[Federal Register Volume 61, Number 61 (Thursday, March 28, 1996)]
[Notices]
[Pages 13893-13894]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7535]
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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 Filings and Information Services, Washington, DC
20549
Revision:
Regulation S-X--SEC File No. 270-3--OMB Control No. 3235-0009
Regulation S-K--SEC File No. 270-2--OMB Control No. 3235-0071
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 proposed amendments to Rule 4-08 of Regulation S-X (17 CFR
210.4-08) and proposed Item 305 of Regulation S-K (17 CFR 229.305) to
clarify certain disclosure requirements related to derivative and other
financial and commodity instruments, to include additional instruments
within existing disclosure requirements, and to provide alternative
quantitative disclosures regarding the market risk inherent in those
instruments.
Amendments to Rule 4-08 of Regulation S-X would clarify the current
requirements under generally accepted accounting principles (``GAAP'')
for registrants' disclosures of accounting policies related to
derivative and other financial and commodity instruments, and include
additional instruments within the existing accounting policy
disclosures. This is considered necessary due to the general and
uninformative disclosures currently being received by the Commission
about such policies. Likely respondents are those registrants filing
financial statements under the Securities Act of 1933, the Securities
Exchange Act of 1934, the Public Utility Holding Company Act of 1935,
and the Investment Company Act of 1940. Reporting should occur
annually, with material modifications to the annual information
disclosed in quarterly reports. It is estimated that the proposed
amendments, if adopted, may result in an aggregate additional reporting
burden of 11,000 hours.
Proposed Item 305 of Regulation S-K would require, to the extent
material, quantitative and qualitative disclosures about market risks
associated with derivative and other financial and commodity
instruments. These disclosures are considered necessary to provide
transparency into registrants' use of derivative and other financial
and commodity instruments and the market risks inherent in those
instruments, in order to reduce the number of instances where losses
from such transactions ``surprise'' the securities markets. Likely
respondents are those registrants filing documents under the Securities
Act of 1933, the Securities Exchange Act of 1934, and the Public
Utility Holding Company Act of 1935, for whom the proposed disclosures
would be material to an understanding of their businesses taken as a
whole. Reporting should occur annually, with material modifications to
the annual information disclosed in quarterly reports. It is estimated
that the proposed amendments, if adopted, may result in an aggregate
additional reporting burden of 200,000 hours.
The estimated burden hours would remain unchanged for compliance
with Regulation S-X [OMB Number 3235-0009] and Regulation S-K [OMB
Number 3235-0071]. Instead, the estimated burden hours for Commission
forms that require the filing of financial statements prepared in
accordance with Regulation S-X and the information required by the
standard disclosure items in Regulation S-K, would be amended to note
any increase in such burdens. These forms would include Form 10-K [OMB
Number 3235-0063] and Form S-1 [OMB Number 3235-0065].
[[Page 13894]]
General comments regarding the estimated burden hours should be
directed to the Desk Officer for the Securities and Exchange Commission
at the address below. Any comments concerning the accuracy of the
estimated average burden hours for compliance with Commission rules and
forms should be directed to Michael E. Bartell, Associate Executive
Director, Office of Information Technology, Securities and Exchange
Commission, 450 Fifth Street, N.W., Washington, D.C. 20549 and Desk
Officer for the Securities and Exchange Commission, Office of
Information and Regulatory Affairs, Office of Management and Budget,
Room 3208, New Executive Office Building, Washington, D.C. 20503.
Dated: March 20, 1996.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-7535 Filed 3-27-96; 8:45 am]
BILLING CODE 8010-01-M
