Notice2025-03651
Submission for OMB Review; Comment Request; Reinstatement Without Change: Rule 10A-1
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
March 7, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 44 (Friday, March 7, 2025)</title>
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[Federal Register Volume 90, Number 44 (Friday, March 7, 2025)]
[Notices]
[Page 11558]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03651]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0468]
Submission for OMB Review; 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 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of reinstatement without
change of the previously approved collection of information provided
for in Rule 10A-1 (17 CFR. 240.10A-1) (the ``Rule'') under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
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. Because the Commission receives fewer than ten reports each year,
this requirement does not constitute a collection of information. Thus,
it was not necessary to extend the collection requirement, and the
Commission allowed the approval to expire on June 30, 2021. The
Commission recognizes, however, that in the future it is possible that
ten or more reports will be submitted within a twelve-month period.
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.
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 OMB Control Number.
Written comments are invited on: (a) whether this 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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-024">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202412-3235-024</a> or send an email comment to
<a href="/cdn-cgi/l/email-protection#38757a601677757a1677716a79166b7d7b675c5d4b5367575e5e515b5d4a7857555a165d5748165f574e"><span class="__cf_email__" data-cfemail="fab7b8a2d4b5b7b8d4b5b3a8bbd4a9bfb9a59e9f8991a5959c9c93999f88ba959798d49f958ad49d958c">[email protected]</span></a> within 30 days of the day
after publication of this notice by April 7, 2025.
Dated: March 3, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-03651 Filed 3-6-25; 8:45 am]
BILLING CODE 8011-01-P
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