Notice2024-30768
Submission for OMB Review; 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
December 27, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 248 (Friday, December 27, 2024)</title>
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[Federal Register Volume 89, Number 248 (Friday, December 27, 2024)]
[Notices]
[Pages 105664-105665]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30768]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-521, OMB Control No. 3235-0579]
Submission for OMB Review; 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'') has submitted to the Office of Management
and Budget this request for extension of the previously approved
collection of information discussed below.
[[Page 105665]]
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 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.
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.
Public Comment Instructions: The public may view and comment on
this information collection request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-022">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-022</a> or send an email comment to
<a href="/cdn-cgi/l/email-protection#632e213b4d2c2e214d2c2a31224d3026203c070610083c0c05050a000611230c0e014d060c134d040c15"><span class="__cf_email__" data-cfemail="3c717e641273717e1273756e7d126f797f6358594f5763535a5a555f594e7c53515e1259534c125b534a">[email protected]</span></a> within 30 days of the day
after publication of this notice by January 27, 2025.
Dated: December 19, 2024.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-30768 Filed 12-26-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on December 27, 2024.
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