Document ID: SEC-2021-1095-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2021-10-25T04:00Z

[Federal Register Volume 86, Number 203 (Monday, October 25, 2021)]
[Notices]
[Pages 58970-58971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23153]

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

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-521, OMB Control No. 3235-0579]

Submission for OMB Review; Comment Request

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

Extension:
    Regulation BTR

    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 this request for extension of the previously approved 
collection of information discussed below.
    Regulation Blackout Trade Restriction (``Regulation BTR'') (17 CFR 
245.100-245.104) clarifies the scope and application of Section 306(a) 
of the Sarbanes-Oxley Act of 2002 (``Act'') (15 U.S.C. 7244(a)). 
Section 306(a)(6) [15 U.S.C. 7244(a)(6)] of the Act requires an issuer 
to provide timely notice to its directors and executive officers and to 
the Commission of the imposition of a blackout period that would 
trigger the statutory trading prohibition of Section

[[Page 58971]]

306(a)(1) [15 U.S.C. 7244(a)(1)]. Section 306(a) of the Act prohibits 
any director or executive officer of an issuer of any equity security, 
directly or indirectly, from purchasing, selling or otherwise acquiring 
or transferring any equity security of that issuer during any blackout 
period with respect to such equity security, if the director or 
executive officer acquired the equity security in connection with his 
or her service or employment. Approximately 1,230 issuers file 
Regulation BTR notices approximately 5 times a year for a total of 
6,150 responses. We estimate that it takes approximately 2 hours to 
prepare the blackout notice for a total annual burden of 2,460 hours. 
The issuer prepares 75% of the 2,460 annual burden hours for a total 
reporting burden of (1,230 x 2 x 0.75) 1,845 hours. In addition, we 
estimate that an issuer distributes a notice to five directors and 
executive officers at an estimated 5 minutes per notice (1,230 blackout 
period x 5 notices x 5 minutes) for a total reporting burden of 512 
hours. The combined annual reporting burden is (1,845 hours + 512 
hours) 2,357 hours.
    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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: October 19, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23153 Filed 10-22-21; 8:45 am]
BILLING CODE 8011-01-P