Crowdfunding Rules 300-304 (Intermediaries)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2018 Rules 300-304 Supporitng Statement.pdf	Supporting Statement A	Uploaded 2019-02-07	Available
30 day notice for crowdfunding 300-304.pdf	Supplementary Document	Uploaded 2019-02-07	Available
60 day notice for crowdfunding 300-304.pdf	Supplementary Document	Uploaded 2019-02-07	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
234001	Maintenance and Transmission of Funds - Initial Burden		New
234000	Account Opening - Promoters		New
233999	Account Opening - Educational Materials - Ongoing Burden - developed by third party		New
233998	Account Opening - Educational Materials - Ongoing Burden - developed in-house		New
233997	Account Opening - Educational Materials - Initial Burden - developed by third party		New
233996	Account Opening - Accounts and Electronic Delivery - Ongoing Burden		New
233994	Measures to Reduce the Risk of Fraud - Ongoing Burden		New
233993	Updating the Intermediary Platform - Third party developer		New
233991	Updating the Intermediary Platform - In-house		New
216574	Maintenance and Transmission of Funds - Initial Burden		Modified
216571	Account Opening - Promoters		Modified
216570	Account Opening - Educational Materials - Initial Burden - developed in-house		Modified
216569	Account Opening - Accounts and Electronic Delivery - Initial Burden		Modified
216567	Measures to Reduce the Risk of Fraud - Initial Burden		Modified
216566	Development of the Intermediary Platform - Third Party Developer		Modified
216565	Development of the Intermediary Platform - In-house		Modified

ICR Details

OMB Control No: 3235-0726	ICR Reference No: 201811-3235-006
Status: Historical Active	Previous ICR Reference No: 201511-3235-008
Agency/Subagency: SEC	Agency Tracking No: TM-270-774
Title: Crowdfunding Rules 300-304 (Intermediaries)
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 without change	Conclusion Date: 05/07/2019
Retrieve Notice of Action (NOA)	Date Received in OIRA: 02/07/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2022	36 Months From Approved	05/31/2019
Responses	468	0	1,635
Time Burden (Hours)	15,621	0	122,841
Cost Burden (Dollars)	5,772,304	0	40,244,999

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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 78a et seq. Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 77a et seq. Name of Law: Securities Act of 1933
  

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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 27093	12/14/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 2618	02/07/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 16

table that charts list of burden

IC Title	Form No.	Form Name
Account Opening - Accounts and Electronic Delivery - Initial Burden
Account Opening - Accounts and Electronic Delivery - Ongoing Burden
Account Opening - Educational Materials - Initial Burden - developed by third party
Account Opening - Educational Materials - Initial Burden - developed in-house
Account Opening - Educational Materials - Ongoing Burden - developed by third party
Account Opening - Educational Materials - Ongoing Burden - developed in-house
Account Opening - Promoters
Account Opening - Promoters
Development of the Intermediary Platform - In-house
Development of the Intermediary Platform - Third Party Developer
Maintenance and Transmission of Funds - Initial Burden
Maintenance and Transmission of Funds - Initial Burden
Measures to Reduce the Risk of Fraud - Initial Burden
Measures to Reduce the Risk of Fraud - Ongoing Burden
Updating the Intermediary Platform - In-house
Updating the Intermediary Platform - Third party developer

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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	468	1,635	0	0	-1,167	0
Annual Time Burden (Hours)	15,621	122,841	0	0	-107,220	0
Annual Cost Burden (Dollars)	5,772,304	40,244,999	0	0	-34,472,695	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 burden declined because (1) in the adopting release, the Commission overestimated the number of entities that would become crowdfunding intermediaries, and (2) the 52 existing intermediaries have already incurred the initial burdens of developing their platforms, opening accounts, etc.

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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: 02/07/2019

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