[Federal Register Volume 85, Number 48 (Wednesday, March 11, 2020)]
[Notices]
[Page 14264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04947]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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:
    Regulation D Rule 504(b)(3)--Felons and Other Bad Actors 
Disclosure Statement, SEC File No. 270-798, OMB Control No. 3235-
0746

    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'') has submitted to the Office of Management 
and Budget this request for extension of the previously approved 
collection of information discussed below.
    Regulation D Rule 504(b)(3) provides that no exemption under Rule 
504 shall be available for the securities of any issuer if such issuer 
would be subject to disqualification under Rule 506(d) of Regulation D 
on or after January 20, 2017; provided that disclosure of prior ``bad 
actor'' events shall be required in accordance with Rule 506(e) of 
Regulation D. Rule 504(b)(3) requires the issuer in a Rule 504 offering 
to furnish to each purchaser, a reasonable time prior to sale, a 
written description of any disqualifying events that occurred before 
effectiveness of the amendments to Rule 504 (i.e., before January 20, 
2017) and within the time periods described in the list of 
disqualification events set forth in Rule 506(d)(1) of Regulation D, 
for the issuer or any other ``covered person'' associated with the 
offering.
    Approximately 800 issuers relying on Rule 504 of Regulation D will 
spend on average one additional hour to conduct a factual inquiry to 
determine whether any covered persons had a disqualifying event that 
occurred before the effective date of the amendments for a total of 800 
hours. In addition, approximately eight issuers (or approximately 1% of 
800 issuers) will spend ten hours to prepare a disclosure statement 
describing matters that would have triggered disqualification under 
Rule 504(b)(3) of Regulation D had they occurred on or after the 
effective date of the amendments (January 20, 2017) for total burden 80 
hours (8 issuers x 10 hours per response).
    For Purposes of the PRA, we estimate the total paperwork burden for 
all affected Rule 504 issuers to comply with Rule 504(b)(3) 
requirements would be approximately 808 issuers and a total of 880 
burden hours.
    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.
    The public may view the background documentation for this 
information collection at the following website, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
Lindsay.M.Abate@omb.eop.gov; and (ii) David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Cynthia 
Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to: 
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: March 6, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-04947 Filed 3-10-20; 8:45 am]
BILLING CODE 8011-01-P


