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Federal forms, ICRs, and supporting documents

Information Collection Request

Rule 701-Exemption for offers and sales of securities pursuant to certain compensatory benefit plans and contracts relating to compensation.

ICR 201807-3235-004 · OMB 3235-0522 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
PRA SUPPORTING STATEMENT FOR FINAL RULE - July 19, 2018.pdf Supporting Statement A Uploaded 2018-08-01 Available
IC Document Collections
IC IDCollectionTypeStatusForm
35315 Rule 701-Exemption for offers and sales of securities pursuant to certain compensatory benefit plans and contracts relating to compensation. Modified
ICR Details
3235-0522 201807-3235-004
Historical Active 201806-3235-015
SEC CF 270-306
Rule 701-Exemption for offers and sales of securities pursuant to certain compensatory benefit plans and contracts relating to compensation.
Revision of a currently approved collection   No
Emergency 08/23/2018
Approved without change 11/08/2018
Retrieve Notice of Action (NOA) 08/03/2018
  Inventory as of this Action Requested Previously Approved
05/31/2019 6 Months From Approved 10/31/2020
800 0 1,600
400 0 800
480,000 0 960,000
Rule 701 requires issuers conducting employee benefit plan offerings in excess of $5 million in reliance on the rule to provide the employee covered by the plan with risk and financial statement disclosures.
The Commission requests an emergency extension for the information collection because the amendment to Rule 701 implements Section 507 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was enacted on May 24, 2018. Section 507 directs the Commission to adopt the amendment to Rule 701 no later than 60 days after the date of enactment. The Commission for good cause found that notice and comment were unnecessary because the amendment merely conforms the information collection to the requirement of the Act and does not involve the exercise of discretion by the Commission.
US Code: 15 USC 77c(b) 77s(a), 77z-3 Name of Law: Securities Act of 1933
  
PL: Pub.L. 115 - 174 507 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act
3235-AM39 Final or interim final rulemaking 83 FR 34940 07/24/2018
No
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 800 1,600 -800 0 0 0
Annual Time Burden (Hours) 400 800 -400 0 0 0
Annual Cost Burden (Dollars) 480,000 960,000 -480,000 0 0 0
No
No
The amendment adopted in Release No. 33-10520 will reduce the burdens for non-reporting issuers who rely on Rule 701 to make exempt compensatory offerings in the $5 million to $10 million range over a 12-month period. For purposes of the PRA, we estimate that the proposed amendment to Rule 701 would result in a net decrease of 400 burden hours and a net decrease in the cost burden of ($480,000) for the services of outside professionals.
$50,000
No
    No
    No
No
No
No
Uncollected
Anne Krauskopf 202 551-3500
  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.
08/03/2018