[Federal Register Volume 66, Number 110 (Thursday, June 7, 2001)]
[Notices]
[Pages 30771-30772]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-14330]


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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 155, OMB Control No. 3235-0549, SEC File No. 270-492;

[[Page 30772]]

    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'') has submitted to the Office of Management 
and Budget requests for extension of the previously approved 
collections of information discussed below.
    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. All 
information submitted to the Commission is available to the public for 
review. Companies only need to satisfy the Rule 155 information 
requirements if they wish to avail themselves of the rule's safe 
harbors. The Rule 155 information is required only on occasion. 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 (1200 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. All information submitted to the 
Commission under Rule 477 is available to the public for review. 
Information provided under Rule 477 is mandatory. The information is 
required on occasion. 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.
    Finally, 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.
    Written 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, Room 10102, New Executive Office 
Building, Washington, DC 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: May 30, 2001.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-14330 Filed 6-6-01; 8:45 am]
BILLING CODE 8010-01-M