Notice2026-09238
Agency Information Collection Activities; Submission for OMB Review; Comment Request: Extension: Rule 151-1
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
May 11, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 90 (Monday, May 11, 2026)</title>
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[Federal Register Volume 91, Number 90 (Monday, May 11, 2026)]
[Notices]
[Page 25645]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09238]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0762]
Agency Information Collection Activities; Submission for OMB
Review; Comment Request: Extension: Rule 151-1
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 (``Commission'') is submitting to the Office of Management
and Budget (``OMB'') this request for extension of the proposed
collection of information provided for in Rule 151-1 (17 CFR 240.15l-
1), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
Rule 151-1 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 151-1. 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 151-1, 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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202603-3235-001">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202603-3235-001</a> or email comment to
<a href="/cdn-cgi/l/email-protection#672a253f49282a2549282e352649342224380302140c380801010e04021527080a054902081749000811"><span class="__cf_email__" data-cfemail="f0bdb2a8debfbdb2debfb9a2b1dea3b5b3af9495839baf9f969699939582b09f9d92de959f80de979f86">[email protected]</span></a> within 30 days of the day
after publication of this notice, by June 11, 2026.
Dated: May 6, 2026.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-09238 Filed 5-8-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on May 11, 2026.
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