Notice2023-06411
Proposed Collection; Comment Request; Extension: Rule 147(f)(1)(iii) Written Representation as to Purchaser Residency
Primary source
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Published
March 28, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 59 (Tuesday, March 28, 2023)</title>
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[Federal Register Volume 88, Number 59 (Tuesday, March 28, 2023)]
[Notices]
[Pages 18358-18359]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-06411]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-805, OMB Control No. 3235-0756]
Proposed Collection; Comment Request; Extension: Rule
147(f)(1)(iii) Written Representation as to Purchaser Residency
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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 for extension and approval.
Rule 147 is a safe harbor under the Securities Act Section
3(a)(11)(15 U.S.C. 77c(a)(11)) exemption from registration. To qualify
for the safe harbor, Rule 147(f)(1)(iii) (17 CFR 230.147) will require
the issuer to obtain from the purchaser a written representation as to
the purchaser's residency. Under Rule 147, the purchaser in the
offering must be a resident of the same state or territory in which the
issuer is a resident. While the formal representation of residency by
itself is not sufficient to establish a reasonable belief that such
purchasers are in-state residents, the representation requirement,
together with the reasonable belief standard, may result in better
compliance with the rule and maintaining appropriate investor
protections. The representation of residency is not provided to the
Commission. Approximately 700 respondents provide the information
required by Rule 147(f)(1)(iii) at an estimated 2.75 hours per response
for a total annual reporting burden of 1,925 hours (2.75 hours x 700
responses).
Written comments are invited on: (a) whether this proposed
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
[[Page 18359]]
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication by May 30, 2023.
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.
Please direct your written comment to David Bottom, Director/Chief
Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#5e0e0c1f01133f37323c31261e2d3b3d70393128"><span class="__cf_email__" data-cfemail="124240534d5f737b7e707d6a526177713c757d64">[email protected]</span></a>.
Dated: March 23, 2023.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-06411 Filed 3-27-23; 8:45 am]
BILLING CODE 8011-01-P
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