[Federal Register Volume 61, Number 123 (Tuesday, June 25, 1996)]
[Notices]
[Pages 32861-32862]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-16168]
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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:
Form 8-A, SEC File No. 270-54, OMB Control No. 3235-0056
Form 10-K, SEC File No. 270-48, OMB Control No. 3235-0063
Form 10-Q, SEC File No. 270-49, OMB Control No. 3235-0070
Form 20-F, SEC File No. 270-156, OMB Control No. 3235-0288
Form 10-QSB, SEC File No. 270-369, OMB Control No. 3235-0416
Form 10-KSB, SEC File No. 270-368, OMB Control No. 3235-0420
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 approval of modifications to the following
Forms:
Form 8-A is a registration statement used by issuers that are
already reporting under the Securities Exchange Act of 1934 (``Exchange
Act'') to register a class of securities under the Exchange Act. This
Form permits issuers to incorporate by reference documents that are
already filed with the Commission. The Commission proposes to permit
issuers to register concurrently a public offering under the Securities
Act of 1933 and a class of securities under the Exchange Act by filing
a single Securities Act form that would cover both registrations. This
proposal would reduce the number of filings that are made on Form 8-A
from 1,940 to 776, and would reduce the estimated total annual burden
hours from 14,550 hours to 5,820 hours.
Forms 10-K and 10-Q are filed by issuers to satisfy their annual
and quarterly periodic reporting obligations, respectively, pursuant to
Section 13 and Section 15(d) of the Exchange Act. ``Small business
issuers,'' as defined by Exchange Act Rule 12b-2, are permitted to use
Forms 10-KSB and 10-QSB to satisfy their annual and quarterly periodic
reporting obligations, respectively, under Section 13 and Section 15(d)
of the Exchange Act. In addition, ``foreign private issuers,'' as
defined in Exchange Act Rule 3B-4(c), may file Form 20-F to satisfy
their annual Exchange Act periodic reporting obligations. The
information required to be disclosed in these Forms permits
verification of compliance with securities law requirements, and
assures the public availability and dissemination of material
information concerning an issuer.
The Commission proposed eliminating Form SR, which is filed by
issuers to report the use of proceeds following an initial public
offering, and requiring that the information currently required by that
Form be included in the first periodic report filed by first-time
public issuers under the Exchange Act. The use of proceeds information
would be reported on Forms 10-K, 10-Q, 10-KSB, 10-QSB and, for foreign
private issuers, on Form 20-F. The Commission's proposal would
marginally increase the burden hours associated with filing such Forms.
However, this increase is expected to result in the provision of
important information regarding the use of proceeds and the progress of
an offering within a filing that is more commonly monitored by
investors.
Each year, approximately 6,051 issuers file 6,051 Form 10-Ks, and
approximately 6,282 issuers file 18,216 Form 10-Qs. As a result of the
Commission's proposal, an estimated 490 issuers would be required to
include the proposed use of proceeds disclosure in their Forms 10-K and
10-Q. The average burden hours for the Forms 10-K and 10-Q that would
contain the proposed disclosure item is expected to increase by 5.5
hours for each Form submission. The total annual burden hours for Form
10-K would increase from 10,416,318 hours to 10,419,013 hours, and the
total annual burden hours for Form 10-Q would increase from 2,623,104
hours to 2,631,189 hours.
Approximately 545 foreign private issuers file 545 Form 20-Fs each
year. An estimated 100 of these issuers are expected to include the
proposed use of proceeds information in their Form 20-Fs, and the
burden hours for such Form 20-Fs would increase by an average 5.5 hours
per submission. The total annual
[[Page 32862]]
burden hours for Form 20-F would increase 550 hours as a result of the
Commission's proposal.
An estimated 3,031 small business issuers file 9,093 Form 10-QSBs
each year. Approximately 265 such issuers are expected to include the
proposed disclosure item in their Form 10-QSBs, and the burden hours
for such Form 10-QSBs would increase by an average 5.5 hours per
submission. The total annual burden hours for Form 10-QSB will increase
from 1,191,183 hours to 1,195,555.5 hours.
Approximately 2,790 small business issuers file Form 10-KSB each
year, and approximately 265 of these issuers are expected to include
the proposed use of proceeds information in their Form 10-KSBs. The
burden hours for the affected Form 10-KSBs would increase by an average
5.5 hours per submission. The total annual burden hours for Form 10-KSB
will increase from 3,389,850 hours to 3,391,307.5 hours.
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: June 18, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-16168 Filed 6-24-96; 8:45 am]
BILLING CODE 8010-01-M
