

[Federal Register: March 16, 2006 (Volume 71, Number 51)]
[Notices]               
[Page 13639]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16mr06-84]                         

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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 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'') has submitted to the Office of Management 
and Budget a request for approval of the previously approved collection 
of information discussed below.
     Regulation Analyst Certification (Regulation AC)
    Regulation Analyst Certification under the Securities Exchange Act 
of 1934 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 Securities Exchange Act of 
1934 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 regarding the above information should be directed 
to the following persons: (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 e-mail to 
David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief 

Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 100 F Street, NE., Washington, DC 20549. Comments 
must be submitted to OMB within 30 days of this notice.

     March 8, 2006.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-3805 Filed 3-15-06; 8:45 am]

BILLING CODE 8010-01-P
