Document ID: SEC-2011-0566-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2011-04-19T04:00Z

[Federal Register Volume 76, Number 75 (Tuesday, April 19, 2011)]
[Notices]
[Pages 21931-21932]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9414]

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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 Investor Education and Advocacy, Washington, DC 
20549.

Requested Change:
    Form 10-K, OMB Control No. 3235-0063; SEC File No. 270-48.
    Form 20-F, OMB Control No. 3235-0288; SEC File No. 270-156.

    Section 989G of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 \1\ (the ``Act'') provides that Section 404(b) 
of the Sarbanes-Oxley Act \2\ does not apply to any audit report 
prepared for an issuer that is neither an accelerated filer nor a large 
accelerated filer as defined in Rule 12b-2 \3\ under the Securities 
Exchange Act.\4\ Notice is hereby given that, pursuant to the Paperwork 
Reduction Act of 1995 (44 U.S.C. 3501-3520), the Securities and 
Exchange Commission (the ``Commission'') has submitted to the Office of 
Management and Budget the request for approval of extension of the 
previously approved collection of information discussed below.
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    \1\ Public Law 111-203 (July 21, 2010).
    \2\ 15 U.S.C. 7262.
    \3\ 17 CFR 240.12b-2.
    \4\ 15 U.S.C. 78a et seq.
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    In a separate release,\5\ the Commission amended its rules in light 
of the Act, which amends Section 404 of the Sarbanes-Oxley Act. The 
Commission had previously estimated the burden of complying with 
Section 404(b) of the Sarbanes-Oxley Act assuming that all filers of 
Forms 10-K and 20-F would file an auditor's attestation report. The 
filers that were included in the estimate but are no longer subject to 
the 404 requirement are sometimes referred to as ``non-accelerated 
filers.''
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    \5\ Release No. 33-9142 (Sept. 15, 2010) [75 FR 57385].
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    Form 10-K sets forth the disclosure requirements for annual reports 
filed by issuers under the Securities Exchange Act. Form 20-F sets 
forth the disclosure requirements for annual reports and registration 
statements filed by foreign private issuers under the Securities 
Exchange Act, as well as many of the

[[Page 21932]]

disclosure requirements for registration statements filed by foreign 
private issuers under the Securities Act.
    Based on the number of non-accelerated filers that filed an annual 
report in 2009, we estimate that approximately 4,400 annual reports on 
Form 10-K and approximately 285 annual reports on Form 20-F are filed 
annually by non-accelerated filers. The current burden estimates for 
Form 10-K and Form 20-F attribute 0.5 burden hours per issuer for 
filing the auditor attestation report, including the burden attributed 
to the related disclosure in the annual report, and do not include any 
burden attributed to the audit work.\6\ Consistent with the burden 
estimates for these forms, that estimate is then split 75% and 25% 
between internal staff and external professionals for Form 10-K, and 
25% and 75% between internal staff and external professionals for Form 
20-F. Both estimates assume an hourly rate of $400 for external 
professionals. Accordingly, we are reducing the aggregate burden 
estimate by 1,650 hours of internal staff time and $220,000 for 
external professional services for Form 10-K, and 36 hours of internal 
staff time and $42,750 for external professional services for Form 20-
F.
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    \6\ For further information on the determination of our 
estimates, see Release No. 33-8238 (June 5, 2003) [68 FR 36636].
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    The information collections requirements related to Forms 10-K and 
20-F are mandatory. There is no mandatory retention period for the 
information disclosed, and the information disclosed is made publicly 
available on the EDGAR filing system. 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 OMB control number.
    The public may view the background documentation for this 
information collection at the following Web site, http: 
www.reginfo.gov. Comments should be directed to: (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, or by sending an e-
mail to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an 
e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB 
within 30 days of this notice.
    Please direct your written comments to Thomas Bayer, Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
e-mail to: PRA_Mailbox@sec.gov">PRA_Mailbox@sec.gov.

     April 11, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-9414 Filed 4-18-11; 8:45 am]
BILLING CODE 8011-01-P