Regulation AC

Forms and Documents

Document Name	Status
Final SIFMA SEC Reg AC Paperwork Reduction Act filing response- SEC File no. 270-517 OMB Control No 3235-0575.pdf Supplementary Document	2019-02-14
Final SIFMA SEC Reg AC Paperwork Reduction Act filing response- SEC File no. 270-517 OMB Control No 3235-0575.pdf Supporting Statement B	2019-02-14
Reg AC Supporting Statement FY 2018 (3) REVISED comment annotated.pdf Supporting Statement A	2018-10-19

IC Document Collections

IC ID	Document Title	Status
35425	Regulation AC	Modified

ICR Details

OMB Control No: 3235-0575	ICR Reference No: 201804-3235-019
Status: Active	Previous ICR Reference No: 201410-3235-016
Agency/Subagency: SEC	Agency Tracking No: TM-270-517
Title: Regulation AC
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 with change	Conclusion Date: 02/14/2019
	Date Received in OIRA: 10/09/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2022	36 Months From Approved	02/28/2019
Responses	1,351,364	0	1,257,211
Time Burden (Hours)	38,356	0	25,395
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation AC requires that any research report disseminated by a broker or dealer include certifications that the research report accurately reflects the analyst's personal views, and whether the analyst received compensation or other payments in connection with his or her specific recommendations or views. Broker-dealers would also be required to obtain analyst certifications and disclosures in connection with public appearances.

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Authorizing Statute(s): US Code: 15 USC 78c, 78o, 78q, and 78w Name of Law: Sections 3, 15, 17, and 23 of the Securities Exchange Act of 1934
   US Code: 15 USC 77q and 77s Name of Law: and Sections 17 and 19 of the Securities Act of 1933
  

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:
	83 FR 20892	05/08/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 34277	07/19/2018
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Regulation AC

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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	1,351,364	1,257,211	0	0	94,153	0
Annual Time Burden (Hours)	38,356	25,395	0	0	12,961	0
Annual Cost Burden (Dollars)	0	0	0	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: The increase in hour burden from 25, 395 hours to 38,357 hours reflects an increase in the Commission’s estimate of the number of investment advisors that are associated with broker-dealers; The Commission also made an upward adjustment in the number of potential respondents and an upward adjustment in the number of public appearances per analyst, which resulted in an increase in the total annual number of responses.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 10/09/2018

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