View Information Collection Request (ICR) Package
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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:
3235-0076
ICR Reference No:
202012-3235-002
Status:
Historical Inactive
Previous ICR Reference No:
202003-3235-007
Agency/Subagency:
SEC
Agency Tracking No:
CF-270-072
Title:
Regulation D (Form D)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
02/17/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/12/2021
Terms of Clearance:
OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2023
36 Months From Approved
04/30/2023
Responses
23,571
0
23,571
Time Burden (Hours)
23,571
0
23,571
Cost Burden (Dollars)
28,285,200
0
28,285,200
Abstract:
Form D is a notice of sales filed by issuers making an offering of securities in reliance on an exemption under Regulation D or Section 4(a)(5) of the Securities Act of 1933.
Authorizing Statute(s):
US Code:
15 USC 77c, 77d, 77d-1, 77s, 77z-3
Name of Law: Securities Act of 1933
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 80a-6(c), 80a-24, 80a-29
Name of Law: Investment Company Act of 1940
US Code:
15 USC 80a-37, 80a-44
Name of Law: Investment Company Act of 1940
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
Proposed rulemaking
85 FR 17956
03/31/2020
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 D-Notice of Exempt Offering of Securities
SEC1972
Form D -Notice of Exempt Offering of Securities
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 proposed rule amendments would revise the financial statement and non-financial information and delivery requirements (including requirement to provide the purchaser with generic solicitation materials), provide an additional method to verify an investor’s accredited investor status, and raise the offering limit under Rule 504. We estimate for purposes of the PRA that there is no material effect on the current burden hours per response relating to Regulation D as a result of the proposed amendments. However, we are proposing to establish a single collection of information for Regulation D (Form D) to encompass all of the associated paperwork burdens, including the financial statement and non-financial statement information and delivery requirements in Rule 502(b) and the existing burdens associated with Form D, Rule 504(b)(3), and Rule 506(e). For purposes of the PRA, we estimate that the new Regulation D (Form D) collection of information would entail 29,463.75 burden hours and $35,356,500 for the services of outside professionals. Compared to the existing Form D collection of information this results in an increase of 5,893 burden hours and increase of $7,071,300 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:
01/12/2021
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