Notice2021-23153
Submission for OMB Review; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 25, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 203 (Monday, October 25, 2021)</title>
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[Federal Register Volume 86, Number 203 (Monday, October 25, 2021)]
[Notices]
[Pages 58970-58971]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23153]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-521, OMB Control No. 3235-0579]
Submission for OMB Review; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Regulation BTR
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'') has submitted to the Office of Management
and Budget this request for extension of the previously approved
collection of information discussed below.
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
[[Page 58971]]
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.
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 control number.
The public may view background documentation for this information
collection at the following website: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by
sending an email to: <a href="/cdn-cgi/l/email-protection#a3f3f1e2fceec2cacfc1ccdbe3d0c6c08dc4ccd5"><span class="__cf_email__" data-cfemail="732321322c3e121a1f111c0b330016105d141c05">[email protected]</span></a>.
Dated: October 19, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23153 Filed 10-22-21; 8:45 am]
BILLING CODE 8011-01-P
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