[Federal Register Volume 84, Number 238 (Wednesday, December 11, 2019)]
[Notices]
[Pages 67763-67764]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26627]
-----------------------------------------------------------------------
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:
[[Page 67764]]
Rule 147(f)(1)(iii) Written Representation as to Purchaser
Residency, SEC File No. 270-805, OMB Control No. 3235-0756
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 147 is a safe harbor under the Securities Act Section
3(a)(11)(15 U.S.C. 77c(a)(11)) exemption from registration. To qualify
for the safe harbor, Rule 147(f)(1)(iii) (17 CFR 230.147) will require
the issuer to obtain from the purchaser a written representation as to
the purchaser's residency. Under Rule 147, the purchaser in the
offering must be a resident of the same state or territory in which the
issuer is a resident. While the formal representation of residency by
itself is not sufficient to establish a reasonable belief that such
purchasers are in-state residents, the representation requirement,
together with the reasonable belief standard, may result in better
compliance with the rule and maintaining appropriate investor
protections. The representation of residency is not provided to the
Commission. Approximately 700 respondents provide the information
required by Rule 147(f)(1)(iii) at an estimated 2.75 hours per response
for a total annual reporting burden of 1,925 hours (2.75 hours x 700
responses).
Written comments are invited on: (a) Whether this proposed
collection of information is necessary for the 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 Charles Riddle, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549 or send an
email to: [email protected].
Dated: December 5, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-26627 Filed 12-10-19; 8:45 am]
BILLING CODE 8011-01-P