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:
3235-0522
ICR Reference No:
201807-3235-004
Status:
Historical Active
Previous ICR Reference No:
201806-3235-015
Agency/Subagency:
SEC
Agency Tracking No:
CF 270-306
Title:
Rule 701-Exemption for offers and sales of securities pursuant to certain compensatory benefit plans and contracts relating to compensation.
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
08/23/2018
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/08/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/03/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2019
6 Months From Approved
10/31/2020
Responses
800
0
1,600
Time Burden (Hours)
400
0
800
Cost Burden (Dollars)
480,000
0
960,000
Abstract:
Rule 701 requires issuers conducting employee benefit plan offerings in excess of $5 million in reliance on the rule to provide the employee covered by the plan with risk and financial statement disclosures.
Emergency Justfication:
The Commission requests an emergency extension for the information collection because the amendment to Rule 701 implements Section 507 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was enacted on May 24, 2018. Section 507 directs the Commission to adopt the amendment to Rule 701 no later than 60 days after the date of enactment. The Commission for good cause found that notice and comment were unnecessary because the amendment merely conforms the information collection to the requirement of the Act and does not involve the exercise of discretion by the Commission.
Authorizing Statute(s):
US Code:
15 USC 77c(b) 77s(a), 77z-3
Name of Law: Securities Act of 1933
Citations for New Statutory Requirements:
PL: Pub.L. 115 - 174 507 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AM39
Final or interim final rulemaking
83 FR 34940
07/24/2018
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
Rule 701-Exemption for offers and sales of securities pursuant to certain compensatory benefit plans and contracts relating to compensation.
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
800
1,600
-800
0
0
0
Annual Time Burden (Hours)
400
800
-400
0
0
0
Annual Cost Burden (Dollars)
480,000
960,000
-480,000
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The amendment adopted in Release No. 33-10520 will reduce the burdens for non-reporting issuers who rely on Rule 701 to make exempt compensatory offerings in the $5 million to $10 million range over a 12-month period. For purposes of the PRA, we estimate that the proposed amendment to Rule 701 would result in a net decrease of 400 burden hours and a net decrease in the cost burden of ($480,000) for the services of outside professionals.
Annual Cost to Federal Government:
$50,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
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:
Anne Krauskopf 202 551-3500
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:
08/03/2018
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