[Federal Register: May 27, 1999 (Volume 64, Number 102)]
[Notices]               
[Page 28845]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27my99-107]


[[Page 28845]]

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission Office of Filings and Information Services Washington, DC 
20549
Extension:
    Rule 10A-1, SEC File No. 270-425, OMB Control No. 3235-0468

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of management and 
Budget for extension and approval.
    Rule 10A-1 implements the reporting requirements in Section 10A of 
the Exchange Act, which was enacted by Congress on December 22, 1995 as 
part of the Private Securities Litigation Reform Act of 1995, Public 
Law No. 104-67. Under section 10A and Rule 10A-1 reporting occurs only 
if a registrant's board of directors receives a report from its 
auditors 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 and the Investment 
Company Act of 1940.
    It is expected that satisfaction of these conditions precedent to 
the reporting requirements will be rare and, therefore, it is estimated 
that Rule 10A-1 results in an aggregate additional reporting burden of 
10 hours per year. The estimated average burden hours are solely for 
purposes of the Paperwork Reduction act and are not derived form a 
comprehensive or even a representative survey or study of the costs of 
SEC rules or forms.
    Written comments are invited on: (a) Whether the proposed 
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 of 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. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC 
20549.

    Dated: May 20, 1999.
Jonathan G. Katz,
Secretary.
[FR Doc. 99-13465 Filed 5-26-99; 8:45 am]
BILLING CODE 8010-01-M