Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2025/09/03/2025-16894·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [OMB Control No. 3235-0721] Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Form 1-SA *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”) has submitted to the Office of Management and Budget this request for extension of the previously approved collection of information discussed below.
Form 1-SA (17 CFR 239.92) is used to file semiannual reports by Tier 2 issuers under Regulation A, an exemption from registration under the Securities Act of 1933 (15 U.S.C. 77a *et seq.* ). Tier 2 issuers under Regulation A conducting offerings of up to $75 million within a 12-month period are required to file Form 1-SA. Form 1-SA provides semiannual, interim financial statements and information about the issuer's liquidity, capital resources and operations after the issuer's second fiscal quarter.
The purpose of the Form 1-SA is to better inform the public about companies that have conducted Tier 2 offerings under Regulation A. The information required by Form 1-SA is mandatory, and Form 1-SA is publicly available on the Commission's Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system. We estimate that approximately 464 issuers file Form 1-SA annually. We estimate that Form 1-SA takes approximately 188.04 hours to prepare. We estimate that 85% of the 188.04 hours per response (159.834 hours) is carried internally by the issuer for a total annual burden of 74,163 hours (159.834 hours per response × 464 responses).
We estimate that 15% of the approximately 188.04 hours per response (28.206 hours) is carried by outside professionals retained by the issuer to assist in the preparation of the form, at an estimated cost of $600 per hour, for a total annual cost burden of $7,852,550 (28.206 hours per response × $600 per hour × 464 responses annually). 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: *https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202504-3235-018* or send an email comment to *MBX.OMB.OIRA.SEC_desk_officer@omb.eop.gov* within 30 days of the day after publication of this notice by October 6, 2025. Dated: August 29, 2025. Sherry Haywood, Assistant Secretary. [FR Doc. 2025-16894 Filed 9-2-25; 8:45 am]
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