; or (vi) a regulation filed with the Commission by the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, or any national securities association registered under section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–4(a) ) for which the board or association has itself conducted the cost-benefit analysis and otherwise complied with the requirements of section 312. 312. Required regulatory analysis (a) Requirements for notices of proposed rulemaking An agency may not issue a notice of proposed rulemaking unless the agency includes in the notice of proposed rulemaking an analysis that contains, at a minimum, with respect to each regulation that is being proposed— (1) an identification of the need for the regulation and the regulatory objective, including identification of the nature and significance of the market failure, regulatory failure, or other problem that necessitates the regulation; (2) an explanation of why the private market or State, local, or tribal authorities cannot adequately address the identified market failure or other problem; (3) an analysis of the adverse impacts to regulated entities, other market participants, economic activity, or agency effectiveness that are engendered by the regulation and the magnitude of such adverse impacts; (4) a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits of the regulation (as compared to a benchmark that assumes the absence of the regulation), including— (A) compliance costs; (B) effects on economic activity, net job creation (excluding jobs related to ensuring compliance with the regulation), efficiency, competition, and capital formation; (C) regulatory administrative costs; and (D) costs imposed by the regulation on State, local, or tribal governments or other regulatory authorities; (5) if quantified benefits do not outweigh quantitative costs, a justification for the regulation