SEC Solicits Comments about Extending the Collection of Certain Information under Reg. BTR

The SEC published a notice in the Federal Register that requests comments about the extension of the collection of information from issuers under Regulation Blackout Trade Restriction ("Reg. BTR"). Reg. BTR clarifies the scope and application of Section 306(a) of the Sarbanes-Oxley Act.

Section 306(a)(6) requires an issuer to provide timely notice to its directors and executive officers, and to the SEC, of the imposition of a blackout period that would trigger the statutory trading prohibition of Section 306(a)(1). Section 306(a) prohibits any director or executive officer of an issuer of any equity security from purchasing, selling, or otherwise acquiring or transferring any equity security of that issuer during any blackout period with respect to such equity security. This prohibition applies only if the director or executive officer acquired the equity security in connection with his or her service or employment. The information provided under Reg. BTR is mandatory and is available to the public.

Comments must be submitted to the Office of Management and Budget within 30 days of the publication of this notice.

See: SEC Notice (80 FR 17121).