Crowdfunding Rules 400-404 (Funding Portals)

Forms and Documents

Document Name	Status
Form Form Funding Porta Form Funding Portal: Application for Funding Portal Registration Form and Instruction	New
PRA - Crowdfunding Rules 400-404 (Funding Portals) - Proposed Rule Final 4-29-15.docx Supporting Statement A	2015-05-12

IC Document Collections

IC ID	Document Title	Status
216561	Regulation S-ID	New
216560	Regulation S-AM	New
216559	Regulation S-P	New
216558	Rule 403: Compliance Policies and Procedures	New
216557	Rule 404: Books and Records to Be Made and Maintained by Funding Portals	New
216556	Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident	New
216555	Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal	New
216554	Form Funding Portal/A: Amendment to Registration	New
216553	Registered National Securities Association Membership	New
216552	Form Funding Portal: Application for Funding Portal Registration Form and Instruction	New

ICR Details

OMB Control No: 3235-0727	ICR Reference No: 201505-3235-009
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: SEC	Agency Tracking No: TM-270-774
Title: Crowdfunding Rules 400-404 (Funding Portals)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 09/16/2015
	Date Received in OIRA: 05/20/2015
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation Crowdfunding prescribes rules governing the sale and offer of securities under new Section 4(a)(6) of the Securities Act of 1933, and provides a framework for the regulation of registered funding portals and brokers that issuers are requires to use as intermediaries in the offer and sale of securities in reliance on Section 4(a)(6).

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Authorizing Statute(s): US Code: 15 USC 77a et seq. Name of Law: Securities Act of 1933
   US Code: 15 USC 78a et seq. Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: PL: Pub.L. 112 - 106 301-305 Name of Law: Jumpstart Our Business Startups Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL37	Proposed rulemaking	78 FR 66428	11/05/2013

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 10

IC Title	Form No.	Form Name
Rule 404: Books and Records to Be Made and Maintained by Funding Portals
Form Funding Portal: Application for Funding Portal Registration	Form Funding Portal	Form Funding Portal
Registered National Securities Association Membership
Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal
Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident
Rule 403: Compliance Policies and Procedures
Regulation S-P
Regulation S-AM
Regulation S-ID
Form Funding Portal/A: Amendment to Registration

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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: New Rules 400-404 (Funding Portals) would result in 44,856 burden hours internally and a cost burden of $3,650,795 for services of outside professionals.

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Annual Cost to Federal Government:

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: 05/20/2015

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