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:
3235-0059
ICR Reference No:
201004-3235-001
Status:
Historical Active
Previous ICR Reference No:
201002-3235-003
Agency/Subagency:
SEC
Agency Tracking No:
CF 270-56
Title:
Regulation 14A (Commission Rules 14a-1 through 14a-17 and Schedule 14A)
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:
05/10/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/07/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2013
36 Months From Approved
04/30/2013
Responses
7,300
0
7,300
Time Burden (Hours)
669,232
0
669,026
Cost Burden (Dollars)
78,849,887
0
78,822,387
Abstract:
Schedule 14A is filed by issuers of securities registered under Section 12 of the Securities Exchange Act of 1934 in connection with solicitation of a proxy.
Authorizing Statute(s):
US Code:
15 USC 78n(a), 78w(a)
Name of Law: Securities Exchange Act of 1934
US Code:
12 USC 5221(e)
Name of Law: Emergency Economic Stablization Act of 2008
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AK31
Final or interim final rulemaking
75 FR 2789
01/19/2010
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 14A (Commission Rules 14a-1 through 14a-17 and Schedule 14A)
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
7,300
7,300
0
0
0
0
Annual Time Burden (Hours)
669,232
669,026
0
206
0
0
Annual Cost Burden (Dollars)
78,849,887
78,822,387
0
27,500
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:
The proposed rules increase the burden of TARP recipients to comply with Schedule 14A. We estimated that each TARP recipient subject to our proposed rules would spend an additional one hour per year complying with our proposed rules requiring a shareholder vote on executive compensation and accompanying disclosure. We also estimated, based on publicly available information, that approximately 275 TARP recipients would be subject to our proposed rules. Therefore, we estimated the aggregate addition hourly annual burden imposed by the proposed rules at 275 hours (1 hour per year for each 275 TARP recipients). For Schedule 14A, we estimate that 75% of the burden of preparation is carried by the company internally and that 25% of the burden of preparation is carried by outside professionals retained by the company at an average cost of $400 per hour. The portion of the burden carried by outside professionals is reflected as a cost, while the portion of the burden carried by the company internally is reflected in hours. Therefore, we estimated that the hourly and cost burden changes as a result of the proposed rules were 206 hours (75% of the aggregate 275 hours carried by the company) and $27,500 (25% of the aggregate 275 hours carried by outside professionals and reflected as a cost based on the rate of $400 per hour). The currently approved annual burdens with respect to Schedule 14A are 669,026 hours and $78,822,387. As a result of the burden changes imposed by the proposed amendments, we are requesting an increase in the annual burdens with respect to Schedule 14A to 669,232 hours (an increase of 206 hours) and $78,849,887 (an increase of $27,500).
Annual Cost to Federal Government:
$50,000
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)?
Yes
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
John Harrington 2025513576
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:
04/07/2010
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