Notice2024-21425
Proposed Collection; Comment Request; Extension: Regulation BTR
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
September 19, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 182 (Thursday, September 19, 2024)</title>
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[Federal Register Volume 89, Number 182 (Thursday, September 19, 2024)]
[Notices]
[Pages 76898-76899]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21425]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-521, OMB Control No. 3235-0579]
Proposed Collection; Comment Request; Extension: Regulation BTR
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.
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
[[Page 76899]]
issuer prepares 75% of the 2,460 annual burden hours for a total
reporting burden of (1,230 issuers x 2 hours per issuer 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 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
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 November 18, 2024.
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 Austin Gerig, Director/Chief
Data Officer, Securities and Exchange Commission, c/o Oluwaseun Ajayi,
100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#237371627c6e424a4f414c5b635046400d444c55"><span class="__cf_email__" data-cfemail="411113001e0c20282d232e39013224226f262e37">[email protected]</span></a>.
Dated: September 16, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-21425 Filed 9-18-24; 8:45 am]
BILLING CODE 8011-01-P
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