[Federal Register: June 15, 2004 (Volume 69, Number 114)]
[Notices]
[Page 33433]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15jn04-109]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 155; OMB Control No. 3235-0549; SEC File No. 270-492;
Rule 477; OMB Control No. 3235-0550; SEC File No. 270-493.
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'') has submitted to the Office of Management
and Budget requests for extension of the previously approved
collections of information discussed below.
Rule 155 (OMB Control No. 3235-0549; SEC File No. 270-492) under
the Securities Act of 1933 provides safe harbors for a registered
offering following an abandoned private offering, or a private offering
following an abandoned registered offering, without integrating the
registered and private offering in either case. Rule 155 requires any
prospectus filed as a part of a registration statement after a private
offering to include disclosure regarding abandonment of the private
offering. Similarly, the rule requires an issuer to provide each
offeree in a private offering following an abandoned registered
offering with: (1) Information concerning withdrawal of the
registration statement; (2) the fact that the private offering is
unregistered; and (3) the legal implications of the offering's
unregistered status. The likely respondents will be companies. All
information submitted to the Commission is available to the public for
review. Companies only need to satisfy the Rule 155 information
requirements if they wish to take advantage of the rule's safe harbors.
The Rule 155 information is required only on occasion. We estimate that
600 issuers will file Rule 155 submissions annually at an estimated 4
hours per response. We also estimate that 50% of the 2,400 total annual
burden hours (1,200 burden hours) would be prepared by the company. We
estimate that the remaining 50% of the burden hours is prepared by
outside counsel.
Securities Act Rule 477 (OMB 3235-0550; SEC File No. 270-493) sets
forth procedures for withdrawing a registration statement or any
amendment or exhibits thereto. The rule provides that if a registrant
applies for withdrawal in anticipation of reliance on Rule 155's
registered-to-private safe harbor, the registrant must state in the
withdrawal application that the registrant plans to undertake a
subsequent private offering in reliance on the rule. Without this
statement, the Commission would not be able to monitor issuers'
reliance on, and compliance with, Rule 155(c). The likely respondents
will be companies. All information submitted to the Commission under
Rule 477 is available to the public for review. Information provided
under Rule 477 is mandatory. The information is required on occasion.
It is estimated that 300 issuers will file Rule 477 submissions
annually at an estimated one hour per response for a total annual
burden of 300 hours. We estimate that 100% of the reporting burden is
prepared by the issuer.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
Written comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission at: David_Rostker@omb.eop.gov; and (ii) R. Corey
Booth, Director/Chief Information Officer, Office of Information
Technology, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549. Comments must be submitted to OMB within 30 days
of this notice.
Dated: June 7, 2004.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-13419 Filed 6-14-04; 8:45 am]
BILLING CODE 8010-01-P