Document ID: SEC-2018-0707-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2018-05-08T04:00Z

[Federal Register Volume 83, Number 89 (Tuesday, May 8, 2018)]
[Notices]
[Pages 20891-20892]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09691]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; 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'') is soliciting comments on the existing 
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.). The Commission 
plans to submit this existing collection of information to the Office 
of Management and Budget (``OMB'') for extension and approval.
    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 20892]]

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 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.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information 
collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. 
Consideration will be given to comments and suggestions submitted in 
writing within 60 days of this publication.
    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.
    Please direct your written comments to: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE, Washington, DC 20549, or send an email 
to: [email protected].

    Dated: May 1, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09691 Filed 5-7-18; 8:45 am]
BILLING CODE 8011-01-P