View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0057
ICR Reference No:
201002-3235-012
Status:
Historical Active
Previous ICR Reference No:
200701-3235-041
Agency/Subagency:
SEC
Agency Tracking No:
CF 270-57
Title:
Regulation 14C (Commission Rules 14c-1 through 14c-7 and Schedule 14C)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/22/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/17/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2013
36 Months From Approved
02/28/2010
Responses
680
0
680
Time Burden (Hours)
62,897
0
52,337
Cost Burden (Dollars)
7,359,639
0
5,951,639
Abstract:
Schedule 14C is filed by issuers of securities that are registered under Section 12 of the Securities Exchange Act of 1934 in connection with a consent solicitation.
Authorizing Statute(s):
US Code:
15 USC 78l, 78m, 78n, 78o(d), 78w(a)
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 80a-8, 80a-20(a), 80a-24(a)
Name of Law: Investment Company Act of 1940
US Code:
15 USC 80a-29, 80a-38
Name of Law: Investment Company Act of 1940
US Code:
15 USC 77c(b), 77e, 77f, 77s(a)
Name of Law: Securities Act of 1933
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AK28
Final or interim final rulemaking
74 FR 68334
12/23/2009
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Regulation 14C (Commission Rules 14c-1 through 14c-7 and Schedule 14C)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
680
680
0
0
0
0
Annual Time Burden (Hours)
62,897
52,337
0
10,560
0
0
Annual Cost Burden (Dollars)
7,359,639
5,951,639
0
1,408,000
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
We anticipate that the amendments will increase the burdens and costs for U.S. companies. The amendments will increase existing burdens by requiring companies to make additional disclosures about their compensation policies and its impact on risk taking; stock and option awards of executives and directors; director and nominee qualifications and legal proceedings; company leadership structure; the boardÂ’s role in the risk oversight process; and potential conflicts of interest of compensation consultants that advise companies. In addition, the amendments transfer from Forms 10-Q and 10-K to Form 8-K the requirement to disclose the voting results from a meeting of shareholders. We anticipate this change will reduce the disclosure burdens for Form 10-Q. With respect to reporting companies (other than registered management investment companies), all of the new disclosure will be required in Schedules 14A and 14C, however, not all of the disclosure requirements will be required in Forms 10, 10-K, S-1, S-4 and S-11. With respect to Schedule14C we estimate an increase of 10,560 burden hours and an increase of $1,408,000 in cost burden.
Annual Cost to Federal Government:
$75,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
N. Harrison 202 942-2910
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/17/2010
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