OMB files this
comment in accordance with 5 CFR 1320.11(c). This OMB action is not
an approval to conduct or sponsor an information collection under
the Paperwork Reduction Act of 1995. This action has no effect on
any current approvals. If OMB has assigned this ICR a new OMB
Control Number, the OMB Control Number will not appear in the
active inventory. For future submissions of this information
collection, reference the OMB Control Number provided. Pursuant to
5 CFR 1320.11(c), OMB files this comment on this information
collection request (ICR). The agency shall examine public comment
in response to the NPRM and will describe in the supporting
statement of its next collection any public comments received
regarding the collection as well as why (or why it did not)
incorporate the commenter’s recommendation. The next submission to
OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
07/31/2022
36 Months From Approved
07/31/2022
64
0
64
12,214
0
12,214
14,925,768
0
14,925,768
Form S-11 is the registration form
used to register securities issued in real estate investment trusts
or by issuers whose business is primarily that of acquiring and
holding investment interests in real estate under the Securities
Act of 1933.
The proposed amendments would
revise the disclosure requirements in Rules 3-10 and 3-16 of
Regulation S-X to better align those requirements with the needs of
investors and to simplify and streamline the disclosure obligations
of registrants. These amendments are intended to provide investors
with the information that is important given the specific facts and
circumstances, make the disclosures easier to understand, and
reduce the costs and burdens to registrants. The proposal would
amend both rules and relocate part of Rule 3-10 and all of Rule
3-16 to proposed Rules 13-01 and 13-02, respectively. Considering
the various impacts to the existing collection of information
requirements, we estimate that the proposed amendments to Rules
3-10 and would reduce the overall paperwork burden for registrants
that currently provide the disclosures under existing Rule 3-10 in
any particular filing. Further, we estimate that the proposed
amendments to the disclosure requirements in Rule 3-16 would also
reduce the overall paperwork burden for registrants that currently
provide the disclosures under existing Rule 3-16 in any particular
filing, except for Form 10-Q. The proposed amendments related to
Rule 3-16 would require financial information in quarterly reports
on Form 10-Q that are not required under existing Rule 3-16.
Although the proposed amendments would reduce the paperwork burden
for most of the affected forms, they could cause the number of
affected forms filed to increase over a period of time. The
proposed amendments to Rule 3-10 could encourage potential issuers
to conduct registered debt offerings or private offerings with
registration rights instead of conducting those offerings privately
or without registration rights. Similarly, the proposed amendments
to the disclosure requirements in Rule 3-16 could encourage
potential issuers to conduct additional registered collateralized
debt offerings because the costs of complying with proposed Rule
13-02 could be less than the costs required to comply with existing
Rule 3-16. As the number of these registered offerings increases,
the number of affected forms filed would also increase over a
period of time, which could mitigate, or offset, any reduction to
the paperwork burden for any particular filing. For Form S-11, we
estimate that the proposed amendments would result in an increase
of approximately 15 internal burden hours and an increase of
approximately $18,000 in outside professional costs.
$102,000,000
No
No
No
No
No
No
Uncollected
John Fieldsend 202
551-3343
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.