Notice2026-04434
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15l-1
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
March 6, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 44 (Friday, March 6, 2026)</title>
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[Federal Register Volume 91, Number 44 (Friday, March 6, 2026)]
[Notices]
[Page 11109]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04434]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0762]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 15l-1
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 Rule 15l-1 (17 CFR
240.15l-1), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule 15l-1 established a standard of conduct for broker-dealers and
natural persons who are associated persons of a broker-dealer
(together, ``broker-dealers'') when making a recommendation of any
securities transaction or investment strategy involving securities to a
retail customer (``Regulation Best Interest''). Regulation Best
Interest requires broker-dealers, when making a recommendation of any
securities transaction or investment strategy involving securities to a
retail customer, to act in the best interest of the retail customer at
the time the recommendation is made, without placing the financial or
other interest of the broker-dealer or natural person who is an
associated person making the recommendation ahead of the interest of
the retail customer.
The information that must be collected pursuant to Regulation Best
Interest is intended to: (1) improve disclosure about the scope and
terms of the broker-dealer's relationship with the retail customer,
which would foster retail customers' understanding of their
relationship with a broker-dealer; (2) enhance the quality of
recommendations provided by establishing an express best interest
obligation under the federal securities laws; (3) enhance the
disclosure of a broker-dealer's conflicts of interest; and (4)
establish obligations that require mitigation, and not just disclosure,
of conflicts of interest arising from financial incentives associated
with broker-dealer recommendations. The information will therefore help
establish a framework that protects investors and promotes efficiency,
competition, and capital formation.
There are approximately 2,183 respondents that must comply with
Rule 15l-1. The aggregate annual burden for all respondents is
estimated to be 4,939,905 hours, or 2,262.9 hours per respondent
(4,939,905 hours/2,183 respondents). Under Rule 15l-1, respondents will
also incur cost burdens. The aggregate annual cost burden for all
respondents is estimated to be $2,036,820, or $933.04 per respondent
($2,036,820/2,183 respondents).
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 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 comment 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#a5f5c4d5c0d7d2cad7cef7c0c1d0c6d1cccacbe4c6d1e5d6c0c68bc2cad3"><span class="__cf_email__" data-cfemail="5c0c3d2c392e2b332e370e3938293f283533321d3f281c2f393f723b332a">[email protected]</span></a> by May 5, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: March 3, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04434 Filed 3-5-26; 8:45 am]
BILLING CODE 8011-01-P
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