Summary

Amends the Securities Exchange Act of 1934 to treat information-collection actions by the SEC’s Advocate for Small Business Capital Formation as not being “collections of information” under most of the Paperwork Reduction Act (PRA). It preserves a handful of specific PRA provisions but removes the requirement that the SEC submit those Advocate-led collections to the Office of Management and Budget (OMB) for clearance and display an OMB control number. The change affects how the Advocate can request information from the public or small businesses: it is intended to speed or simplify those information activities by removing some of the PRA’s formal clearance and control-number steps, while leaving certain notice and procedural PRA provisions in place.

• Treats information-collection actions by the SEC’s Advocate for Small Business Capital Formation as not a “collection of information” under most of the Paperwork Reduction Act.
• Keeps certain PRA procedural provisions in force, but removes the requirement for OMB submission and clearance for Advocate-led collections.
• Removes the obligation to display an OMB control number or notify recipients that a control number is required for these collections.
• Directly changes how the SEC, the Advocate, and OMB handle clearance and paperwork-review duties for Advocate activities.
• Aims to speed and simplify the Advocate’s data-gathering from small businesses by cutting some PRA steps.
• May reduce OMB oversight and the standard transparency mechanisms that accompany PRA-reviewed collections.
• Impacts small businesses and other respondents who may receive information requests from the Advocate.
• Narrow in scope: modifies PRA application only for the Advocate’s actions under the Securities Exchange Act.
• Does not create new programs, appropriations, or tax changes; it changes administrative procedures only.