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OMB Control No: 3235-0762	ICR Reference No: 202603-3235-001
Status: Received in OIRA	Previous ICR Reference No: 202212-3235-029
Agency/Subagency: SEC	Agency Tracking No: TM
Title: Rule 15l-1 (Regulation BI- Best Interest)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular	Date Submitted to OIRA: 05/11/2026

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2026
Responses	209,658,782	61,019,748
Time Burden (Hours)	4,939,905	2,568,434
Cost Burden (Dollars)	2,036,820	12,085,860

Abstract: Regulation BI established a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. Four obligations must be met to satisfy the best interest obligation: (1) requires the broker-dealer or associated person, prior to or at the time of such recommendation, to provide the retail customer, in writing, full and fair disclosure of all material facts relating to the scope and terms of the relationship with the retail customer and all material facts relating to conflicts of interest associated with the recommendation (Disclosure Obligation); (2) requires the broker-dealer or associated person, in making the recommendation, to exercise reasonable diligence, care and skill (Care Obligation); (3) require the broker-dealer to establish, maintain, and enforce written policies and procedures addressing conflicts of interest associated with its recommendations to retail customers (Conflict of Interest Obligations); and (4) require the broker-dealer to establish, maintain, and enforce written policies and procedures reasonably designed to achieve compliance with Regulation Best Interest as a whole (Compliance Obligation).

Authorizing Statute(s): US Code: 15 USC 78(o) Name of Law: Securities Exchange Act of 1934
PL: Pub.L. 111 - 203 913(f) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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:
	91 FR 11109	04/06/2026
30-day Notice:	Federal Register Citation:	Citation Date:
	91 FR 25645	05/11/2026
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	209,658,782	61,019,748	148,639,034
Annual Time Burden (Hours)	4,939,905	2,568,434	2,371,471
Annual Cost Burden (Dollars)	2,036,820	12,085,860	-10,049,040

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 733 to 409, the number of large BDs went down from 1,950 to 1,774, and the number of dually-registered BDs went down from 546 to 274); (ii) an increase in the number of new retail investor accounts from 532,576 to 547,739; and (iii) changes in costs of certain services since the last estimate (e.g., the cost of legal counsel went down from $518 per hour to $498 per hour based on a change to the occupation performing that service).

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]? 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: Jane Wetterau 202 551-4483

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