[Federal Register Volume 88, Number 59 (Tuesday, March 28, 2023)]
[Notices]
[Page 18362]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06410]



[[Page 18362]]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-806, OMB Control No. 3235-0757]


Proposed Collection; Comment Request; Extension: Rule 
147A(f)(1)(iii) Written Representation as to Purchaser Residency

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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 147A(f)(1)(iii) (17 CFR 230.147A(f)(1)(iii)) requires the 
issuer to obtain from the purchaser a written representation as to the 
pruchase's residency in order to qualify for safe harbor under 
Securities Act Rule 147A (17 CFR 230.147A). Rule 147A is an exemption 
from registration under Securities Act Section 28 (15 U.S.C. 77z-3). 
Under Rule 147A, the purchaser in the offering must be a resident of 
the same state or territory in which the issuer is a resident. While 
the formal representation of residency by itself is not sufficient to 
establish a reasonable belief that such purchasers are in-state 
residents, the representation requirement, together with the reasonable 
belief standard, may result in better compliance with the rule and 
maintaining appropriate investor protections. The representation of 
residency is not provided to the Commission. Approximately 700 
respondents provide the information required by Rule 147A(f)(1)(iii) at 
an estimated 2.75 hours per response for a total annual reporting 
burden of 1,925 hours (2.75 hours x 700 responses).
    Written comments are invited on: (a) whether this 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 imposed by 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 by May 30, 2023.
    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.
    Please direct your written comment to David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o John 
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to: 
[email protected].

    Dated: March 23, 2023.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-06410 Filed 3-27-23; 8:45 am]
BILLING CODE 8011-01-P