70 FR 3 pgs. 929-930 - Proposed Collection; Comment Request
Type: NOTICEVolume: 70Number: 3Pages: 929 - 930
FR document: [FR Doc. 05-175 Filed 1-4-05; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon written request, Copies available from: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549.
Extensions:
Rule 701, OMB Control No. 3235-0522, SEC File No. 270-306
Regulations 14D and 14E, OMB Control No. 3235-0102, SEC File No. 270-114
Schedule 14D-9
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 commentson the collections of information summarized below. The Commission plans to submit theseexisting collections of information to the Office of Management and Budget for extension and approval.
Securities Act Rule 701 requires when offerings in excess of $5 million are made underthe employee benefit plan exemptive rule, the issuers must provide the employees with risk andfinancial statement disclosures among other things. The purpose of the Rule 701 to ensure that abasic level of information is available to employees and others when substantial amounts ofsecurities are issued in compensatory arrangements. Approximately 300 companies annually relyon Rule 701 exemption and it takes an estimated .5 hours to prepare for a total annual burden of600 hours. It is estimated that 25% of the 600 total annual burden hours (150 reporting burdenhours) is prepared by the company.
Regulations 14D and 14E and related Schedule 14D-9 require information important tosecurity holders in deciding how to respond to tender offers. Approximately 360 companiesannually file Schedule 14D-9 and it takes 258 hours to prepare for a total annual burden of92,880. It is estimated that 25% of the 92,880 total burden hours (23,220 reporting burdenhours) is prepared by the company.
Written comments are invited on: (a) Whether these collections of information arenecessary for the proper performance of the functions of the agency, including whether theinformation will have practical utility; (b) the accuracy of the agency's estimate of the burden ofthe collections of information; (c) ways to enhance the quality, utility, and clarity of theinformation collected; and (d) ways to minimize the burden of the collection of information onrespondents, including through the use of automated collection techniques or other forms ofinformation technology. Consideration will be given to comments and suggestions submitted inwriting within 60 days of this publication.
Please direct your written comments to R. Corey Booth, Director/Chief InformationOfficer, Office of Information Technology, Securities and Exchange Commission, 450 FifthStreet, NW., Washington, DC 20549.
Dated: December 28, 2004.
Margaret H. McFarland,
Deputy Security.
[FR Doc. 05-175 Filed 1-4-05; 8:45 am]
BILLING CODE 8010-01-M