Notice2024-30495
Proposed Collection; Comment Request; Reinstatement Without Change: Rule 10A-1
Primary source
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Published
December 23, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 246 (Monday, December 23, 2024)</title>
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[Federal Register Volume 89, Number 246 (Monday, December 23, 2024)]
[Notices]
[Page 104597]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30495]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-425, OMB Control No. 3235-0468]
Proposed Collection; Comment Request; Reinstatement Without
Change: Rule 10A-1
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 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and
Exchange Commission (``Commission'') is soliciting comments on the
collection of information provided for in Rule 10A-1 (17 CFR 240.10A-
1), under the Securities Exchange Act of 1934 (``Act'') (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
reinstatement and approval.
Rule 10A-1 (17 CFR 240.10A-1) implements the reporting requirements
in Section 10A of the Exchange Act (15 U.S.C. 78j-1) which was enacted
by Congress on December 22, 1995 as part of the Private Securities
Litigation Reform Act of 1995, Public Law 104-67, 109 Stat 737. Under
section 10A and Rule 10A-1, reporting occurs only if a registrant's
board of directors receives a report from its auditor that (1) there is
an illegal act material to the registrant's financial statements, (2)
senior management and the board have not taken timely and appropriate
remedial action, and (3) the failure to take such action is reasonably
expected to warrant the auditor's modification of the audit report or
resignation from the audit engagement. The board of directors must
notify the Commission within one business day of receiving such a
report. If the board fails to provide that notice, then the auditor,
within the next business day, must provide the Commission with a copy
of the report that it gave to the board.
Likely respondents are those registrants filing audited financial
statements under the Securities Exchange Act of 1934 (15 U.S.C. 78a, et
seq.) and the Investment Company Act of 1940 (15 U.S.C. 80a-1, et
seq.).
This information collection requirement was previously approved by
OMB, but the approval expired on June 30, 2021. Accordingly, the
Commission will request a reinstatement of OMB's approval.
It is estimated that Rule 10A-1 results in an aggregate additional
reporting burden of 5 hours per year. The estimated average burden
hours are solely for purposes of the Paperwork Reduction Act and are
not derived from a comprehensive or even a representative survey or
study of the costs of SEC rules or forms.
Written comments are invited on: (a) whether the 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 of 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.
Please direct your written comments to Austin Gerig, Director/Chief
Data Officer, Securities and Exchange Commission, c/o Tanya Ruttenberg,
100 F Street NE, Washington, DC 20549 or send an email to:
<a href="/cdn-cgi/l/email-protection#d48486958b99b5bdb8b6bbac94a7b1b7fab3bba2"><span class="__cf_email__" data-cfemail="247476657b69454d48464b5c645741470a434b52">[email protected]</span></a>.
Dated: December 17, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-30495 Filed 12-20-24; 8:45 am]
BILLING CODE 8011-01-P
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