Extension without change of a currently approved collection
No
Regular
Approved with change
07/28/2025
04/08/2025
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
07/31/2028
36 Months From Approved
07/31/2025
19,274
0
58,000
72,278
0
72,500
14,455,500
0
87,000,000
Regulation FD - Other Disclosure Materials requires public disclosure of material information from issuers of publicly traded securities so that investors have current information upon which to base investment decisions.
The decreases of in 222 burden hours and $72,544,500 cost burden are due to adjustments. These decreases reflect a reduction in the estimated number of annual Regulation FD responses from the previous estimate of 58,000 to the current estimate of 19,274. The assumptions underlying the previous estimate had not been adjusted since the Commission adopted Regulation FD in 2000. Since 2000, there has been a significant decrease in the estimated number of issuers subject to Regulation FD (from 13,000 to 7,196). There also has been an increase in the estimated number of Regulation FD responses made annually on Form 8-K (from 7,000 to 16,706). Because these responses are included in the information collection inventory for Form 8-K, we have excluded them from the number of Regulation FD responses, consistent with our past approach.
The burden hour and cost burden adjustments also reflect a change in our expectation regarding how issuers will complete their responses to Regulation FD. Previously, we had estimated that 25% of the burden would be carried by an issuerâs internal professionals and 75% of the burden would be carried by outside professionals. Because the information collection inventory for Regulation FD only reflects those responses not filed on Form 8-K, we believe it is more appropriate to assume that 75% of the burden is carried by the issuerâs internal professionals and 25% of the burden is carried by outside professionals. As such, we have adjusted the burden hour and cost burden calculations accordingly.
Finally, the decrease in cost burden is offset, in part, by the Commissionâs increase of its estimated cost burden per hour for outside professionals from $400 per hour to $600 per hour.
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.
2025 04 08_90 FR 15179_3235-0536_30-Day Submission Notice.pdf.pdf
Regulation FD - Other Disclosure Materials