[Federal Register Volume 80, Number 10 (Thursday, January 15, 2015)]
[Notices]
[Page 2125]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-00533]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: U.S. Securities and
Exchange Commission, Office of FOIA Services, 100 F Street NE.,
Washington, DC 20549-2736.
Extension:
Regulation BTR;
OMB Control No. 3235-0579, SEC File No. 270-521.
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 soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Regulation Blackout Trade Restriction (``Regulation BTR'') (17 CFR
245.100-245.104) clarifies the scope and application of Section 306(a)
of the Sarbanes-Oxley Act of 2002 (``Act'') (15 U.S.C. 7244(a)).
Section 306(a)(6) [15 U.S.C.7244(a)(6)] of the Act requires an issuer
to provide timely notice to its directors and executive officers and to
the Commission of the imposition of a blackout period that would
trigger the statutory trading prohibition of Section 306(a)(1) [15
U.S.C. 7244(a)(1)]. Section 306(a) of the Act prohibits any director or
executive officer of an issuer of any equity security, directly or
indirectly, from purchasing, selling or otherwise acquiring or
transferring any equity security of that issuer during any blackout
period with respect to such equity security, if the director or
executive officer acquired the equity security in connection with his
or her service or employment. Approximately 1,230 issuers file
Regulation BTR notices approximately 5 times a year for a total of
6,150 responses. We estimate that it takes approximately 2 hours to
prepare the blackout notice for a total annual burden of 2,460 hours.
The issuer prepares 75% of the 2,460 annual burden hours for a total
reporting burden of (1,230 x 2 x 0.75) 1,845 hours. In addition, we
estimate that an issuer distributes a notice to five directors and
executive officers at an estimated 5 minutes per notice (1,230 blackout
period x 5 notices x 5 minutes) for a total reporting burden of 512
hours. The combined annual reporting burden is (1,845 hours + 512
hours) 2,357 hours.
Written comments are invited on: (a) Whether this collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden
imposed by the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
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.
Please direct your written comment to Pamela Dyson, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send
an email to: [email protected].
Dated: January 9, 2015.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2015-00533 Filed 1-14-15; 8:45 am]
BILLING CODE 8011-01-P