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:
3235-0067
ICR Reference No:
202001-3235-012
Status:
Historical Inactive
Previous ICR Reference No:
201911-3235-023
Agency/Subagency:
SEC
Agency Tracking No:
CF 270-064
Title:
Form S-11 - Registration Statement
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
03/24/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/11/2020
Terms of Clearance:
OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2022
36 Months From Approved
07/31/2022
Responses
64
0
64
Time Burden (Hours)
12,214
0
12,214
Cost Burden (Dollars)
14,925,768
0
14,925,768
Abstract:
Form S-11 is the registration form used to register securities issued in real estate investment trusts or by issuers whose business is primarily that of acquiring and holding investment interests in real estate under the Securities Act of 1933.
Authorizing Statute(s):
US Code:
15 USC 77c, 77f, 77g, 77h, 77j,
Name of Law: Securities Act of 1933
US Code:
15 USC 77s(a), 77z-3
Name of Law: Securities Act of 1933
US Code:
15 USC 78c(b), 78l, 78m, 78o(d)
Name of Law: Securiites Exchange Act of 1934
US Code:
15 USC 78w(a), 78mm
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AM12
Proposed rulemaking
83 FR 49630
10/02/2018
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
Form S-11 - Registration Statement
SEC 907
Form S-11
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 amendments would revise the disclosure requirements in Rules 3-10 and 3-16 of Regulation S-X to better align those requirements with the needs of investors and to simplify and streamline the disclosure obligations of registrants. These amendments are intended to provide investors with the information that is important given the specific facts and circumstances, make the disclosures easier to understand, and reduce the costs and burdens to registrants. The proposal would amend both rules and relocate part of Rule 3-10 and all of Rule 3-16 to proposed Rules 13-01 and 13-02, respectively. Considering the various impacts to the existing collection of information requirements, we estimate that the proposed amendments to Rules 3-10 and would reduce the overall paperwork burden for registrants that currently provide the disclosures under existing Rule 3-10 in any particular filing. Further, we estimate that the proposed amendments to the disclosure requirements in Rule 3-16 would also reduce the overall paperwork burden for registrants that currently provide the disclosures under existing Rule 3-16 in any particular filing, except for Form 10-Q. The proposed amendments related to Rule 3-16 would require financial information in quarterly reports on Form 10-Q that are not required under existing Rule 3-16. Although the proposed amendments would reduce the paperwork burden for most of the affected forms, they could cause the number of affected forms filed to increase over a period of time. The proposed amendments to Rule 3-10 could encourage potential issuers to conduct registered debt offerings or private offerings with registration rights instead of conducting those offerings privately or without registration rights. Similarly, the proposed amendments to the disclosure requirements in Rule 3-16 could encourage potential issuers to conduct additional registered collateralized debt offerings because the costs of complying with proposed Rule 13-02 could be less than the costs required to comply with existing Rule 3-16. As the number of these registered offerings increases, the number of affected forms filed would also increase over a period of time, which could mitigate, or offset, any reduction to the paperwork burden for any particular filing. For Form S-11, we estimate that the proposed amendments would result in an increase of approximately 15 internal burden hours and an increase of approximately $18,000 in outside professional costs.
Annual Cost to Federal Government:
$102,000,000
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:
John Fieldsend 202 551-3343
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:
02/11/2020
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