[Federal Register Volume 66, Number 60 (Wednesday, March 28, 2001)]
[Notices]
[Page 16961]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-7594]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

Extension:
    Rule 155, OMB Control No. 3235-0549, SEC File No. 270-492.
    Rule 477, OMB Control No. 3235-0550, SEC File No. 270-493.

    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'') is soliciting comments on the collections 
of information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension and approval.
    Rule 155 under the Securities Act provides safe harbors for a 
registered offering following an abandoned private offering, or a 
private offering following an abandoned registered offering, without 
integrating the registered and private offering in either case. Rule 
155 requires any prospectus filed as a part of a registration statement 
after a private offering to include disclosure regarding abandonment of 
the private offering. Similarly, the rule requires an issuer to provide 
each offeree in a private offering following an abandoned registered 
offering with: (1) Information concerning withdrawal of the 
registration statement; (2) the fact that the private offering is 
unregistered; and (3) the legal implications of the offering's 
unregistered status. The likely respondents will be companies. It is 
estimated that 600 issuers will file Rule 155 submissions annually at 
an estimated 4 hours per response. Also, it is estimated that 50% of 
the 2,400 total annual burden hours (1,200 burden hours) would be 
prepared by the company. We estimate that the company's outside counsel 
would prepare the other 1,200 burden hours.
    Rule 477 under the Securities Act sets forth procedures for 
withdrawing a registration statement or any amendment or exhibits 
thereto. The rule provides that if a registrant applies in anticipation 
of reliance on Rule 155's registered-to-private safe harbor, the 
registrant must state in the withdrawal application that the registrant 
plans to undertake a subsequent private offering in reliance on the 
rule. Without this statement, the Commission would not be able to 
monitor issuers' reliance on and compliance with Rule 155(c). The 
likely respondents will be companies. It is estimated that 300 issuers 
will file Rule 477 submissions annually at an estimated one-hour per 
response for a total annual burden of 300 hours.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549.

    Dated: March 21, 2001.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-7594 Filed 3-27-01; 8:45 am]
BILLING CODE 8010-01-M