Notice2025-21392
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Regulation S-AM
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 28, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 227 (Friday, November 28, 2025)</title>
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[Federal Register Volume 90, Number 227 (Friday, November 28, 2025)]
[Notices]
[Pages 54814-54815]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-21392]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0609]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Regulation S-AM
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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 (``SEC'' or ``Commission'') is soliciting comments on the
proposed collection of information provided for in Regulation S-AM (17
CFR part 248, subpart B), under the Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) (``FCRA''), the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.), the Investment Company Act of 1940 (15 U.S.C.
80a-1 et seq.), and the Investment Advisers Act of 1940 (15 U.S.C. 80b-
1 et seq.).
Regulation S-AM implements the requirements of Section 624 of the
FCRA (15 U.S.C. 1681s-3) with respect to investment advisers and
transfer agents registered with the Commission, as well as brokers,
dealers and investment companies (collectively, ``Covered Persons'').
Section 624 and Regulation S-AM limit a Covered Person's use of certain
consumer financial information received from an affiliate to solicit a
consumer for marketing purposes, unless the consumer was given notice
and a reasonable opportunity and a reasonable and simple method to opt
out of such solicitations. Regulation S-AM potentially applies to all
of the approximately 22,824 Covered Persons registered with the
Commission, although only approximately 12,781 of them have one or more
corporate affiliates, and the regulation requires only approximately
2,282 to provide consumers with an affiliate marketing notice and an
opt-out opportunity.
The Commission staff estimates that there are approximately 12,781
Covered Persons having one or more affiliates, and that they each spend
an average of 0.20 hours per year to review affiliate marketing
practices, for, collectively, an estimated annual time burden of
approximately 2,556 hours at an annual internal compliance cost of
approximately $1,686,960. The staff also estimates that approximately
2,282 Covered Persons provide notice and opt-out opportunities to
consumers, and that they each spend an average of 7.6 hours per year
creating notices, providing notices and opt-out opportunities,
monitoring the opt-out notice process, making and updating records of
opt-out elections, and addressing consumer questions and concerns about
opt-out notices, for, collectively, an estimated annual time burden of
approximately 17,343 hours at an annual internal compliance cost of
approximately $4,210,665. Thus, the staff estimates that the collection
of information requires a total of approximately 12,781 respondents to
incur an estimated total annual time burden of approximately 19,899
hours at a total annual internal cost of compliance of approximately
$5,897,625.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will
[[Page 54815]]
have practical utility; (b) the accuracy of the SEC's estimate of the
burden imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#e6b6879683949189948db483829385928f8988a78592a6958385c8818990"><span class="__cf_email__" data-cfemail="306051405542475f425b625554455344595f5e715344704355531e575f46">[email protected]</span></a> by January 27, 2026. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: November 24, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-21392 Filed 11-26-25; 8:45 am]
BILLING CODE 8011-01-P
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