Document ID: SEC-2023-0354-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Written Representation as to Purchaser Residency
Posted Date: 2023-03-28T04:00Z

[Federal Register Volume 88, Number 59 (Tuesday, March 28, 2023)]
[Notices]
[Pages 18358-18359]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-06411]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-805, OMB Control No. 3235-0756]

Proposed Collection; Comment Request; Extension: Rule 
147(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 147 is a safe harbor under the Securities Act Section 
3(a)(11)(15 U.S.C. 77c(a)(11)) exemption from registration. To qualify 
for the safe harbor, Rule 147(f)(1)(iii) (17 CFR 230.147) will require 
the issuer to obtain from the purchaser a written representation as to 
the purchaser's residency. Under Rule 147, 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 147(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

[[Page 18359]]

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. 2023-06411 Filed 3-27-23; 8:45 am]
BILLING CODE 8011-01-P