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View ICR - OIRA Conclusion

OMB Control No: 3235-0762	ICR Reference No: 202206-3235-017
Status: Historical Active	Previous ICR Reference No: 201906-3235-018
Agency/Subagency: SEC	Agency Tracking No: TM-270-808
Title: Regulation BI- Best Interest
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 04/30/2023
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/17/2022
	Date Received in OIRA: 11/15/2022
Terms of Clearance: In response to the emergency request memorandum submitted by the SEC on 11/15/2022, OIRA is approving the Commission's request for emergency approval of this OMB control number for a period of six months. This action is necessary to reinstate this OMB control number. Prior to the expiration of this package in six months, SEC shall undertake standard PRA notice and comment procedures.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2023	6 Months From Approved
Responses	61,019,748	0	0
Time Burden (Hours)	2,568,434	0	0
Cost Burden (Dollars)	12,085,860	0	0

ICR Summary of Burden

	Total Approved	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	61,019,748	-306,200,507	367,220,255
Annual Time Burden (Hours)	2,568,434	-2,357,873	4,926,307
Annual Cost Burden (Dollars)	12,085,860	-45,373,165	57,459,025

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 756 to 733, the number of large BDs went down from 2,010 to 1,950, and the number of dually-registered BDs went down from 563 to 546); (ii) changes in costs of certain services since the last estimate (e.g., the cost of Outside Counsel services for BDs went up from $497 per hour to $518 per hour, the cost of Senior Compliance Examiners for BDs went up from $237 per hour to $264 per hour, and the cost of Compliance Managers for BDs went up from $309 per hour to $344 per hour); and (iii) the elimination from the last estimate of the initial start-up costs, which were a one-time occurrence because it was a newly adopted rule.

Annual Cost to Federal Government:

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

Agency Contact: Daniel Fisher 202 551-5931

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