Regulation AC

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Reg AC Supporting Statement FY 2012.pdf	Supporting Statement A	Uploaded 2012-03-05	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
35425	Regulation AC		Modified

ICR Details

OMB Control No: 3235-0575	ICR Reference No: 201112-3235-008
Status: Historical Active	Previous ICR Reference No: 200812-3235-009
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: 05/03/2012
	Date Received in OIRA: 03/05/2012
Terms of Clearance: Burden adjusted to reflect a change in agency estimate.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2015	36 Months From Approved	05/31/2012
Responses	1,292,600	0	1,390,470
Time Burden (Hours)	26,230	0	28,538
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:
	76 FR 82005	12/29/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 12890	03/02/2012
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Regulation AC

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ICR Summary of Burden

table that charts list 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	1,292,600	1,390,470	0	0	-97,870	0
Annual Time Burden (Hours)	26,230	28,538	0	0	-2,308	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The total annual time burden has decreased by 2,308 hours due to a change in the number of investment advisors that are associated with broker-dealers.

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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: 03/05/2012

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