Crowdfunding Rules 400-404 (Funding Portals)

Forms and Documents

Document	Type	Status	Availability
Form Form Funding Porta Form Funding Portal: Application for Funding Portal Registration	Form and Instruction	Modified	Available
30 day notice for Rules 400-404.pdf	Supplementary Document	Uploaded 2019-02-05	Available
60 day notice for 400-404.pdf	Supplementary Document	Uploaded 2019-02-05	Repair queued
Supporting Statement - Crowdfunding Rules 400-404 (Funding Portals) - 2018.pdf	Supporting Statement A	Uploaded 2019-02-05	Available
EDGAR PIA 2016.pdf	Supplementary Document	Uploaded 2019-02-05	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
234060	Regulation S-ID - Ongoing Burden		New
234059	Regulation S-AM - Ongoing Burden		New
234058	Rule 403: Compliance Policies and Procedures - Ongoing Burden		New
234057	Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Ongoing Burden		New
216561	Regulation S-ID - Initial Burden		Modified
216560	Regulation S-AM - Initial Burden		Modified
216559	Regulation S-P		Modified
216558	Rule 403: Compliance Policies and Procedures - Initial Burden		Modified
216557	Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Initial Burden		Modified
216556	Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident		Modified
216555	Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal		Modified
216554	Form Funding Portal/A: Amendment to Registration		Modified
216552	Form Funding Portal: Application for Funding Portal Registration	Form and Instruction	Modified

ICR Details

OMB Control No: 3235-0727	ICR Reference No: 201811-3235-007
Status: Active	Previous ICR Reference No: 201511-3235-007
Agency/Subagency: SEC	Agency Tracking No: TM-270-773
Title: Crowdfunding Rules 400-404 (Funding Portals)
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
	Date Received in OIRA: 02/05/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2022	36 Months From Approved	05/31/2019
Responses	661	0	1,311
Time Burden (Hours)	17,555	0	39,339
Cost Burden (Dollars)	308,729	0	585,358

---

Abstract: Regulation Crowdfunding prescribes rules governing the sale and offer of securities under new Section 4(a)(6) of the Securities Act of 1933, and provides a framework for the regulation of registered funding portals and brokers that issuers are requires to use as intermediaries in the offer and sale of securities in reliance on Section 4(a)(6).

---

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

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 59432	11/23/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 1261	02/01/2019
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 13

IC Title	Form No.	Form Name
Rule 403: Compliance Policies and Procedures - Initial Burden
Regulation S-P
Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Initial Burden
Form Funding Portal: Application for Funding Portal Registration	Form Funding Portal	Form Funding Portal
Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal
Regulation S-ID - Ongoing Burden
Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident
Regulation S-AM - Initial Burden
Regulation S-ID - Initial Burden
Form Funding Portal/A: Amendment to Registration
Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Ongoing Burden
Rule 403: Compliance Policies and Procedures - Ongoing Burden
Regulation S-AM - Ongoing Burden

---

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	661	1,311	0	0	-650	0
Annual Time Burden (Hours)	17,555	39,339	0	0	-21,784	0
Annual Cost Burden (Dollars)	308,729	585,358	0	0	-276,629	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 reduction in the respondents’ burdens and costs is due to a reduction in the estimated number of applications and amendments the staff expects funding portals to file on Form Funding Portal. In addition, the current 43 registered funding portals have already incurred their initial start-up burdens and costs.

---

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.     Yes

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

---

Common Form ICR:  No

---

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: 02/05/2019

---