Regulation AC

ICR 202110-3235-018

OMB: 3235-0575

Federal Form Document

IC Document Collections
ICR Details
3235-0575 202110-3235-018
Received in OIRA 201804-3235-019
SEC TM-270-517
Regulation AC
Extension without change of a currently approved collection   No
Regular 01/11/2022
  Requested Previously Approved
36 Months From Approved 02/28/2022
1,554,112 1,351,364
40,806 38,356
0 0

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.

US Code: 15 USC 77q and 77s Name of Law: and Sections 17 and 19 of the Securities Act of 1933
   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

Not associated with rulemaking

  86 FR 62234 11/09/2021
87 FR 1469 01/11/2022

IC Title Form No. Form Name
Regulation AC

  Total Request 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 1,554,112 1,351,364 0 0 202,748 0
Annual Time Burden (Hours) 40,806 38,356 0 0 2,450 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
The increase in hour burden from 38,356 hours to 40,806 hours reflects an increase in the Commission’s estimate of the number of broker-dealers (from 2,628 to 3,551), a decrease in the estimate of the number of investment analysts (from 5,935 to 5,538), a decrease in the estimate of the number of registered investment advisers associated with a broker-dealer (from 2,459 to 2,368), and an increase in the total annual number of responses from 1,351,364 to 1,554,112.

Jessica Kloss 202 551-6834


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:
    (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;
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.

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