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
10/31/2022
36 Months From Approved
10/31/2022
901
0
901
147,208
0
147,208
180,319,975
0
180,319,975
Form S-1 under the Securities Act is
used by issuers who are not eligible to use other forms to register
offering of their securities.
The proposed amendments to Rule
3-05 and related amendments (e.g., to Rule 1-02(w)), among other
things, would reduce a registrant’s paperwork burden by: revising
the significance tests and thresholds provided in Rule 1-02(w) and
Rule 3-05 to improve their application and to assist registrants in
making more meaningful significance determinations; revising the
scaling requirements to reduce from three to two the maximum number
of years of required Rule 3-05 Financial Statements; permitting
Rule 3-05 Financial Statements to be prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board (“IFRS-IASB”) in
appropriate circumstances, thus permitting registrants to reconcile
their financial statements to the basis of accounting they are
already using and not requiring additional one-time reconciliations
to U.S. GAAP; permitting the omission of Rule 3-05 Financial
Statements from Securities Act registration statements and proxy
statements once the acquired business is reflected in filed
post-acquisition audited financial statements of the registrant for
a complete fiscal year; and permitting registrants to use pro forma
financial information for significance testing under appropriate
circumstances, thereby simplifying the application of the rules and
more accurately determining the significance of an acquired
business. The proposed amendments related to Rule 3-14, among other
things, would align the requirements under Rules 3-05 and 3-14
where appropriate; clarify the determination of significance and
the definition of “real estate operation” under Rule 3-14;
establish an explicit requirement for interim income statements;
and provide special provisions for blind pool offerings. As a
result of these effects, we expect that the impact of the rule
proposal would be a reduction in the paperwork burden of affected
entities. For purposes of the PRA, we estimate that, for Form S-1,
the proposed amendments would result in a reduction of 1,950 burden
hours and a reduction in the cost burden of $2,340,000 for the
services of outside professionals.
$103,479,690
No
No
No
No
No
No
No
Elliot Staffin 202
551-3243
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.