Extension without change of a currently approved collection
No
Regular
05/11/2026
Requested
Previously Approved
36 Months From Approved
06/30/2026
209,658,782
61,019,748
4,939,905
2,568,434
2,036,820
12,085,860
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. Four obligations must be met to satisfy the best interest obligation: (1) requires the broker-dealer or associated person, prior to or at the time of such recommendation, to provide the retail customer, in writing, full and fair disclosure of all material facts relating to the scope and terms of the relationship with the retail customer and all material facts relating to conflicts of interest associated with the recommendation (Disclosure Obligation); (2) requires the broker-dealer or associated person, in making the recommendation, to exercise reasonable diligence, care and skill (Care Obligation); (3) require the broker-dealer to establish, maintain, and enforce written policies and procedures addressing conflicts of interest associated with its recommendations to retail customers (Conflict of Interest Obligations); and (4) require the broker-dealer to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Regulation Best Interest as a whole (Compliance Obligation).
US Code:
15 USC 78(o)
Name of Law: Securities Exchange Act of 1934
PL:
Pub.L. 111 - 203 913(f)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
The Commission has updated its previous burden and costs estimates to reflect: (i) changes in the number of broker-dealers since the last estimate (e.g., the number of small BDs went down from 733 to 409, the number of large BDs went down from 1,950 to 1,774, and the number of dually-registered BDs went down from 546 to 274); (ii) an increase in the number of new retail investor accounts from 532,576 to 547,739; and (iii) changes in costs of certain services since the last estimate (e.g., the cost of legal counsel went down from $518 per hour to $498 per hour based on a change to the occupation performing that service).
$0
No
No
No
No
Yes
No
No
Jane Wetterau 202 551-4483
No
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.
3235-0762_30-Day Submission Notice.pdf.pdf
IC18 - Compliance Obligation Written Policies and Procedures (Large BDs)