Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement

Forms and Documents

Document	Type	Status	Availability
Regulation D Rule 506(e) Supp Statement.July 19 2013.pdf	Supporting Statement A	Uploaded 2013-07-19	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
207711	Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure B)		New
207710	Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure A)		New

ICR Details

OMB Control No: 3235-0704	ICR Reference No: 201307-3235-006
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: SEC	Agency Tracking No: CF 270-654
Title: Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement
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OIRA Conclusion Action: Withdrawn	Conclusion Date: 08/26/2013
	Date Received in OIRA: 07/24/2013
Terms of Clearance: SEC is going to resubmit collection as an emergency collection

	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: To implement Section 926 of the Dodd-Frank Act, the Commission has adopted new Rule 506(d), which disqualifies certain felons and other bad actors from reliance on Rule 506 of Regulation D under the Securities Act of 1933, and new Rule 506(e), which requires issuers to provide disclosure to purchasers regarding past disqualifying events enumerated in Rule 506(d).

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Authorizing Statute(s): US Code: 15 USC 77d(a)(2), 77s, 77z-3 Name of Law: Securities Act of 1933
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 926 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK97	Final or interim final rulemaking	78 FR 44730	07/24/2013

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure B)
Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement (Disclosure A)

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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: The burden relates to new Rule 506 disclosure requirements intended to inform Rule 506 private offering purchasers of any past disqualifying events associated with the issuer and its covered persons. This is a new collection of information, so there is no change in burden.

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Annual Cost to Federal Government: $100,000

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]? Yes

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: 07/24/2013

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