Regulation 14C (Commission Rules 14c-1 through 14c-7 and Schedule 14C)

Forms and Documents

Document Name	Status
Supporting Statement Hedging -12-18-2018.pdf Supporting Statement A	2018-12-19
January 2016 EDGAR PIA.pdf Supplementary Document	2018-10-17

IC Document Collections

IC ID	Document Title	Status
34157	Regulation 14C (Commission Rules 14c-1 through 14c-7 and Schedule 14C)	Modified

ICR Details

OMB Control No: 3235-0057	ICR Reference No: 201810-3235-029
Status: Historical Inactive	Previous ICR Reference No: 201808-3235-014
Agency/Subagency: SEC	Agency Tracking No: CF 270-057
Title: Regulation 14C (Commission Rules 14c-1 through 14c-7 and Schedule 14C)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 12/20/2018
	Date Received in OIRA: 10/19/2018
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. In addition, the agency shall incorporate into the final submission supporting statement a detailed discussion of the ICR burdens, including tables showing the marginal differences in responses, burden hours, and cost between the proposed and final rules. The agency shall also provide aggregate burden estimates for all activities accounted for in the package. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2021	36 Months From Approved	10/31/2021
Responses	569	0	569
Time Burden (Hours)	55,870	0	55,870
Cost Burden (Dollars)	7,450,184	0	7,450,184

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Abstract: Schedule 14C is filed by issuers of securities that are registered under Section 12 of the Securities Exchange Act of 1934 in connection with a consent solicitation.

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Authorizing Statute(s): US Code: 15 USC 80a-6, 80a-20(a), 80a-37 Name of Law: Investment Company Act of 1940
   PL: Pub.L. 111 - 203 955 Name of Law: Dodd-Frank Wall Street Reform And Consumer Protection Act
   US Code: 15 USC 78n, 78w(a), 78mm(a) Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL49	Proposed rulemaking	80 FR 8485	02/17/2015

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Regulation 14C (Commission Rules 14c-1 through 14c-7 and Schedule 14C)

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: As explained in further detail in Items 12 and 13 above, the proposed rules in Release No. 33-9723 are mandated by Section 955 of the Dodd-Frank Act. The changes in burden of 14C relate to enhanced disclosure requirements in Regulation S-K to provide transparency to shareholders, if action is to be taken with respect to the election of directors, about whether employees or directors are permitted to engage in transactions that mitigate or avoid the incentive alignment associated with equity ownership. The change in burden of Schedule 14C corresponds to these proposed disclosure requirements. For purposes of the PRA, we estimate that the amendments to Schedule 14C will result in a net increase of 1,280 burden hours and a net increase in the cost burden of $170,700 for the services of outside professionals.

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Annual Cost to Federal Government: $100,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 10/19/2018

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