Rule 101, 17 CFR 242.101 (Activities by Distribution Participants)

Forms and Documents

Document Name	Status
Rule 101 Supporting Statement 2014 Renewal FINAL.pdf Supporting Statement A	2014-06-05

IC Document Collections

IC ID	Document Title	Status
35158	Rule 101, 17 CFR 242.101 (Activities by Distribution Participants)	Modified

ICR Details

OMB Control No: 3235-0464	ICR Reference No: 201311-3235-001
Status: Historical Active	Previous ICR Reference No: 201102-3235-002
Agency/Subagency: SEC	Agency Tracking No: TM-270-408
Title: Rule 101, 17 CFR 242.101 (Activities by Distribution Participants)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/14/2014
	Date Received in OIRA: 06/05/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2017	36 Months From Approved	07/31/2014
Responses	1,762	0	1,588
Time Burden (Hours)	34,525	0	31,309
Cost Burden (Dollars)	0	0	0

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Abstract: Rule 101 restricts certain activities of distribution participants and their affiliated purchasers during the distribution period. The proposed amendments would require distribution participants and their affiliated purchasers to maintain records of all instances of reliance on the de minimis transactions exception from Rule 101 of Regulation M.

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Authorizing Statute(s): US Code: 15 USC 78q(h), 78w(a), 78dd-1, 78mm Name of Law: Securities Exchange Act of 1934, Sections 17(h), 23(a), 30A and 36
   US Code: 15 USC 77g,77q(a),77s(a) Name of Law: Securities Act of 1933, Sections 7, 17(a), and 19(a)
   US Code: 15 USC 78b,78c,78g(c)(2),78i(a),78j Name of Law: Securities Exchange Act of 1934, Sections 2,3,7(c)(2), 9(a), 10
   US Code: 15 USC 78k-1(c), 78I,78m,78n,78o(b), Name of Law: Securities Exchange Act of 1934, Sections 11A(c), 12, 13, 14, 15(b),
   US Code: 15 USC 78o(c),78o(h),78q(a),78q(b) Name of Law: Securities Exchange Act of 1934, Sections 15(c), 15(h), 17(a), 17(b)
   US Code: 15 USC 80a-23, 80a-29, and 80a-37 Name of Law: Investment Company Act of 1940, Sections 23, 29 and 37
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 68870	11/15/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 3427	01/21/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 101, 17 CFR 242.101 (Activities by Distribution Participants)

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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	1,762	1,588	0	174	0	0
Annual Time Burden (Hours)	34,525	31,309	0	3,216	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The increase in annual burden hours from 31,309 to 34,525 is due to an increase in the number of firm commitment offerings from 745 to 795 and an increase in the number of respondents drafting the written policy required for the de minimis exception to Rule 101 from 739 to 817. In addition, the previous 31,309 estimate was understated by 50 hours because it inadvertently omitted 50 hours attributable to 50 self-underwritten offerings.

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Annual Cost to Federal Government: $0

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]? No

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: 06/05/2014

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