Document ID: SEC-2009-0159-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2009-02-03T05:00Z

[Federal Register: February 3, 2009 (Volume 74, Number 21)]
[Notices]               
[Page 5950-5951]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03fe09-57]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request:

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213;

Extension:
    Regulation FD; OMB Control No. 3235-0536; SEC File No. 270-475.

    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 Budget 
for extension and approval.
    Regulation FD (17 CFR 243.100 et seq.)--Other Disclosure Materials 
requires public disclosure of material

[[Page 5951]]

information from issuers of publicly traded securities so that 
investors have current information upon which to base investment 
decisions. The purpose of the regulation is to require: (1) An issuer 
that intentionally discloses material information, to do so through 
public disclosure, not selective disclosure; and (2) an issuer that 
learns that it has made a non-intentional material selective 
disclosure, issuer to make prompt public disclosure of that 
information. Regulation FD was adopted due to a concern that the 
practice of selective disclosure leads to a loss of investor confidence 
in the integrity of our capital markets. We estimate that approximately 
13,000 issuers make Regulation FD disclosures approximately five times 
a year for a total of 58,000 submissions annually, not including an 
estimated 7,000 issuers who file Form 8-K to comply with Regulation FD. 
We estimate that it takes 5 hours per response (58,000 responses x 5 
hours) for a total burden of 290,000 hours annually. In addition, we 
estimate that 25% of the 5 hours per response (1.25 hours) is prepared 
by the filer for an annual reporting burden of 72,500 hours (1.25 hours 
per response x 58,000 responses).
    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 has 
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.
    Please direct your written comments to Charles Boucher, Director/
CIO, Securities and Exchange Commission, C/O Shirley Martinson, 6432 
General Green Way, Alexandria, Virginia 22312; or send an e-mail to: 
PRA_Mailbox@sec.gov.

    January 26, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-2228 Filed 2-2-09; 8:45 am]

BILLING CODE 8011-01-P