Schedule 14A is filed by issuers of
securities registered under Section 12 of the Securities Exchange
Act of 1934 in connection with 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 669,026 hours and $78,822,387. 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 669,232 hours (an increase of 206 hours) and
$78,849,887 (an increase of $27,500).
$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 Final.doc
Regulation 14A (Commission Rules 14a-1 through 14a-17 and Schedule 14A)