Regulation BI- Best Interest

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
3235-0762.pdf	Supplementary Document	Uploaded 2023-04-22	Repair queued
3235-0762.pdf	Supplementary Document	Uploaded 2023-04-22	Repair queued
TM Emergency Request Memo FINAL 3235-0762 - Reg BI (DF) SIGNED dlb.pdf	Supplementary Document	Uploaded 2022-11-15	Repair queued
84 FR 33318.pdf	Supporting Statement B	Uploaded 2019-10-31	Repair queued
2022 Regulation Best Interest Sup Stmt.pdf	Supporting Statement A	Uploaded 2022-12-22	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
238361	IC18 - Compliance Obligation Written Policies and Procedures (Large BDs)		Unchanged
238360	IC17 -- Compliance Obligation Written Policies and Procedures (Small BDs)		Unchanged
231772	IC19 - Training-- Implement Training (All BDs)		Unchanged
231770	IC16 - Identification of Conflicts of Interests (All Broker-Dealers)		Unchanged
231769	IC15 - Written Policies and Procedures (Large Broker-Dealers)		Unchanged
231767	IC14 - Written Policies and Procedures (Small Broker-Dealers)		Unchanged
231766	IC13 - All BDs (Delivery of the Updated Conflict Disclosure)-- Ongoing		Unchanged
231765	IC12 - All BDs (Delivery of the Conflict Disclosure)-- Initial One-Time Burden		Unchanged
231764	IC11 - Large BDs (Disclosure of Conflicts of Interest)		Unchanged
231763	IC10 - Small BDs (Disclosure of Conflicts of Interest)		Unchanged
231762	IC9 - All BDs (Delivery of the Fee Schedule)-- Ongoing		Unchanged
231761	IC8 - All BDs (Delivery of the Fee Schedule)-- Initial One-Time Burden		Unchanged
231760	IC7 - Large BDs (Disclosure of Fees and Costs)		Unchanged
231759	IC6 - Small BDs (Disclosure of Fees and Costs)		Unchanged
231758	IC5 - All BDs (Delivery of the Account Discl. Document)-- Ongoing		Unchanged
231716	IC4 - All BDs (Delivery of the Account Discl. Document)-- Initial One-Time		Unchanged
231713	IC3 - Large BDs (Disclosure of Type & Scope of Services)		Unchanged
231712	IC2 - Small BDs (Disclosure of Type & Scope of Services)		Unchanged
231698	IC1 - Dually-registered BDs (Disclosure of Capacity)		Unchanged

ICR Details

OMB Control No: 3235-0762	ICR Reference No: 202212-3235-029
Status: Historical Active	Previous ICR Reference No: 202206-3235-017
Agency/Subagency: SEC	Agency Tracking No: TM-270-808
Title: Regulation BI- Best Interest
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: 06/22/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/22/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2026	36 Months From Approved	06/30/2023
Responses	61,019,748	0	61,019,748
Time Burden (Hours)	2,568,434	0	2,568,434
Cost Burden (Dollars)	12,085,860	0	12,085,860

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Abstract: Regulation BI established 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 9929	02/15/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 24644	04/21/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 19

table that charts list of burden

IC Title	Form No.	Form Name
IC1 - Dually-registered BDs (Disclosure of Capacity)
IC10 - Small BDs (Disclosure of Conflicts of Interest)
IC11 - Large BDs (Disclosure of Conflicts of Interest)
IC12 - All BDs (Delivery of the Conflict Disclosure)-- Initial One-Time Burden
IC13 - All BDs (Delivery of the Updated Conflict Disclosure)-- Ongoing
IC14 - Written Policies and Procedures (Small Broker-Dealers)
IC15 - Written Policies and Procedures (Large Broker-Dealers)
IC16 - Identification of Conflicts of Interests (All Broker-Dealers)
IC17 -- Compliance Obligation Written Policies and Procedures (Small BDs)
IC18 - Compliance Obligation Written Policies and Procedures (Large BDs)
IC19 - Training-- Implement Training (All BDs)
IC2 - Small BDs (Disclosure of Type & Scope of Services)
IC3 - Large BDs (Disclosure of Type & Scope of Services)
IC4 - All BDs (Delivery of the Account Discl. Document)-- Initial One-Time
IC5 - All BDs (Delivery of the Account Discl. Document)-- Ongoing
IC6 - Small BDs (Disclosure of Fees and Costs)
IC7 - Large BDs (Disclosure of Fees and Costs)
IC8 - All BDs (Delivery of the Fee Schedule)-- Initial One-Time Burden
IC9 - All BDs (Delivery of the Fee Schedule)-- Ongoing

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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	61,019,748	61,019,748	0	0	0	0
Annual Time Burden (Hours)	2,568,434	2,568,434	0	0	0	0
Annual Cost Burden (Dollars)	12,085,860	12,085,860	0	0	0	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:

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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? No

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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: 04/22/2023

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