Rule 15l-1 (Regulation BI- Best Interest)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
3235-0762_30-Day Submission Notice.pdf.pdf	Supplementary Document	Uploaded 2026-05-11	Available
20260306_3235-0762_2026-04434_91 FR 11109_60-Day Collection Notice.pdf	Supplementary Document	Uploaded 2026-03-06	Available
2026 Rule 15l-1 (Regulation Best Interest) Supporting Statement.pdf	Supporting Statement A	Uploaded 2026-03-03	Available

IC Document Collections

Information collection document groups

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

ICR Details

OMB Control No: 3235-0762	ICR Reference No: 202603-3235-001
Status: Received in OIRA	Previous ICR Reference No: 202212-3235-029
Agency/Subagency: SEC	Agency Tracking No: TM
Title: Rule 15l-1 (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	Date Submitted to OIRA: 05/11/2026

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2026
Responses	209,658,782	61,019,748
Time Burden (Hours)	4,939,905	2,568,434
Cost Burden (Dollars)	2,036,820	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. 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).

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Authorizing Statute(s): 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
  

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:
	91 FR 11109	04/06/2026
30-day Notice:	Federal Register Citation:	Citation Date:
	91 FR 25645	05/11/2026
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 Disclosure 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 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	209,658,782	61,019,748	0	0	148,639,034	0
Annual Time Burden (Hours)	4,939,905	2,568,434	0	0	2,371,471	0
Annual Cost Burden (Dollars)	2,036,820	12,085,860	0	0	-10,049,040	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: 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).

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Annual Cost to Federal Government: $0

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: 05/11/2026

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