[Federal Register Volume 76, Number 75 (Tuesday, April 19, 2011)]
[Notices]
[Pages 21931-21932]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-9414]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549.
Requested Change:
Form 10-K, OMB Control No. 3235-0063; SEC File No. 270-48.
Form 20-F, OMB Control No. 3235-0288; SEC File No. 270-156.
Section 989G of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 \1\ (the ``Act'') provides that Section 404(b)
of the Sarbanes-Oxley Act \2\ does not apply to any audit report
prepared for an issuer that is neither an accelerated filer nor a large
accelerated filer as defined in Rule 12b-2 \3\ under the Securities
Exchange Act.\4\ Notice is hereby given that, pursuant to the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501-3520), the Securities and
Exchange Commission (the ``Commission'') has submitted to the Office of
Management and Budget the request for approval of extension of the
previously approved collection of information discussed below.
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\1\ Public Law 111-203 (July 21, 2010).
\2\ 15 U.S.C. 7262.
\3\ 17 CFR 240.12b-2.
\4\ 15 U.S.C. 78a et seq.
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In a separate release,\5\ the Commission amended its rules in light
of the Act, which amends Section 404 of the Sarbanes-Oxley Act. The
Commission had previously estimated the burden of complying with
Section 404(b) of the Sarbanes-Oxley Act assuming that all filers of
Forms 10-K and 20-F would file an auditor's attestation report. The
filers that were included in the estimate but are no longer subject to
the 404 requirement are sometimes referred to as ``non-accelerated
filers.''
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\5\ Release No. 33-9142 (Sept. 15, 2010) [75 FR 57385].
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Form 10-K sets forth the disclosure requirements for annual reports
filed by issuers under the Securities Exchange Act. Form 20-F sets
forth the disclosure requirements for annual reports and registration
statements filed by foreign private issuers under the Securities
Exchange Act, as well as many of the
[[Page 21932]]
disclosure requirements for registration statements filed by foreign
private issuers under the Securities Act.
Based on the number of non-accelerated filers that filed an annual
report in 2009, we estimate that approximately 4,400 annual reports on
Form 10-K and approximately 285 annual reports on Form 20-F are filed
annually by non-accelerated filers. The current burden estimates for
Form 10-K and Form 20-F attribute 0.5 burden hours per issuer for
filing the auditor attestation report, including the burden attributed
to the related disclosure in the annual report, and do not include any
burden attributed to the audit work.\6\ Consistent with the burden
estimates for these forms, that estimate is then split 75% and 25%
between internal staff and external professionals for Form 10-K, and
25% and 75% between internal staff and external professionals for Form
20-F. Both estimates assume an hourly rate of $400 for external
professionals. Accordingly, we are reducing the aggregate burden
estimate by 1,650 hours of internal staff time and $220,000 for
external professional services for Form 10-K, and 36 hours of internal
staff time and $42,750 for external professional services for Form 20-
F.
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\6\ For further information on the determination of our
estimates, see Release No. 33-8238 (June 5, 2003) [68 FR 36636].
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The information collections requirements related to Forms 10-K and
20-F are mandatory. There is no mandatory retention period for the
information disclosed, and the information disclosed is made publicly
available on the EDGAR filing system. 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 OMB control number.
The public may view the background documentation for this
information collection at the following Web site, http:
www.reginfo.gov. Comments should be directed to: (i) Desk Officer for
the Securities and Exchange Commission, Office of Information and
Regulatory Affairs, Office of Management and Budget, Room 10102, New
Executive Office Building, Washington, DC 20503, or by sending an e-
mail to: [email protected]; and (ii) Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an
e-mail to: [email protected]. Comments must be submitted to OMB
within 30 days of this notice.
Please direct your written comments to Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an
e-mail to: [email protected]">[email protected].
April 11, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-9414 Filed 4-18-11; 8:45 am]
BILLING CODE 8011-01-P