[Federal Register Volume 67, Number 88 (Tuesday, May 7, 2002)]
[Notices]
[Page 30730]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-11266]


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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 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'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    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, Public 
Law No. 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 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.
    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 estimated that Rule 10A-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.
    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 5th Street, NW. Washington, DC 
20549.

    Dated: April 30, 2002.
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 02-11266 Filed 5-6-02; 8:45 am]
BILLING CODE 8010-01-P