Crowdfunding Rules 300-304 (Intermediaries)

Forms and Documents

Document Name	Status
PRA - Crowdfunding Rules 300-304 (Intermediaries) - Final Rule - 11-17-15.docx Supporting Statement A	2015-11-17

IC Document Collections

IC ID	Document Title	Status
216574	Maintenance and Transmission of Funds	Unchanged
216571	Account Opening - Promoters	Unchanged
216570	Account Opening - Educational Materials	Unchanged
216569	Account Opening - Accounts and Electronic Delivery	Unchanged
216567	Measures to Reduce the Risk of Fraud	Modified
216566	Development of the Intermediary Platform - Third Party Disclosure	Unchanged
216565	Development of the Intermediary Platform - Recordkeeping	Unchanged

ICR Details

OMB Control No: 3235-0726	ICR Reference No: 201511-3235-008
Status: Historical Active	Previous ICR Reference No: 201505-3235-010
Agency/Subagency: SEC	Agency Tracking No: TM-270-774
Title: Crowdfunding Rules 300-304 (Intermediaries)
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: Approved without change	Conclusion Date: 02/23/2016
	Date Received in OIRA: 11/17/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2019	36 Months From Approved
Responses	1,635	0	0
Time Burden (Hours)	122,841	0	0
Cost Burden (Dollars)	40,244,999	0	0

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Abstract: Rules 300 to 304 of Regulation Crowdfunding serve to provide a framework for the regulation of funding portals and brokers that issuers are required 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	Final or interim final rulemaking	80 FR 71387	11/16/2015

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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: 7

IC Title	Form No.	Form Name
Development of the Intermediary Platform - Third Party Disclosure
Development of the Intermediary Platform - Recordkeeping
Measures to Reduce the Risk of Fraud
Account Opening - Accounts and Electronic Delivery
Account Opening - Educational Materials
Account Opening - Promoters
Maintenance and Transmission of Funds

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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	1,635	0	1,635	0	0	0
Annual Time Burden (Hours)	122,841	0	122,940	-99	0	0
Annual Cost Burden (Dollars)	40,244,999	0	41,365,000	-1,120,001	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Some of the burdens have changed from the proposed stage to adoption. These changes are the result of additional discussions by Staff and the decision to change the numbers to better reflect the actual burden that will apply to the respondents.

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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: 11/17/2015

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