[Federal Register Volume 61, Number 178 (Thursday, September 12, 1996)]
[Notices]
[Page 48177]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-23314]
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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, D.C. 20549.
New
Proposed Rule 10A-1 SEC File No. 270-425 OMB Control No. 3235-NEW
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 or SEC) has submitted to the Office of
Management and Budget a request for approval of proposed Rule 10A-1
under the General Rules and Regulations under the Securities Exchange
Act of 1934.
Proposed Rule 10A-1 would implement 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. Likely respondents are those
registrants filing audited financial statements under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940. Under
section 10A (and proposed Rule 10A-1) reporting would occur 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. It is
expected that satisfaction of these conditions precedent to the
reporting requirements will be rare. It is estimated that the proposed
amendments, if adopted, may result in an aggregate additional reporting
burden of 10 hours.
General comments regarding the estimated burden hours should be
directed to the OMB Clearance Officer 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 Clearance Officer, Office of Management and
Budget, Room 3208, New Executive Office Building, Washington, D.C.
20503.
Dated: August 26, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-23314 Filed 9-11-96; 8:45 am]
BILLING CODE 8010-01-M
