SEC seeks comments on extending Rule 425 information collection

The Securities and Exchange Commission announced, under the Paperwork Reduction Act of 1995, that it will submit the existing Rule 425 information collection to the Office of Management and Budget for extension and approval. The notice invites public comment on the proposed collection.

Rule 425 (17 CFR 230.425) requires the filing of certain prospectuses and communications under Rule 135 (17 CFR 230.135) and Rule 165 (17 CFR 230.165) in connection with business combination transactions. The rule permits more oral and written communications with shareholders about tender offers, mergers and other business combination transactions, provided the written communications are filed on the date of first use.

The Commission estimates approximately 547 respondents will file about 7.46 times per year, yielding a total of 4,083 responses annually. Each response is estimated to require 0.25 burden hours and $0 cost, for a total annual reporting burden of 1,021 hours and $0 cost.

Written comments are requested on the necessity, burden accuracy, quality, utility, and ways to minimize the burden of the collection, including the use of automated techniques. Comments must be submitted to Austin Gerig, Director/Chief Data Officer, via email to [email protected] by November 9, 2026.

The collection bears OMB Control No. 3235-0521; an agency may not conduct or sponsor a collection without a currently valid OMB control number.