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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0286
ICR Reference No:
202104-3235-012
Status:
Historical Active
Previous ICR Reference No:
201908-3235-017
Agency/Subagency:
SEC
Agency Tracking No:
CF 270-110
Title:
Regulation A (Form 1-A): Small Issuer exemption from registration under the Securities Act and its attendant form.
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/18/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/15/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2024
36 Months From Approved
10/31/2022
Responses
204
0
179
Time Burden (Hours)
111,832
0
98,396
Cost Burden (Dollars)
15,003,502
0
13,111,912
Abstract:
Regulation A provides an exemption from registration under the Securities Act of 1933 for certain limited securities offerings by issuers who do not otherwise file reports with the Commission. Form 1-A is an offering statement filed under Regulation A.
Authorizing Statute(s):
US Code:
15 USC 78c, 78j(b), 78l, 78o, 78q,
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78w(a), 78mm
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 77c, 77d, 77d-1, 77s, 77z-3
Name of Law: Securities Act of 1933
PL:
Pub.L. 112 - 106 301-305
Name of Law: Jumpstart Our Business Startups Act of 2012
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AM27
Final or interim final rulemaking
86 FR 3496
01/14/2021
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Form 1-A
SEC - 486
Form 1-A - Regulation A Offering Statement
ICR Summary of Burden
Total Approved
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
204
179
0
25
0
0
Annual Time Burden (Hours)
111,832
98,396
0
13,436
0
0
Annual Cost Burden (Dollars)
15,003,502
13,111,912
0
1,891,590
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The amendments simplify compliance with Regulation A by conforming certain requirements with similar requirements for registered offerings (including permitting the redaction of confidential information in certain exhibits; permitting incorporation by reference of financial statements in the offering circular; and simplifying the requirements for making non-public documents available to the public on EDGAR). Additionally, the amendments require the filing of generic solicitation of interest materials and increase the offering limit under Regulation A. As a result of these amendments, we estimate that the impact will be an increase in the number of filers and paperwork burden of affected entities. For purposes of the PRA, we estimate that, for Regulation A (Form 1-A), the amendments will result in a net increase of 25 Form 1-A filings, a net increase of 13,436 burden hours, and a net increase of $1,891,590 in cost burden for the services of outside professionals.
Annual Cost to Federal Government:
$103,479,690
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.
Yes
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]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Steven Hearne 703 551-3248
Common Form ICR:
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:
(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:
04/15/2021
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