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:
3235-0721
ICR Reference No:
202504-3235-018
Status:
Active
Previous ICR Reference No:
202207-3235-025
Agency/Subagency:
SEC
Agency Tracking No:
CF
Title:
Form 1-SA
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:
12/09/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/03/2025
Terms of Clearance:
OMB understands that SEC is in the process of revising its methodologies to estimate annualized costs to the Federal government for all its relevant collections of information. OMB anticipates that future extensions of this OMB control number will reflect the revised methodologies. Supporting statement updated during OMB review.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2028
36 Months From Approved
12/31/2025
Responses
464
0
55
Time Burden (Hours)
74,163
0
8,791
Cost Burden (Dollars)
7,852,550
0
618,420
Abstract:
The Securities Act of 1933, as amended (the “Securities Act”), generally requires that a registration statement be filed with the Securities and Exchange Commission (the “Commission”) disclosing prescribed information before securities may be offered for sale to the public. While the Securities Act already authorizes the Commission to exempt certain securities and transactions from registration, Section 401 of the Jumpstart Our Business Startups Act added Section 3(b)(2) to the Securities Act, creating a new exemption from registration. The Commission has adopted various rules (collectively, “Regulation A”) establishing a limited offering exemption from the registration requirements of the Securities Act. Regulation A provides an exemption for offerings that satisfy certain conditions, such as filing an offering statement with the Commission, limiting the dollar amount of the offering and, in certain instances, filing ongoing reports with the Commission. Form 1-SA is filed with the Commission under Regulation A. The purpose of Forms 1-SA is to better inform the public about companies that have conducted Tier 2 offerings under Regulation A. Form 1-SA provides semiannual, interim financial statements and information about the issuer’s liquidity, capital resources and operations after the issuer’s second fiscal quarter. The Commission will use very little of the collected information itself, except on an occasional basis in the enforcement of federal securities laws.
Authorizing Statute(s):
US Code:
15 USC 77g, 77j, 77s(a), 77z-3
Name of Law: Securities Act of 1933
US Code:
15 USC 78c(b), 78l, 78m, 78o, 78w(a)
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78mm
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 27737
06/27/2025
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 42631
09/03/2025
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
Form 1-SA
SEC 2914
Form 1-SA
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
464
55
0
0
409
0
Annual Time Burden (Hours)
74,163
8,791
0
0
65,372
0
Annual Cost Burden (Dollars)
7,852,550
618,420
0
0
7,234,130
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 increase of 65,372 burden hours and the increase in cost burden of $7,234,130 displayed in the above table are due to two adjustments: the first is an increase of 409 in the number of annual responses, calculated by the difference between 464, the average number of respondents annually filing Forms 1-SA over the last three-year period ended December 31, 2024, and 55, the average number of respondents annually filing the Forms 1-SA over the previously reported three year period; and the second is the Commission’s change in the estimated cost burden per hour for outside professionals from $398 per hour to $600 per hour. Accordingly, based on our estimates, we calculate the burden hours adjustment increase to be 65,372, calculated, as follows: 85% x 188.04 hours per response x 409 responses. We also calculate the cost burden adjustment increase to be $7,234,130, calculated based on the difference between the estimated annual cost burden of $7,852,550, as reported in the table under Question 13 above, assuming 464 responses per year, and the annual cost burden of $618,420, as reported in our supporting statement for the previous reporting period, assuming 55 responses per year.
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.
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:
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:
09/03/2025
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