Agency Information Collection Activities; Submission for OMB Review; Comment Request; Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement, 54690-54691 [2013-21580]

Download as PDF 54690 Federal Register / Vol. 78, No. 172 / Thursday, September 5, 2013 / Notices Filing Online system at https:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. FOR FURTHER INFORMATION CONTACT: Stephen L. Sharfman, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: Table of Contents ehiers on DSK2VPTVN1PROD with NOTICES I. Introduction II. Notice of Filings III. Ordering Paragraphs I. Introduction On August 28, 2013, the Postal Service filed notice that it has agreed to an amendment to the existing Parcel Select Contract 4 subject to this docket.1 The Postal Service includes one attachment in support of its Notice: • Attachment A—a redacted copy of the amendment to the existing Parcel Select Contract 4. The Postal Service also filed the unredacted amendment under seal. It asserts that the ‘‘supporting financial documentation and financial certification initially provided in this docket remain applicable.’’ Id. at 1. It also contends that the amendment ‘‘will not materially affect the cost coverage’’ of the product. Id. The Postal Service seeks to incorporate by reference the Application for Non-Public Treatment originally filed in this docket for the protection of customer-identifying information that it has filed under seal. Id. The amendment makes three changes. First, it appears to change the minimum volume requirement and the penalty for failure to meet the minimum volume requirement. Id. Attachment A at 1. Second, it changes the prices for the second contract year and establishes a penalty for failure to meet volume requirements associated with the new prices. Id. at 1–2. Finally, it changes the mechanism for the annual adjustment of prices. Id. at 2. The Postal Service intends for the amendment to become effective on the day after the date that the Commission completes its review of the Notice. Id. at 1. Supplemental information. Paragraphs 1 and 2 of section I.C. of the existing contract established the minimum volume requirements for the first contract year and for subsequent contract years, respectively. Paragraph 3 1 Notice of United States Postal Service of Amendment to Parcel Select Contract 4, With Portions Filed Under Seal, August 28, 2013 (Notice). VerDate Mar<15>2010 14:10 Sep 04, 2013 Jkt 229001 of section I.C. of the existing contract established a penalty for failure to meet those minimum volume requirements. The amendment to section I.C. contains a penalty for failure to meet the minimum volume requirement, but it does not appear to specify what the minimum volume requirement is. The Postal Service is requested to provide the minimum volume requirements for contract years 2 and 3 and, if appropriate, a further amendment to the contract.2 Section I.E.5. of the existing contract specifies the prices for contract years 2 and 3. The amendment to section I.E.5. of the existing contract only specifies the prices for contract year 2. The Postal Service is requested to provide the prices for contract year 3 and, if appropriate, a further amendment to the contract. The Postal Service is requested to confirm that it intends for the amendment to section I.F. of the existing contract to apply with respect to the annual adjustment for contract year 3, beginning August 1, 2014. The Postal Service is further requested to submit, under seal if necessary, the prices in effect for contract year 2. The Postal Service response is due no later than September 4, 2013. II. Notice of Filings Interested persons may submit comments on whether the changes presented in the Postal Service’s Notice are consistent with the policies of 39 U.S.C. 3632, 3633, or 3642, 39 CFR 3015.5, and 39 CFR part 3020, subpart B. Comments are due no later than September 6, 2013. The public portions of these filings can be accessed via the Commission’s Web site (https:// www.prc.gov). The Commission appoints Pamela A. Thompson to represent the interests of the general public (Public Representative) in this case. III. Ordering Paragraphs It is ordered: 1. The Commission reopens Docket No. CP2012–41 for consideration of matters raised by the Postal Service’s Notice. 2. Pursuant to 39 U.S.C. 505, the Commission appoints Pamela A. Thompson to serve as an officer of the Commission (Public Representative) to represent the interests of the general public in this proceeding. 2 The amendment to section I.E.5. suggests that the minimum volume requirement for contract year 2 could be the Tier 3 volume described in Table 1 of the existing contract, but this is not clear. PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 3. The Postal Service response to the request for supplemental information is due no later than September 4, 2013. 4. Comments are due no later than September 6, 2013. 5. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. [FR Doc. 2013–21608 Filed 9–4–13; 8:45 am] BILLING CODE 7710–FW–P SECURITIES AND EXCHANGE COMMISSION Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement ACTION: Notice. The Securities and Exchange Commission (‘‘Commission’’) has submitted the sponsored information collection request (ICR) titled, ‘‘Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement,’’ to the Office of Management and Budget (OMB) for review and clearance under the emergency processing procedures in accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104–13, 44 U.S.C. Chapter 35) and 5 CFR 1320.13. OMB approval has been requested by September 23, 2013. In addition, this notice also solicits comment on the three-year extension of the same information collection under 5 CFR 1320.12. ADDRESSES: A copy of this ICR with applicable supporting documentation; including a description of the likely respondents, proposed frequency of response, and estimated total burden may be obtained free of charge from the RegInfo.gov Web site at https:// www.reginfo.gov/public/do/PRAMain ICR Reference Number 201308–3235– 013. 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: Shagufta_Ahmed@ omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, SUMMARY: E:\FR\FM\05SEN1.SGM 05SEN1 Federal Register / Vol. 78, No. 172 / Thursday, September 5, 2013 / Notices c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. The Securities and Exchange Commission (‘‘Commission’’) is requesting that OMB authorize emergency processing of the submission of collection of information for ‘‘Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement.’’ This request should also serve to notify the public that the Commission is seeking PRA approval from OMB on an emergency basis for the collection of information associated with the final rule amendments to Rule 506 of Regulation D adopted by the Commission on July 10, 2013 to implement Section 926 of the DoddFrank Wall Street Reform and Consumer Protection Act. (See citation 78 FR 44730). In addition, the Commission is also providing notice of the three-year extension under 5 CFR 1320.12. As adopted, Rule 506(e) of Regulation D (17 CFR 230.506(e)) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) requires the issuer to furnish to each purchaser, a reasonable time prior to sale, a description of any matters that would have triggered disqualification under Rule 506(d)(1) of Regulation D, except that these events occurred before the effective date of the rule amendments or before September 23, 2013. The written disclosure statement required under Rule 506(e) is not filed with the Commission, but serves as an important investor protection tool to put investors on notice of an issuer’s and any of its covered persons’ involvement in past ‘‘bad actor’’ disqualifying events such as pre-existing criminal convictions, court injunctions, disciplinary proceedings, and other sanctions enumerated in Rule 506(d). Under Rule 506(d) of Regulation D, issuers are disqualified due to triggering events that occur after the effective date of September 23, 2013. Without the mandatory written statement requirement set forth in Rule 506(e), purchasers may have the impression that Rule 506 offerings occurring after the effective date of the rule amendments do not involve any ‘‘bad actors’’ or disqualifying events. The Rule 506(e) written disclosure statement requirement was not proposed by the Commission in 2011 because the Commission proposed to apply disqualification to pre-existing triggering events that occurred before the effective date of the rule amendments. At the proposing stage of the rule amendments, the Commission was therefore not required to submit a ehiers on DSK2VPTVN1PROD with NOTICES SUPPLEMENTARY INFORMATION: VerDate Mar<15>2010 14:10 Sep 04, 2013 Jkt 229001 collection of information to OMB. (See citation 76 FR 31518). The Commission adopted the Rule 506(e) written disclosure statement after providing notice that it was considering this alternative to applying the disqualification to events that took place before the effective date of the rule based on commenters’ responses to the 2011 rule proposals. Under the proposal, issuers would have been disqualified from reliance on Rule 506 for all relevant triggering events, whether they occurred before or after effectiveness of the rule amendments. In light of many commenters’ favorable reaction to this alternative, the Commission decided to include a disclosure requirement in the final rule amendments, although it had not prepared an information collection submission at the time of the proposal. This information collection is subject to the PRA. A Federal agency generally cannot conduct or sponsor a collection of information, and the public is generally not required to respond to an information collection, unless it is approved by the OMB under the PRA and displays a currently valid OMB Control Number. In addition, notwithstanding any other provisions of law, no person shall generally be subject to penalty for failing to comply with a collection of information if the collection of information does not display a valid OMB Control Number. See 5 CFR 1320.5(a) and 1320.6. The SEC obtains OMB approval for this information collection under OMB ICR Reference Number 201308–3235–013. Interested parties are encouraged to send comments to the OMB, Office of Information and Regulatory Affairs at the address shown in the ADDRESSES section within 15 days of publication of this notice in the Federal Register. In order to help ensure appropriate consideration, comments should reference OMB ICR Reference Number 201308–3235–013. The OMB is particularly interested in comments that: • Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; • Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; • Enhance the quality, utility, and clarity of the information to be collected; and • Minimize the burden of the collection of information on those who PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 54691 are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. Title of Collection: Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure Statement. OMB ICR Reference Number: 201308– 3235–013. Type of Review: Emergency. Requested Duration of Authorization: 6 Months. Affected Public: Private Sector. Frequency of Collection: Yearly. Total Estimated Number of Responses: 19,908. Estimated Time per Response: 1 Hour. Total Estimated Annual Burden Hours: 22,108. Total Estimated Annual Other Costs Burden: $264,000. Dated: August 30, 2013. Elizabeth M. Murphy, Secretary. [FR Doc. 2013–21580 Filed 9–4–13; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IC–30681; File No. 812–13973] American General Life Insurance Company, et al. August 29, 2013, The Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of application for an order under Section 6(c) of the Investment Company Act of 1940, as amended (the ‘‘Act’’) granting exemptions from the provisions of Sections 2(a)(32), 22(c) and 27(i)(2)(A) of the Act and Rule 22c–1 thereunder. AGENCY: Applicants: American General Life Insurance Company (‘‘American General’’), The United States Life Insurance Company in the City of New York (‘‘US Life’’) (each, an ‘‘Insurance Company’’ and together, the ‘‘Insurance Companies’’), SunAmerica Capital Services, Inc. (the ‘‘Distributor’’), Variable Separate Account (‘‘VSA’’) and FS Variable Separate Account (‘‘FS VSA’’) (together, the ‘‘Separate Accounts’’). The Insurance Companies, the Distributor, and the Separate Accounts are collectively referred herein as the ‘‘Applicants.’’ Summary of Application: The Applicants seek an order under Section 6(c) of the Act, exempting them from Sections 2(a)(32), 22(c), and 27(i)(2)(A) E:\FR\FM\05SEN1.SGM 05SEN1

Agencies

[Federal Register Volume 78, Number 172 (Thursday, September 5, 2013)]
[Notices]
[Pages 54690-54691]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-21580]


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SECURITIES AND EXCHANGE COMMISSION

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Regulation D Rule 506(e) Felons and Other Bad 
Actors Disclosure Statement

ACTION: Notice.

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

SUMMARY: The Securities and Exchange Commission (``Commission'') has 
submitted the sponsored information collection request (ICR) titled, 
``Regulation D Rule 506(e) Felons and Other Bad Actors Disclosure 
Statement,'' to the Office of Management and Budget (OMB) for review 
and clearance under the emergency processing procedures in accordance 
with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. 
Chapter 35) and 5 CFR 1320.13. OMB approval has been requested by 
September 23, 2013. In addition, this notice also solicits comment on 
the three-year extension of the same information collection under 5 CFR 
1320.12.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov Web site at https://www.reginfo.gov/public/do/PRAMain ICR Reference Number 201308-3235-013.
    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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission,

[[Page 54691]]

c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send 
an email to: PRA_Mailbox@sec.gov.

SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission 
(``Commission'') is requesting that OMB authorize emergency processing 
of the submission of collection of information for ``Regulation D Rule 
506(e) Felons and Other Bad Actors Disclosure Statement.'' This request 
should also serve to notify the public that the Commission is seeking 
PRA approval from OMB on an emergency basis for the collection of 
information associated with the final rule amendments to Rule 506 of 
Regulation D adopted by the Commission on July 10, 2013 to implement 
Section 926 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act. (See citation 78 FR 44730). In addition, the Commission 
is also providing notice of the three-year extension under 5 CFR 
1320.12.
    As adopted, Rule 506(e) of Regulation D (17 CFR 230.506(e)) under 
the Securities Act of 1933 (15 U.S.C. 77a et seq.) requires the issuer 
to furnish to each purchaser, a reasonable time prior to sale, a 
description of any matters that would have triggered disqualification 
under Rule 506(d)(1) of Regulation D, except that these events occurred 
before the effective date of the rule amendments or before September 
23, 2013. The written disclosure statement required under Rule 506(e) 
is not filed with the Commission, but serves as an important investor 
protection tool to put investors on notice of an issuer's and any of 
its covered persons' involvement in past ``bad actor'' disqualifying 
events such as pre-existing criminal convictions, court injunctions, 
disciplinary proceedings, and other sanctions enumerated in Rule 
506(d). Under Rule 506(d) of Regulation D, issuers are disqualified due 
to triggering events that occur after the effective date of September 
23, 2013. Without the mandatory written statement requirement set forth 
in Rule 506(e), purchasers may have the impression that Rule 506 
offerings occurring after the effective date of the rule amendments do 
not involve any ``bad actors'' or disqualifying events. The Rule 506(e) 
written disclosure statement requirement was not proposed by the 
Commission in 2011 because the Commission proposed to apply 
disqualification to pre-existing triggering events that occurred before 
the effective date of the rule amendments. At the proposing stage of 
the rule amendments, the Commission was therefore not required to 
submit a collection of information to OMB. (See citation 76 FR 31518).
    The Commission adopted the Rule 506(e) written disclosure statement 
after providing notice that it was considering this alternative to 
applying the disqualification to events that took place before the 
effective date of the rule based on commenters' responses to the 2011 
rule proposals. Under the proposal, issuers would have been 
disqualified from reliance on Rule 506 for all relevant triggering 
events, whether they occurred before or after effectiveness of the rule 
amendments. In light of many commenters' favorable reaction to this 
alternative, the Commission decided to include a disclosure requirement 
in the final rule amendments, although it had not prepared an 
information collection submission at the time of the proposal.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is approved by the OMB under the PRA and displays 
a currently valid OMB Control Number. In addition, notwithstanding any 
other provisions of law, no person shall generally be subject to 
penalty for failing to comply with a collection of information if the 
collection of information does not display a valid OMB Control Number. 
See 5 CFR 1320.5(a) and 1320.6. The SEC obtains OMB approval for this 
information collection under OMB ICR Reference Number 201308-3235-013.
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 15 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should reference OMB ICR Reference Number 
201308-3235-013. The OMB is particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submission of responses.
    Title of Collection: Regulation D Rule 506(e) Felons and Other Bad 
Actors Disclosure Statement.
    OMB ICR Reference Number: 201308-3235-013.
    Type of Review: Emergency.
    Requested Duration of Authorization: 6 Months.
    Affected Public: Private Sector.
    Frequency of Collection: Yearly.
    Total Estimated Number of Responses: 19,908.
    Estimated Time per Response: 1 Hour.
    Total Estimated Annual Burden Hours: 22,108.
    Total Estimated Annual Other Costs Burden: $264,000.

    Dated: August 30, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-21580 Filed 9-4-13; 8:45 am]
BILLING CODE 8011-01-P

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