Rule 139b, Disclosure of Standardized Performance

Forms and Documents

Document Name	Status
20250811_3235-0769_2025-15182_90 FR 38686_30-Day Submission Notice.pdf.pdf Supplementary Document	2025-08-11
2025 06 04_90 FR 23722_3235-0769_60-Day Collection Notice.pdf Supplementary Document	2025-06-04
Supporting Statement_Rule 139b (2025).pdf Supporting Statement A	2025-05-15

IC Document Collections

IC ID	Document Title	Status
234929	Rule 139b Disclosure of Standardized Performance	Modified

ICR Details

OMB Control No: 3235-0769	ICR Reference No: 202505-3235-010
Status: Received in OIRA	Previous ICR Reference No: 202207-3235-011
Agency/Subagency: SEC	Agency Tracking No: IM
Title: Rule 139b, Disclosure of Standardized Performance
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/11/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2025
Responses	5,091	4,834
Time Burden (Hours)	15,141	14,379
Cost Burden (Dollars)	0	0

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Abstract: Rule 139b under the Securities Act of 1933 (17 CFR 230.139b) allows unaffiliated broker-dealers participating in a securities offering of a registered investment fund to publish or distribute research reports about the investment fund without these reports being treated as offers that require registration under securities laws. When broker-dealers include performance information in these research reports, they must present it in a standardized format consistent with existing rules. This standardization protects investors from potentially misleading or confusing performance presentations, enable investors to make meaningful comparisons between different investment funds, and maintains market integrity by ensuring research reports are not disguised as marketing materials. Rule 139b is a third party disclosure requirement, with the primary recipients being investors and the general public who read these research reports published by broker-dealers.

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Authorizing Statute(s): US Code: 15 USC 77a Name of Law: Securities Act of 1930
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 23722	06/04/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 38686	08/11/2025
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 139b Disclosure of Standardized Performance

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	5,091	4,834	0	0	257	0
Annual Time Burden (Hours)	15,141	14,379	0	0	762	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The total annual hour burden is 15,141 hours. The increase in burden hours over the previous burden estimate of 14,379 is due to the increase in Rule 139b filings. Additionally, we do not believe there to be an external cost burden associated with rule 139b.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/11/2025

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