Search Results for keywords:"compliance burden"

The Securities and Exchange Commission (SEC) is requesting public comments on its Rule 17g-3 under the Securities Exchange Act of 1934, as part of the Paperwork Reduction Act of 1995. This rule involves reporting requirements for credit rating agencies, specifically those registered as Nationally Recognized Statistical Rating Organizations (NRSROs). The SEC aims to evaluate if the information collected is necessary, assess the burden on respondents, and seek ways to improve the quality and reduce the effort required. Comments are to be submitted within 60 days of this notice, and they can be sent via mail or email as specified.

The Treasury Department's Internal Revenue Service (IRS) is requesting public comments on forms used by business entities, as part of efforts to reduce paperwork and respondent burden. This request is in compliance with the Paperwork Reduction Act of 1995 and involves forms such as 1065, 1120, and others related to business income tax returns. The IRS estimates that 13.9 million respondents will spend an average of 67 hours and 25 minutes, with a total annual monetized time valued at $56,152,000,000, and total out-of-pocket costs at $71,617,000,000. Comments are to be received by January 21, 2025, to ensure consideration.

The Food Safety and Inspection Service (FSIS), part of the USDA, has announced its plan to renew the information collection requirements for labeling mechanically tenderized beef products. These requirements mandate that labels must include the term "mechanically tenderized" to ensure that consumers are informed about the product. The FSIS is seeking public comments on these requirements before they expire on July 31, 2021. They have invited feedback on whether these information collection efforts are useful and whether the burden it places on respondents is reasonable.

The Cybersecurity and Infrastructure Security Agency (CISA) is considering removing 49 Division 1.1 explosive chemicals from Appendix A of the Chemical Facility Anti-Terrorism Standards (CFATS) regulations. These chemicals are currently regulated by both CISA and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), which creates a regulatory overlap. By removing these explosives from CFATS, the agency aims to reduce the regulatory burden on facilities overseen by both CISA and ATF, without compromising security. CISA is seeking public comments on this proposal to better understand its potential impact on facility security and regulatory obligations.

The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget to continue collecting certain information under Rule 19a-1, as mandated by the Paperwork Reduction Act of 1995. This rule requires investment companies to inform their shareholders about the sources of dividend payments to ensure clarity and prevent confusion between income dividends and other types of distributions. It affects around 12,019 investment companies annually, creating an estimated total burden of 24,038 hours and an approximate cost of $2,892,693. The SEC is accepting public comments on this information collection request within 30 days of the notice's publication.

The Securities and Exchange Commission (SEC) has requested approval from the Office of Management and Budget (OMB) to extend the information collection requirements under Rule 606 of Regulation NMS. Rule 606 mandates that broker-dealers disclose certain information about their order routing practices to ensure transparency, particularly regarding stocks and options. The SEC estimates that compliance with this rule involves a significant annual time burden of 183,000 hours and an annual cost burden of $1,300,000 across the industry. The public is invited to comment on this request by February 18, 2025.

The Securities and Exchange Commission (SEC) is requesting public comments on information collection related to rules for attorney conduct when representing companies. These rules require attorneys to report evidence of significant violations to the company's higher-ups or the SEC. The SEC aims to reinstate an approved process, which involves creating a legal committee when needed for reporting. The public is invited to comment on the necessity and burden of this reporting by March 31, 2025.

The Internal Revenue Service (IRS) is requesting comments from the public and federal agencies regarding the collection of information related to withholding tax on certain U.S. income paid to foreign individuals. This effort is part of the IRS's ongoing initiative to reduce paperwork and ease the burden on respondents. The IRS is particularly interested in suggestions for improving the usefulness, clarity, and accessibility of the information collection process. Comments should be submitted by March 22, 2021, and will help the IRS refine and potentially extend its current collection approvals.

The Securities and Exchange Commission (SEC) is seeking public comments on extending the information collection for "Rule 204A-1" under the Investment Advisers Act of 1940. This rule, known as the Code of Ethics Rule, requires investment advisers to maintain a code of conduct for their personnel, safeguard client information, and monitor personal security transactions. The public can comment on the necessity, accuracy, and ways to improve or reduce the burden of this information collection until March 31, 2025. Responses will help the SEC ensure compliance and evaluate the adequacy of advisers' ethical codes and trading practices.

The Securities and Exchange Commission (SEC) is requesting an extension from the Office of Management and Budget for a rule that permits certain investment funds to send just one prospectus to multiple investors living at the same address. This rule, known as Rule 154, is intended to reduce unnecessary duplicate mailings. The SEC estimates that about 530 mutual fund series comply with this rule by obtaining written consent from investors, while others don't use it due to costs or electronic delivery options. The SEC is gathering public comments on this request until January 6, 2025, to determine if the extension should be granted.