
[Federal Register Volume 76, Number 233 (Monday, December 5, 2011)]
[Notices]
[Pages 75920-75921]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-31101]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Regulation BTR, OMB Control No. 3235-0579, SEC File No. 270-521.

    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.
    Regulation Blackout Trade Restriction (``Regulation BTR'') (17 CFR 
245.100--245.104) clarifies the scope and application of Section 306(a) 
of the Sarbanes-Oxley Act of 2002 (``Act'') (15 U.S.C. 7244(a)). 
Section 306(a) (15 U.S.C. 7244(a)) of the Act prohibits any director or 
executive officer of an issuer of any equity security, directly or 
indirectly, from purchasing, selling or otherwise acquiring or 
transferring any equity security of the issuer during any blackout 
period with respect to such equity security, if the director or 
executive officer acquired the equity security in connection with his 
or her service or employment. Under Regulation BTR, an issuer is 
required to provide timely notice to its directors and executive 
officers and to the Commission of the imposition of a blackout period. 
Approximately 1,230 issuers file Regulation BTR notices annually. We 
estimate that it takes 2 hours per response for an issuer to draft a 
notice to directors and executive officers for a total annual burden of 
2,460 hours. The issuer prepares 75% of the 2,460 annual burden hours 
for a total reporting burden of (1,230 x 2 x 0.75) 1,845 hours. In 
addition, we estimate that an issuer distributes a notice to five 
directors and executive officers at an estimated 5 minutes per notice 
(1,230 blackout period x 5 notices x 5 minutes) for a total reporting 
burden of 512 hours. The combined annual reporting burden is (1,845 
hours + 512 hours) 2,357 hours.
    Written comments are invited on: (a) Whether this collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information will have

[[Page 75921]]

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.
    Please direct your written comments to Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312; or 
send an email to: PRA_Mailbox@sec.gov.

    Dated: November 29, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-31101 Filed 12-2-11; 8:45 am]
BILLING CODE 8011-01-P


