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:
3235-0536
ICR Reference No:
202501-3235-003
Status:
Active
Previous ICR Reference No:
202202-3235-005
Agency/Subagency:
SEC
Agency Tracking No:
CF
Title:
Regulation FD - Other Disclosure Materials
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 with change
Conclusion Date:
07/28/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/08/2025
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2028
36 Months From Approved
07/31/2025
Responses
19,274
0
58,000
Time Burden (Hours)
72,278
0
72,500
Cost Burden (Dollars)
14,455,500
0
87,000,000
Abstract:
Regulation FD - Other Disclosure Materials requires public disclosure of material information from issuers of publicly traded securities so that investors have current information upon which to base investment decisions.
Authorizing Statute(s):
US Code:
15 USC 78c, 78i, 78j, 78m, 78o, 78w
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
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:
90 FR 8313
01/28/2025
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 15179
04/08/2025
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
Regulation FD - Other Disclosure Materials
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
19,274
58,000
0
0
-38,726
0
Annual Time Burden (Hours)
72,278
72,500
0
0
-222
0
Annual Cost Burden (Dollars)
14,455,500
87,000,000
0
0
-72,544,500
0
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 decreases of in 222 burden hours and $72,544,500 cost burden are due to adjustments. These decreases reflect a reduction in the estimated number of annual Regulation FD responses from the previous estimate of 58,000 to the current estimate of 19,274. The assumptions underlying the previous estimate had not been adjusted since the Commission adopted Regulation FD in 2000. Since 2000, there has been a significant decrease in the estimated number of issuers subject to Regulation FD (from 13,000 to 7,196). There also has been an increase in the estimated number of Regulation FD responses made annually on Form 8-K (from 7,000 to 16,706). Because these responses are included in the information collection inventory for Form 8-K, we have excluded them from the number of Regulation FD responses, consistent with our past approach. The burden hour and cost burden adjustments also reflect a change in our expectation regarding how issuers will complete their responses to Regulation FD. Previously, we had estimated that 25% of the burden would be carried by an issuer’s internal professionals and 75% of the burden would be carried by outside professionals. Because the information collection inventory for Regulation FD only reflects those responses not filed on Form 8-K, we believe it is more appropriate to assume that 75% of the burden is carried by the issuer’s internal professionals and 25% of the burden is carried by outside professionals. As such, we have adjusted the burden hour and cost burden calculations accordingly. Finally, the decrease in cost burden is offset, in part, by the Commission’s increase of its estimated cost burden per hour for outside professionals from $400 per hour to $600 per hour.
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]?
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:
Pearl Crawley 202 551-3256 crawleyp@sec.gov
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:
04/08/2025
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