Regulation BI- Best Interest

Forms and Documents

Document Name	Status
84 FR 33318.pdf Supporting Statement B	2019-10-31
Supporting Statement for Regulation Best Interest (OMB No. 3235-0762) Final Rule.pdf Supporting Statement A	2019-10-31

IC Document Collections

IC ID	Document Title	Status
238361	Compliance Obligation Written Policies and Procedures (Large BDs)	New
238360	Compliance Obligation Written Policies and Procedures (Small BDs)	New
231772	Training-- Implement Training (All BDs)	New
231771	Training-- Module Development (All BDs)	New
231770	Identification of Conflicts of Interests (All Broker-Dealers)	New
231769	Written Policies and Procedures (Large Broker-Dealers)	New
231767	Written Policies and Procedures (Small Broker-Dealers)	New
231766	All BDs (Delivery of the Conflict Disclosure)-- Ongoing	New
231765	All BDs (Delivery of the Conflict Disclosure)-- Initial One-Time Burden	New
231764	Large BDs (Disclosure of Conflicts of Interest)	New
231763	Small BDs (Disclosure of Conflicts of Interest)	New
231762	All BDs (Delivery of the Fee Schedule)-- Ongoing	New
231761	All BDs (Delivery of the Fee Schedule)-- Initial One-Time Burden	New
231760	Large BDs (Disclosure of Fees and Costs)	New
231759	Small BDs (Disclosure of Fees and Costs)	New
231758	All BDs (Delivery of the Account Discl. Document)-- Ongoing	New
231716	All BDs (Delivery of the Account Discl. Document)-- Initial One-Time	New
231713	Large BDs (Disclosure of Type & Scope of Services)	New
231712	Small BDs (Disclosure of Type & Scope of Services)	New
231698	Dually-registered BDs (Disclosure of Capacity)	New

ICR Details

OMB Control No: 3235-0762	ICR Reference No: 201906-3235-018
Status: Active	Previous ICR Reference No:
Agency/Subagency: SEC	Agency Tracking No: TM-270-808
Title: Regulation BI- Best Interest
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: Approved with change	Conclusion Date: 10/31/2019
	Date Received in OIRA: 08/09/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2022	36 Months From Approved
Responses	367,220,255	0	0
Time Burden (Hours)	4,926,307	0	0
Cost Burden (Dollars)	57,459,025	0	0

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Abstract: The Commission adopted a new rule under the Securities Exchange Act of 1934 (“Exchange Act”) establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 913(f) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 78(o) Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM35	Final or interim final rulemaking	84 FR 33318	07/12/2019

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 20

IC Title	Form No.	Form Name
Dually-registered BDs (Disclosure of Capacity)
Small BDs (Disclosure of Type & Scope of Services)
Large BDs (Disclosure of Type & Scope of Services)
All BDs (Delivery of the Account Discl. Document)-- Initial One-Time
Small BDs (Disclosure of Fees and Costs)
Large BDs (Disclosure of Fees and Costs)
All BDs (Delivery of the Conflict Disclosure)-- Ongoing
Written Policies and Procedures (Small Broker-Dealers)
All BDs (Delivery of the Account Discl. Document)-- Ongoing
All BDs (Delivery of the Conflict Disclosure)-- Initial One-Time Burden
All BDs (Delivery of the Fee Schedule)-- Initial One-Time Burden
All BDs (Delivery of the Fee Schedule)-- Ongoing
Small BDs (Disclosure of Conflicts of Interest)
Identification of Conflicts of Interests (All Broker-Dealers)
Training-- Implement Training (All BDs)
Large BDs (Disclosure of Conflicts of Interest)
Written Policies and Procedures (Large Broker-Dealers)
Compliance Obligation Written Policies and Procedures (Large BDs)
Training-- Module Development (All BDs)
Compliance Obligation Written Policies and Procedures (Small BDs)

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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	367,220,255	0	0	367,220,255	0	0
Annual Time Burden (Hours)	4,926,307	0	0	4,926,307	0	0
Annual Cost Burden (Dollars)	57,459,025	0	0	57,459,025	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The burden increase is due to various changes in the number of respondents and the burden hour and cost estimates. These are described in Item 15 of the Supporting Statement.

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Annual Cost to Federal Government:

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]? 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: 08/09/2019

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