

[Federal Register: January 5, 2006 (Volume 71, Number 3)]
[Notices]               
[Page 629]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05ja06-56]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon written request, copies available from: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

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 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collections 
of information summarized below. The Commission plans to submit a 
request for approval of the previously approved collection of 
information discussed below.

Regulation Analyst Certification (Regulation AC)

    Regulation Analyst Certification requires that any research report 
disseminated by broker, dealer, or person associated with a broker or 
dealer include certifications by the research analyst that the views 
expressed in the research report accurately reflect the analyst's 
personal views, and whether the analyst received compensation in 
connection with his or her specific recommendations or views. A 
research analyst would also be required to provide certifications and 
disclosures in connection with public appearances. Although research 
analysts are often viewed by investors as experts and as important 
sources of information about the securities and companies they cover, 
many factors can create pressure on their independence and objectivity. 
By requiring these certifications and disclosures, Regulation AC should 
promote the integrity of research reports and investor confidence in 
the recommendations contained in those reports. Commission estimates 
that Regulation AC would result in a total annual time burden of 
approximately 11,296 hours (10,950 hours to comply with research report 
requirements + 346 hours to comply with public appearance 
requirements).
    The collections of information under Regulation AC are necessary 
for covered persons to obtain certain benefits or to comply with 
certain requirements. The collections of information are necessary to 
provide investors with information with which to determine the value of 
the research available to them. The Commission may review this 
information during periodic examinations or with respect to 
investigations. Covered persons must also promptly provide copies of 
statements that the analyst is unable to provide the certifications in 
connection with public appearances to its examining authority, 
designated pursuant to Section 17(d) of the Exchange Act and Rule 17d-2 
thereunder. Further, broker-dealers must keep and maintain these 
records pursuant to Rule 17a-4(b)(4).
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the agency displays a 
valid OMB control number.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the 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.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: December 28, 2005.
Nancy M. Morris,
Secretary.
[FR Doc. E5-8284 Filed 1-4-06; 8:45 am]

BILLING CODE 8010-01-P
