Document ID: SEC-2021-1581-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-01-11T05:00Z

[Federal Register Volume 87, Number 7 (Tuesday, January 11, 2022)]
[Notices]
[Pages 1469-1470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00251]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-517, OMB Control No. 3235-0575]

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Regulation AC

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in 
Regulation Analyst Certification (``Regulation AC'') (17 CFR 242.500-
505), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.).
    Regulation AC requires that research reports published, circulated, 
or provided by a broker or dealer or covered person contain a statement 
attesting that the views expressed in each research report accurately 
reflect the analyst's personal views and whether or not the research 
analyst received or will receive any compensation in connection with 
the views or recommendations expressed in the research report. 
Regulation AC also requires broker-dealers to, on a quarterly basis, 
make, keep, and maintain records of research analyst statements 
regarding whether the views expressed in public appearances accurately 
reflected the analyst's personal views, and whether any part of the 
analyst's compensation is related to the specific recommendations or 
views expressed in the public appearance. Regulation AC also requires 
that research prepared by foreign persons be presented to U.S. persons 
pursuant to Securities Exchange Act Rule 15a-6 and that broker-dealers 
notify associated persons if they would be covered by the regulation. 
Regulation AC excludes the news media from its coverage.
    The collections of information under Regulation AC are necessary to 
provide investors with information with which to determine the value of 
the research available to them. It is important for an investor to know 
whether an analyst may be biased with respect to securities or issuers 
that are the subject of a research report. Further, in evaluating a 
research report, it is reasonable for an investor to want to know about 
an analyst's compensation. Without the information collection, the 
purposes of Regulation AC could not be met. This regulation does not 
involve the collection of confidential information.
    The Commission estimates that Regulation AC imposes an aggregate 
annual time burden of approximately 40,806 hours. The Commission 
estimates that the total annual internal cost of compliance for the 
40,806 hours is approximately $20,923,582.

[[Page 1470]]

    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John R. Pezzullo, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: January 5, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00251 Filed 1-10-22; 8:45 am]
BILLING CODE 8011-01-P