Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.
Inventory as of this Action
Requested
Previously Approved
10/31/2012
36 Months From Approved
04/30/2010
7,300
0
7,300
555,895
0
555,683
63,737,468
0
63,709,987
Schedule 14A is filed by issuers of securities registered under Section 12 of the Securities Exchange Act of 1934 in connection with the solicitation of a proxy.
US Code:
15 USC 78n(a), 78w(a)
Name of Law: Securities Exchange Act of 1934
US Code:
12 USC 5221(e)
Name of Law: Emergency Economic Stablization Act of 2008
The proposed rules increase the burden of TARP recipients to comply with Schedule 14A. We estimated that each TARP recipient subject to our proposed rules would spend an additional one hour per year complying with our proposed rules requiring a shareholder vote on executive compensation and accompanying disclosure. We also estimated, based on publicly available information, that approximately 275 TARP recipients would be subject to our proposed rules. Therefore, we estimated the aggregate addition hourly annual burden imposed by the proposed rules at 275 hours (1 hour per year for each 275 TARP recipients).
For Schedule 14A, we estimate that 75% of the burden of preparation is carried by the company internally and that 25% of the burden of preparation is carried by outside professionals retained by the company at an average cost of $400 per hour. The portion of the burden carried by outside professionals is reflected as a cost, while the portion of the burden carried by the company internally is reflected in hours. Therefore, we estimated that the hourly and cost burden changes as a result of the proposed rules were 206 hours (75% of the aggregate 275 hours carried by the company) and $27,500 (25% of the aggregate 275 hours carried by outside professionals and reflected as a cost based on the rate of $400 per hour).
The currently approved annual burdens with respect to Schedule 14A are 555,683 hours and $63,709,987. As a result of the burden changes imposed by the proposed amendments, we are requesting an increase in the annual burdens with respect to Schedule 14A to 555,895 hours (an increase of 212 hours) and $63,737,468 (an increase of $27,481).
The slight differences between the estimated burden changes (206 hours and $27,500) and the requested burden changes (212 hours and $27,481) are due to automatic rounding in the Form 83-I time and cost per-response calculations.
$50,000
No
No
Uncollected
Uncollected
Yes
Uncollected
John Harrington 2025513576
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
PRA Supporting Statement - TARP.doc
Regulation 14A (Commission Rules 14a-1 through 14a-17 and Schedule 14A)