81 FR 8585 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 33 (February 19, 2016)

Page Range		8585-8585
FR Document		2016-03399

Federal Register, Volume 81 Issue 33 (Friday, February 19, 2016)

[Federal Register Volume 81, Number 33 (Friday, February 19, 2016)]
[Notices]
[Page 8585]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-03399]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

    Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.
    Extension: Rule 13e-1, SEC File No. 270-255, OMB Control No. 3235-
0305.
    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    Rule 13e-1 (17 CFR 240.13e-1) under the Securities Exchange Act of 
1934 (15 U.S.C. 78 et seq.) makes it unlawful for an issuer who has 
received notice that it is the subject of a tender offer made under 
Section 14(d)(1) of the Exchange Act to purchase any of its equity 
securities during the tender offer, unless it first files a statement 
with the Commission containing information required by the rule. This 
rule is in keeping with the Commission's statutory responsibility to 
prescribe rules and regulations that are necessary for the protection 
of investors. The information filed under Rule 13e-1 must be filed with 
the Commission and is publicly available. We estimate that it takes 
approximately 10 burden hours per response to provide the information 
required under Rule 13e-1 and that the information is filed by 
approximately 10 respondents. We estimate that 25% of the 10 hours per 
response (2.5 hours) is prepared by the company for a total annual 
reporting burden of 25 hours (2.5 hours per response x 10 responses).
    Written comments are invited on: (a) Whether this proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden imposed by the collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information collected; 
and (d) ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid control number.
    Please direct your written comment to Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email 
to: [email protected].

    Dated: February 12, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-03399 Filed 2-18-16; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 33 / Friday, February 19, 2016 / Notices 8585

public interest concern.30 Accordingly, foregoing reasons, the Commission plans to submit this existing collection
the Commission believes the proposed believes that the proposed rule change of information to the Office of
rule change will continue to enable the is reasonably designed to further the Management and Budget for extension
Exchange to immediately suspend and goals of Section 6(b)(5) of the Act. and approval.
delist companies that have failed to The Commission also finds that the Rule 13e–1 (17 CFR 240.13e–1) under
hold an annual meeting when the proposal is consistent with Section the Securities Exchange Act of 1934 (15
circumstances warrant it, but at the 6(b)(4) of the Act,34 which requires that U.S.C. 78 et seq.) makes it unlawful for
same time will provide the Exchange the rules of an exchange provide for the an issuer who has received notice that
with flexibility to address instances in equitable allocation of reasonable dues, it is the subject of a tender offer made
which the failure to hold an annual fees, and other charges among its under Section 14(d)(1) of the Exchange
meeting, in the Exchange’s discretion, members and issuers and other persons Act to purchase any of its equity
counsels in favor of giving the non- using its facilities. Specifically, the securities during the tender offer, unless
compliant company an opportunity to Commission believes that assessing the it first files a statement with the
regain compliance for a limited time $5,000 compliance plan review fee for Commission containing information
period without being subject to deficiencies from the annual meeting required by the rule. This rule is in
immediate suspension and delisting or requirement on listed companies that keeping with the Commission’s
having to avail themselves of the have not opted-in to the Fee Program is statutory responsibility to prescribe
Hearings Panel process to stay the reasonable and equitably allocated rules and regulations that are necessary
action. The Commission believes, because it is the same fee that is charged for the protection of investors. The
therefore, that the proposed rule change for other deficiencies that allow for the information filed under Rule 13e–1
is designed to protect investors and the submission of a plan of compliance.35 must be filed with the Commission and
public interest, as well as to promote Furthermore, the Commission believes is publicly available. We estimate that it
just and equitable principles of trade. that assessing different fees between takes approximately 10 burden hours
The Commission further notes that, as listed companies that elect to participate per response to provide the information
an additional protection of investors in the Fee Program and those that do not required under Rule 13e–1 and that the
and the public interest, a listed are consistent with the approach information is filed by approximately 10
company that receives notification that allowed when the Fee Program was respondents. We estimate that 25% of
it is deficient in satisfying the annual adopted.36 the 10 hours per response (2.5 hours) is
meeting requirement will continue to be prepared by the company for a total
IV. Conclusion
required to publicly disclose that it has annual reporting burden of 25 hours (2.5
received notification of non-compliance It is therefore ordered, pursuant to
Section 19(b)(2) of the Act 37 that the hours per response × 10 responses).
with the annual meeting requirement.31
proposed rule change (SR–NASDAQ– Written comments are invited on: (a)
In addition, the Exchange publicly
2015–144), be, and hereby is, approved. Whether this proposed collection of
discloses a list of companies that are
information is necessary for the proper
non-compliant with the continued For the Commission, by the Division of
performance of the functions of the
listing standards and the listing Trading and Markets, pursuant to delegated
authority.38 agency, including whether the
standards with which they failed to
Robert W. Errett, information will have practical utility;
comply.32 Furthermore, by making it
(b) the accuracy of the agency’s estimate
clear in the proposed rules that a Public Deputy Secretary.
of the burden imposed by the collection
Reprimand Letter does not apply to [FR Doc. 2016–03442 Filed 2–18–16; 8:45 am]
of information; (c) ways to enhance the
deficiencies from the requirement to BILLING CODE 8011–01–P
quality, utility, and clarity of the
hold an annual meeting, the
information collected; and (d) ways to
Commission believes that the proposal
minimize the burden of the collection of
should benefit the public interest and SECURITIES AND EXCHANGE
information on respondents, including
protect investors by helping to ensure COMMISSION
through the use of automated collection
that deficient companies are subject to
Proposed Collection; Comment techniques or other forms of information
suspension and delisting for failure to
Request technology. Consideration will be given
hold an annual meeting and ensures
to comments and suggestions submitted
that the only cure under the Exchange Upon Written Request Copies in writing within 60 days of this
rules is for the company to hold its Available From: Securities and publication.
annual meeting.33 Accordingly, for the Exchange Commission, Office of FOIA An agency may not conduct or
Services, 100 F Street NE., Washington, sponsor, and a person is not required to
30 See Exchange Rule 5810(c)(1).
31 See
DC 20549–2736. respond to, a collection of information
Exchange Rule 5810(b) and IM–5810–1. Extension: Rule 13e–1, SEC File No.
See also Item 3.01 of Commission Form 8–K, which unless it displays a currently valid
requires that a registrant disclose any notification 270–255, OMB Control No. 3235–0305. control number.
from the exchange that maintains its principal Notice is hereby given that, pursuant
listing that the registrant does not satisfy a rule or to the Paperwork Reduction Act of 1995 Please direct your written comment to
standard for continued listing on the exchange. (44 U.S.C. 3501 et seq.), the Securities Pamela Dyson, Director/Chief
32 See Exchange List of Non-Compliant
and Exchange Commission Information Officer, Securities and
Companies, available at https:// Exchange Commission, c/o Remi Pavlik-
listingcenter.nasdaq.com/ (‘‘Commission’’) is soliciting comments
asabaliauskas on DSK5VPTVN1PROD with NOTICES

NonCompliantCompanyList.aspx. on the collection of information Simon, 100 F Street NE., Washington,
33 Exchange Rule 5805(j) defines a ‘‘Public
summarized below. The Commission DC 20549 or send an email to: PRA_
Reprimand Letter’’ as a letter issued by Staff or a Mailbox@sec.gov.
written decision of an Adjudicatory Body in cases
where the listed company has violated an Exchange
34 15 U.S.C. 78s(b)(5). Dated: February 12, 2016.
35 See proposed Exchange Rule 5810(c)(2)(A)(iii);
corporate governance or notification listing Robert W. Errett,
standard (other than one required by Rule 10A–3 see also supra note 21.
36 See Notice, supra note 5, at 81575. Deputy Secretary.
of the Act) and Staff or the Adjudicatory Body
determines that delisting is an inappropriate 37 15 U.S.C. 78f(b)(2). [FR Doc. 2016–03399 Filed 2–18–16; 8:45 am]
sanction. 38 17 CFR 200.30–3(a)(12). BILLING CODE 8011–01–P

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Document Created: 2018-02-02 14:32:00
Document Modified: 2018-02-02 14:32:00

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 8585