
[Federal Register Volume 80, Number 5 (Thursday, January 8, 2015)]
[Notices]
[Pages 1052-1053]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00056]


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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 
existing collection of information provided for in Regulation

[[Page 1053]]

Analyst Certification (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.
    The Commission estimates that Regulation AC imposes an aggregate 
annual time burden of approximately 25,395 hours on 5,186 respondents, 
or approximately 5 hours per respondent. The Commission estimates that 
the total annual internal cost of compliance attributable to the 25,395 
hours is approximately $11,616,150.00, or approximately $2,239.90 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 collection at 
the following Web site: 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: Shagufta_Ahmed@omb.eop.gov; and (ii) Pamela Dyson, 
Acting 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: PRA_Mailbox@sec.gov. Comments must be 
submitted within 30 days of this notice.

    Dated: January 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-00056 Filed 1-7-15; 8:45 am]
BILLING CODE 8011-01-P


