[Federal Register Volume 64, Number 148 (Tuesday, August 3, 1999)]
[Notices]
[Page 42157]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-19874]



[[Page 42157]]

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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

Extension:
    Rule 10A-1, SEC File No. 270-425, OMB Control No. 3235-0468

    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 a 
request for extension of the previously approved collection of 
information discussed below.
    Rule 10A-1 implements 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, Pub. L. 
104-67. Under section 10A and Rule 10A-1 reporting occurs 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 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.
    Likely respondents are those registrants filing audited financial 
statements under the Securities Exchange Act of 1934 and the Investment 
Company Act of 1940.
    It is expected that satisfaction of these conditions precedent to 
the reporting requirements are rare and, therefore, it is estimated 
that Rule 10AS-1 results in an aggregate additional reporting burden of 
10 hours per year. The estimated average burden hours are solely for 
purposes of the Paperwork Reduction Act and are not derived from a 
comprehensive or even a representative survey or study of the costs of 
SEC rules or forms.
    There are no recordkeeping retention periods in Rule 10A-1. Because 
of the one business day reporting periods, recordkeeping retention 
periods should not be significant.
    Filing the notice or report under Rule 10A-1 is mandatory once the 
conditions noted above have been satisfied. Because these notices and 
reports discuss potential illegal acts, they are considered to be 
investigative records and are kept confidential.
    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.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, New Executive Office Building, 
Washington, D.C. 20503; and (ii) Michael E. Bartell, Associate 
Executive Director, 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: July 27, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-19874 Filed 8-2-99; 8:45 am]
BILLING CODE 8010-01-M