Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement

Forms and Documents

Document Name	Status
Regulation_D_Rule_506(e)_Supp_Statement.July_19_2013[1].pdf Supporting Statement A	2013-08-28

IC Document Collections

IC ID	Document Title	Status
207711	Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure B)	Modified
207710	Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure A)	Modified

ICR Details

OMB Control No: 3235-0704	ICR Reference No: 201308-3235-013
Status: Historical Active	Previous ICR Reference No: 201307-3235-006
Agency/Subagency: SEC	Agency Tracking No: CF 270-654
Title: Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 09/23/2013
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/09/2013
	Date Received in OIRA: 09/05/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2014	6 Months From Approved
Responses	19,908	0	0
Time Burden (Hours)	22,108	0	0
Cost Burden (Dollars)	264,000	0	0

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Abstract: To implement Section 926 of the Dodd-Frank Act, the Commission has adopted new Rule 506(d), which disqualifies certain felons and other bad actors from reliance on Rule 506 of Regulation D under the Securities Act of 1933, and new Rule 506(e), which requires issuers to provide disclosure to purchasers regarding past disqualifying events enumerated in Rule 506(d).

Emergency Justfication: The SEC is requesting emergency processing for the information collection associated with the final rule which was not present at the proposed rule (See citation 76 FR 31518). The disclosure was suggested during the public comment period. The Commission has issued FR notice 78 FR 54690 publihsed 9/5/13 and requests OMB approval.

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Authorizing Statute(s): US Code: 15 USC 77d(a)(2), 77s, 77z-3 Name of Law: Securities Act of 1933
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 926 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK97	Final or interim final rulemaking	78 FR 44730	07/24/2013

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 54690	09/05/2013
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure B)
Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure A)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	19,908	0	19,908	0	0	0
Annual Time Burden (Hours)	22,108	0	22,108	0	0	0
Annual Cost Burden (Dollars)	264,000	0	264,000	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection of information, so there is no change in burden.

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Annual Cost to Federal Government: $100,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/05/2013

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