Rule 147(f)(1)(iii) Written Representation as to Purchaser Residency

Forms and Documents

Document Name	Status
3235-0756 30 Day Notice.pdf Supplementary Document	2020-03-26
3235-0756 60 Day Notice.pdf Supplementary Document	2020-03-26
Supporting Statement for Rules 147(f)(1)(iii).2020.Final.pdf Supporting Statement A	2020-03-24
Rule 147(f)(1)(iii) 30 Day Federal Register Notice.pdf Supplementary Document	2020-03-11
Rule 147(f)(1)(iii) 60 Day Federal Register Notice.pdf Supplementary Document	2020-03-11

IC Document Collections

IC ID	Document Title	Status
225141	Rule 147(f)(1)(iii) Written Representation as to Purchaser Residency	Modified

ICR Details

OMB Control No: 3235-0756	ICR Reference No: 202003-3235-009
Status: Active	Previous ICR Reference No: 201701-3235-005
Agency/Subagency: SEC	Agency Tracking No: CF-270-805
Title: Rule 147(f)(1)(iii) Written Representation as to Purchaser Residency
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/16/2020
	Date Received in OIRA: 03/26/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2023	36 Months From Approved	06/30/2020
Responses	700	0	700
Time Burden (Hours)	1,925	0	1,925
Cost Burden (Dollars)	70,000	0	70,000

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Abstract: Rule 147 is a safe harbor under the Securities Act Section 3(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.

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Authorizing Statute(s): US Code: 15 USC 77c(b)(1), 77s, 77z-3 Name of Law: Securities Act of 1933
   US Code: 15 USC 78l, 78m, 78o,78w(a), 78mm 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 67763	12/11/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 14257	03/11/2020
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
Rule 147(f)(1)(iii) Written Representation as to Purchaser Residency

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	700	700	0	0	0	0
Annual Time Burden (Hours)	1,925	1,925	0	0	0	0
Annual Cost Burden (Dollars)	70,000	70,000	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $102,000,000

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]? No

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

Is this ICR related to the Pandemic Response? No

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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: 03/26/2020

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