Rule 101, 17 CFR 242.101 (Activities by Distribution Participants)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
3235-0464_30-Day Submission Notice.pdf.pdf	Supplementary Document	Uploaded 2026-09-24	Available
3235-0464_60-Day Collection Notice.pdf	Supplementary Document	Uploaded 2026-07-20	Available
3235-0464 Supporting Statement (2026 Extension).pdf	Supporting Statement A	Uploaded 2026-07-10	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
261841	Gathering data and performing analysis to calculate the probability of default (Rule 101)-- Ongoing		Modified
261840	Gathering data and performing analysis to calculate the probability of default (Rule 101)-- Initial		Modified
261839	Firm Commitment Underwritten Offerings de minimis policy drafting		Modified
261838	Audit of WSPs for Info Barriers with Affiliates		Unchanged
261837	Self-Underwritten Offering ADTV Calculation		Unchanged
261832	Restricted Period ADTV Calculation		Modified

ICR Details

OMB Control No: 3235-0464	ICR Reference No: 202607-3235-006
Status: Received in OIRA	Previous ICR Reference No: 202308-3235-023
Agency/Subagency: SEC	Agency Tracking No: TM
Title: Rule 101, 17 CFR 242.101 (Activities by Distribution Participants)
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: 09/24/2026

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2026
Responses	48,282	36,001
Time Burden (Hours)	54,429	61,900
Cost Burden (Dollars)	0	0

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Abstract: Rule 101 of Regulation M requires persons participating in a distribution of securities to calculate the average daily trading volume (ADTV) value for the security to determine the applicable restricted period and the availability of certain exceptions. Rule 101 also requires persons participating in a distribution of securities as the lead manager to estimate and document the probability of default for certain securities.

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Authorizing Statute(s): US Code: 15 USC 78q(h), 78w(a), 78dd-1, 78mm Name of Law: Securities Exchange Act of 1934, Sections 17(h), 23(a), 30A and 36
   US Code: 15 USC 78k-1(c), 78I,78m,78n,78o(b), Name of Law: Securities Exchange Act of 1934, Sections 11A(c), 12, 13, 14, 15(b),
   US Code: 15 USC 78o(c),78o(h),78q(a),78q(b) Name of Law: Securities Exchange Act of 1934, Sections 15(c), 15(h), 17(a), 17(b)
   US Code: 15 USC 80a-23, 80a-29, and 80a-37 Name of Law: Investment Company Act of 1940, Sections 23, 29 and 37
   PL: Pub.L. 111 - 203 939 and 939A Name of Law: The Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 77g,77q(a),77s(a) Name of Law: Securities Act of 1933, Sections 7, 17(a), and 19(a)
   US Code: 15 USC 78b,78c,78g(c)(2),78i(a),78j Name of Law: Securities Exchange Act of 1934, Sections 2,3,7(c)(2), 9(a), 10
  

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 45293	07/20/2026
30-day Notice:	Federal Register Citation:	Citation Date:
	91 FR 60661	09/24/2026
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

table that charts list of burden

IC Title	Form No.	Form Name
Audit of WSPs for Info Barriers with Affiliates
Firm Commitment Underwritten Offerings de minimis policy drafting
Gathering data and performing analysis to calculate the probability of default (Rule 101)-- Initial
Gathering data and performing analysis to calculate the probability of default (Rule 101)-- Ongoing
Restricted Period ADTV Calculation
Self-Underwritten Offering ADTV Calculation

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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	48,282	36,001	0	12,281	0	0
Annual Time Burden (Hours)	54,429	61,900	0	-7,471	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: There is a net decrease in the estimated burden due to changes in the estimated number of respondents as well as a decrease in the burden per response for an information collection requirement. These changes are discussed in more detail in the attached Supporting Statement.

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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: 09/24/2026

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