Document ID: SEC-2018-1120-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2018-07-19T04:00Z

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34276-34277]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15380]

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SECURITIES AND EXCHANGE COMMISSION

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

    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

[[Page 34277]]

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 25,844 hours on 5,186 respondents, 
or approximately 5 hours per respondent. The Commission estimates that 
the total annual internal cost of compliance for the 25,844 hours is 
approximately $12,452,349, or approximately $2,401 per respondent, 
annually.
    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. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Candace 
Kenner, 100 F Street NE, Washington, DC 20549, or by sending an email 
to: [email protected]. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15380 Filed 7-18-18; 8:45 am]
 BILLING CODE 8011-01-P