OMB understands that SEC is in the process of revising its methodologies to estimate annualized costs to the Federal government for all its relevant collections of information. OMB anticipates that future extensions of this OMB control number will reflect the revised methodologies. Supporting statement updated during OMB review.
Inventory as of this Action
Requested
Previously Approved
12/31/2028
36 Months From Approved
12/31/2025
464
0
55
74,163
0
8,791
7,852,550
0
618,420
The Securities Act of 1933, as amended (the âSecurities Actâ), generally requires that a registration statement be filed with the Securities and Exchange Commission (the âCommissionâ) disclosing prescribed information before securities may be offered for sale to the public. While the Securities Act already authorizes the Commission to exempt certain securities and transactions from registration, Section 401 of the Jumpstart Our Business Startups Act added Section 3(b)(2) to the Securities Act, creating a new exemption from registration. The Commission has adopted various rules (collectively, âRegulation Aâ) establishing a limited offering exemption from the registration requirements of the Securities Act. Regulation A provides an exemption for offerings that satisfy certain conditions, such as filing an offering statement with the Commission, limiting the dollar amount of the offering and, in certain instances, filing ongoing reports with the Commission. Form 1-SA is filed with the Commission under Regulation A.
The purpose of Forms 1-SA is to better inform the public about companies that have conducted Tier 2 offerings under Regulation A. Form 1-SA provides semiannual, interim financial statements and information about the issuerâs liquidity, capital resources and operations after the issuerâs second fiscal quarter. The Commission will use very little of the collected information itself, except on an occasional basis in the enforcement of federal securities laws.
The increase of 65,372 burden hours and the increase in cost burden of $7,234,130 displayed in the above table are due to two adjustments: the first is an increase of 409 in the number of annual responses, calculated by the difference between 464, the average number of respondents annually filing Forms 1-SA over the last three-year period ended December 31, 2024, and 55, the average number of respondents annually filing the Forms 1-SA over the previously reported three year period; and the second is the Commissionâs change in the estimated cost burden per hour for outside professionals from $398 per hour to $600 per hour. Accordingly, based on our estimates, we calculate the burden hours adjustment increase to be 65,372, calculated, as follows: 85% x 188.04 hours per response x 409 responses. We also calculate the cost burden adjustment increase to be $7,234,130, calculated based on the difference between the estimated annual cost burden of $7,852,550, as reported in the table under Question 13 above, assuming 464 responses per year, and the annual cost burden of $618,420, as reported in our supporting statement for the previous reporting period, assuming 55 responses per year.
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.
Form SEC 2914 Form 1-SA
20250903_3235-0721_2025-16894_90 FR 42631_30-Day Submission Notice.pdf.pdf
Form 1-SA