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:
3235-0727
ICR Reference No:
202203-3235-007
Status:
Active
Previous ICR Reference No:
201811-3235-007
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-773
Title:
Crowdfunding Rules 400-404 (Funding Portals)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
08/03/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/20/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2025
36 Months From Approved
08/31/2022
Responses
822
0
661
Time Burden (Hours)
36,775
0
17,555
Cost Burden (Dollars)
671,793
0
308,729
Abstract:
Regulation Crowdfunding prescribes rules governing the sale and offer of securities under Section 4(a)(6) of the Securities Act of 1933, and provides a framework for the regulation of registered funding portals and brokers that issuers are required to use as intermediaries in the offer and sale of securities in reliance on Section 4(a)(6).
Authorizing Statute(s):
US Code:
15 USC 78a et seq.
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 77a et seq.
Name of Law: Securities Act of 1933
Citations for New Statutory Requirements:
PL: Pub.L. 112 - 106 301-305 Name of Law: Jumpstart Our Business Startups Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
87 FR 14931
03/16/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 31021
05/20/2022
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
13
IC Title
Form No.
Form Name
IC1 - Form Funding Portal: Application for Funding Portal Registration
Form Funding Portal
Form Funding Portal
IC10 - Regulation S-AM - Ongoing Burden
IC11 - Regulation S-ID - Initial Burden
IC12 - Regulation S-ID - Ongoing Burden
IC13 - Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Initial Burden
IC2 - Form Funding Portal/A: Amendment to Registration
IC3 - Form Funding Portal-W: Notice of Withdrawal from Registration as a Funding Portal
IC4 - Form Funding Portal: Designation of U.S. Agent for Service of Process and Opinion of Counsel for Nonresident
IC5 - Rule 404: Books and Records to Be Made and Maintained by Funding Portals - Ongoing Burden
IC6 - Rule 403: Compliance Policies and Procedures - Initial Burden
IC7 - Rule 403: Compliance Policies and Procedures - Ongoing Burden
IC8 - Regulation S-P
IC9 - Regulation S-AM - Initial Burden
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
822
661
0
60
101
0
Annual Time Burden (Hours)
36,775
17,555
0
6
19,214
0
Annual Cost Burden (Dollars)
671,793
308,729
0
0
363,064
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:
No
Burden Reduction Due to:
Short Statement:
The burden has increased in terms of both hours and costs. This is because the number of funding portals registered with the Commission has increased from 43 to 74. In addition, based on filings in recent years, the Commission staff estimate that the number of companies that will submit Form Funding Portal each year is 50 (down from the prior estimate of 74) and that the number of successful registrations will increase 25 funding portals per year, from a previous estimate of 5. Because the status quo number (the number of currently funding portals) is larger, and the estimated number of new registrants per year has grown, the overall burden is proportionally larger.
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.
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:
James Blakemore 202 551-4308
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:
05/20/2022
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