general public. In particular, the
Database: (i) provides a simple, easy-to-use and convenient medium for individuals to provide tips
to the Commission; (ii) increases the likelihood that individuals will provide essential, relevant
information regarding their tips; (iii) allows the Commission to collect relevant information
regarding tips more effectively and efficiently (compared to information provided in hard-copy);
and (iv) allows the Commission to evaluate and analyze information regarding tips more
effectively and efficiently.
The information collected primarily is used 1) to determine individuals and entities to
investigate or examine for potential securities laws violations; 2) for analysis to identify trends in
tips and complaints to highlight areas of risk; and 3) to identify patterns in behavior of securities
laws violators to discover other potential violators. The Database is also used throughout the
Commission as a source of information for other Commission functions including informing
policy, helping on registration requests, and evaluation of required filings among others.
Form TCR
Form TCR may be used by anyone wishing to provide information to the Commission
and its staff regarding potential violations of the securities laws. Form TCR is one of the permitted
methods of submitting information for those who desire to be considered a whistleblower under
the Rules. As with the Database, the information collected primarily is used 1) to determine
individuals and entities to investigate or examine for potential securities laws violations; 2) for
analysis to identify trends in tips and complaints to highlight areas of risk; and 3) to identify
patterns in behavior of securities laws violators to discover other potential violators.
3. CONSIDERATION GIVEN TO INFORMATION TECHNOLOGY
Electronic Data Collection System
The Database is an e-filed dynamic report based on current technology. Based on initial
information provided by an individual submitting a tip (e.g., the nature of alleged violation or the
characteristics of the persons or entities involved in the alleged violations), the Database prepopulates certain data fields and determines the appropriate additional questions to elicit relevant
information regarding the tip. Pre-populating the answers to the questions reduces burden and
alleviates the need to enter a response to every question. The information collection is voluntary.
Form TCR
Form TCR is submitted to the Commission in paper format.
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4. DUPLICATION
There are no other collection instruments available to collect the information necessary
to meet the purposes described in item 2 above.
5. REDUCING THE BURDEN ON SMALL BUSINESS
The burden of compliance with the information collection requirements does not
impact small businesses or other small entities.
6. CONSEQUENCES OF LESS FREQUENT COLLECTION
Electronic Data Collection System
Without this database, the SEC will not have timely information to review and respond
promptly to information provided by the general public. The information specified in the
complaint database is needed in order for the agency to determine whether the tips and related
allegations (i) are credible; (ii) indicate a potential violation of the federal securities laws, and (iii)
should be investigated further as well as for additional analyses consistent with the agency’s
overall mission and responsibilities.
Form TCR
The objectives of the Whistleblower Program under the Exchange Act could not be met
with less frequent collection of this information.
7. SPECIAL CIRCUMSTANCES/INCONSISTENCIES WITH GUIDELINES IN
5 CFR 1320.5(d)(2)
Electronic Data Collection System
There are no special circumstances. This collection is consistent with the guidelines
in 5 CFR 1320.8(d).
Form TCR
In certain Commission cases and related actions a whistleblower’s Form TCR will need
to be retained for more than three years. Rule 21F-9(c) requires a special process when a
whistleblower provides information to the Commission anonymously and is seeking an award. In
that situation, the Form TCR must be submitted to the Commission by an attorney for the
whistleblower, the whistleblower must provide the attorney with a completed Form TCR signed
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under penalty of perjury, and the attorney must certify that he or she consents to be legally
obligated to provide the whistleblower’s original signed Form TCR if the Commission requests it.
Rule 21F-10(c) requires that an anonymous whistleblower disclose his identity on Form WB-APP,
which can only be submitted after the Commission has published a “Notice of Covered Action”
signifying the entry of a final judgment or order in a covered action. In some cases, it will be
longer than three years after the filing of the Form TCR before there is a final judgment or order
that leads to the filing of the Form WB-APP and the resolution of the whistleblower’s claim for an
award. Accordingly, if these cases involve a Form TCR filed by an anonymous whistleblower,
the attorney for the anonymous whistleblower will be required to retain the original Form TCR,
signed by his client, for more than three years.
For the circumstance described above, the retention of the Form TCR for more than
three years is necessary to satisfy the requirements of Section 922 of Dodd-Frank and the
Commission’s programmatic needs, including to allow whistleblowers to submit information
anonymously but still be able to verify the whistleblower’s identity prior to the payment of any
award, as well as to allow the adjudication process to run its course for each whistleblower
applicant.
8. CONSULTATIONS OUTSIDE THE AGENCY
Federal Register Notices have been published as required. The Commission did not
receive any public comments.
9. PAYMENT OR GIFT TO RESPONDENTS
Not applicable.
10. CONFIDENTIALITY
Electronic Data Collection System and Form TCR
The extent of confidentiality of information submitted to the Database by individuals
may depend upon whether the individual elects to participate in the Commission’s Whistleblower
Program, established pursuant to provisions of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Pub. L. No. 11-203, H.R. 4173).
Individuals not participating in the Whistleblower Program who submit information to
the Commission may request that their identities be held in confidence. Absent compelling cause,
the Commission ordinarily does not disclose the identities of these persons. The Freedom of
Information Act (5 U.S.C. 552(b)(7)(D)), and the Privacy Act of l974 (5 U.S.C. 552a(k)(5)) permit
agencies to withhold the identity of a confidential source. However, there may be circumstances

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in which disclosure will nonetheless be legally required or will be essential for the protection of
the public interest. For example, in litigation a court may order disclosure, or the Commission
may have to present a bounty claimant as a witness in order to assure the success of an enforcement
action. Thus, while the Commission and its staff will give serious consideration to requests for
confidentiality of identity, no guarantees of confidentiality are possible.
Section 21F(h)(2) also allows the Commission to share information received from
whistleblowers with certain domestic and foreign regulatory and law enforcement agencies.
However, the statute requires the domestic entities to maintain such information as confidential,
and requires foreign entities to maintain such information in accordance with such assurances of
confidentiality as the Commission deems appropriate.
11. SENSITIVE QUESTIONS
Electronic Data Collection System
The information collection collects basic Personally Identifiable Information (PII) that may
include individual names; dates of birth; social security numbers; addresses; telephone numbers. The
collection of such information provides the Commission the ability to contact the submitter to
discuss and verify the subject matter of the submitter’s complaint. Without such information, the
Commission could not as effectively and efficiently carry out its mission of protecting investors
and maintaining fair, orderly, and efficient markets. No questions will be asked that are of a
personal or sensitive nature.
A Privacy Act Statement is applicable for the information collection and is displayed at the
bottom of the electronic form. The agency has determined that the information collection
constitutes a system of record for purposes of the Privacy Act and is covered under System of
Records Notice (SORN) SEC-29 (“Tips, Complaints and Referrals (TCR) Records”). The
information collection collects elements of PII that are covered by the ServiceNow Enclave.
Form TCR
The information collection includes PII. Form TCR requests the name and contact
information of the submitter, the submitter’s attorney (if applicable), and the individual against
whom the complaint is being made (if applicable). This information is solicited under the authority
of Section 21F of the Securities Exchange Act of 1934, entitled “Securities Whistleblower
Incentives and Protection,” which was created by Section 922 of the Dodd-Frank Act. No
questions will be asked that are of a personal or sensitive nature.
A Privacy Act Statement is attached to and included with Form TCR. The Privacy Act
Statement expressly states that the information requested on the Forms is voluntary. The collection
of PII in Form TCR is also covered by SORN SEC-17 (“Enforcement Files”).
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12. BURDEN OF INFORMATION COLLECTION
The Commission anticipates that the burdens imposed by the Database and Form TCR
will vary greatly depending on the complexity of the alleged violations that are the subject of the
tip and the amount of information possessed by the individual submitting the tip. With that in
mind, the Commission estimates the total burden of the Database and Form TCR is estimated to
be 17,755 hours annually:
•

Electronic Data Collection System: Though the completion time will depend
largely on the complexity of the alleged violation and the amount of information
the complainant possesses in support of the allegations, the Commission estimates
that it takes a complainant, on average, a half hour to submit a TCR through the
Database. Based on the receipt of an average of approximately 35,000 annual TCR
submissions for the past three fiscal years, the Commission estimates that the
annual reporting burden is 17,500 hours.

•

Form TCR: Though the completion time will depend largely on the complexity of
the alleged violation and the amount of information the whistleblower possesses in
support of the allegations, the Commission estimates that it takes a whistleblower,
on average, one and one-half hours to complete Form TCR. Based on the receipt
of an average of approximately 170 annual Form TCR submissions for the past
three fiscal years, the Commission estimates that the annual reporting burden of
Form TCR is 255 hours.

13. COST BURDEN TO RESPONDENTS/RECORDKEEPERS
Electronic Data Collection System
There are no costs associated with this information collection.
Form TCR
Under the Rules, an anonymous whistleblower who is seeking an award is required,
and a whistleblower whose identity is known may elect, to retain counsel to represent the
whistleblower in the Whistleblower Program. The Commission expects that in most of those
instances the whistleblower’s counsel complete, or assist in the completion, of some or all of the
required forms on behalf of the whistleblower. However, the Commission also expects that in the
vast majority of cases in which a whistleblower is represented by counsel, the whistleblower enters
into a contingency fee arrangement with counsel, providing that counsel be paid for the
representation through a fixed percentage of any recovery by the whistleblower under the Program.
Thus, most whistleblowers do not incur any direct, quantifiable expenses for attorneys’ fees for
the completion of the required forms.
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The Commission expects that a very small number of whistleblowers (no more than
5%) enter into hourly fee arrangements with counsel.3 In those cases, a whistleblower incurs direct
expenses for attorneys’ fees for the completion of the required forms. To estimate those expenses,
the Commission makes the following assumptions:
(i)

The Commission will continue to receive on average approximately 170 Form
TCRs annually;4

(ii)

Whistleblowers will pay hourly fees to counsel for the submission of approximately
9 Forms TCR annually;5

(iii)

Counsel retained by whistleblowers pursuant to an hourly fee arrangement will
charge on average $400 per hour;6 and

(iv)

Counsel will bill on average 3 hours to complete a Form TCR.7

Based on those assumptions, the Commission estimates that each year whistleblowers
will incur $10,800 in attorneys’ fees for completion of Form TCR.
14. COST TO FEDERAL GOVERNMENT
Electronic Data Collection System
The estimated cost to the government that includes the system’s operations and
maintenance cost is $2,770,000. This estimate is solely for purposes of the Paperwork Reduction
Act. In addition, the internal staff cost is broken down by assigning professionals for 85%
($145/Hour) of the time and office staff ($76/hour) for the other 15% of the time, with the total
cost $2,356,375.8
This estimate is based, in part, on the Commission’s belief that most whistleblowers likely will not retain counsel on
an hourly basis to assist them in preparing the forms.
4
The bases for these assumed amounts are explained in Section 12 above.
5
These amounts are based on the assumption, as noted above, that no more than 5% of all whistleblowers will be
represented by counsel pursuant to an hourly fee arrangement.
6
The Commission uses this hourly rate for estimating the billing rates of securities lawyers for purposes of other rules
and believes that this billing rate estimate is appropriate, recognizing that some attorneys representing whistleblowers
may not be securities lawyers and may charge different average hourly rates.
7
The Commission expects that counsel will likely charge a whistleblower for additional time required to gather from
the whistleblower or other sources relevant information needed to complete Form TCR. Accordingly, the Commission
estimates that on average counsel will bill a whistleblower 3 hours for the completion of Form TCR even though the
Commission estimates that a whistleblower will be able to complete the entire Form TCR in 1.5 hours.
8
The $145 per hour for SEC professionals and $76 per hour for SEC administrative staff estimates for SEC staff are
based on actual SEC payroll data as of December 2024. For both figures, average annual salary was divided by the
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Form TCR
Apart from estimated office operation costs, the breakdown of this amount reflects an
analysis of internal staff costs towards processing of these Form TCR, with office staff ($76/hour)
accounting for 80% of the processing time and professionals ($145/hour) accounting for the
remaining 20%, for a total of $22,899.9
15. CHANGE IN BURDEN
Electronic Data Collection System
The increase in burden of 3,500 hours is due to the increase in TCR submissions
received during the past three years.
Form TCR
The decrease in burden of 585 hours is due to the decrease in Form TCR submissions
received during the past three years.
16. INFORMATION
PURPOSES

COLLECTIONS

PLANNED

FOR

STATISTICAL

Not applicable. The information collected is not used for tabulation, statistical analysis
or publication.
17. APPROVAL TO OMIT OMB EXPIRATION DATE
Electronic Data Collection System
We request authorization to omit the expiration date on the electronic version of the
database. Including the expiration date will result in increased costs, because the need to make

OMB standard of 2088 hours with an additional 33.58% benefit rate (according to December 2024 estimates of
projected FY25 benefit rate). SK-14 average salary was used to develop the professional rate, and the average of all
SK-7 through SK-12 employees was used to develop the administrative rate.
9
The $145 per hour for SEC professionals and $76 per hour for SEC administrative staff estimates for SEC staff are
based on actual SEC payroll data as of December 2024. For both figures, average annual salary was divided by the
OMB standard of 2088 hours with an additional 33.58% benefit rate (according to December 2024 estimates of
projected FY25 benefit rate). SK-14 average salary was used to develop the professional rate, and the average of all
SK-7 through SK-12 employees was used to develop the administrative rate.

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changes may not follow the application’s scheduled version release dates. The OMB control
number will be displayed.
Form TCR
The Commission is not seeking approval to omit the expiration date.
18. EXCEPTIONS TO CERTIFICATION
Not applicable.

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