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Federal Register / Vol. 86, No. 234 / Thursday, December 9, 2021 / Rules and Regulations review the required information. The portion of the burden carried by outside professionals is reflected as a cost, while the portion of the burden carried by the registrant internally is reflected in
hours. For purposes of the PRA, we estimate that 75 percent of the burden of preparation of Form 10K and Form 20F is carried by the registrant internally and that 25 percent of the
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burden of preparation is carried by outside professionals retained by the registrant at an average cost of $400 per hour.140

TABLE 1INCREMENTAL PAPERWORK BURDEN UNDER THE FINAL AMENDMENTS
Estimated number of affected responses
Incremental burden hours/form
Total incremental burden hours
75% Company
25% Professional
Professional costs
A

B

C = A B

D = C 0.75

E = C 0.25

F = E $400

Form 10K submission Form 20F submission Form 20F disclosure ..

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206
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VI. Statutory Authority The amendments contained in this release are being adopted under the authority set forth in Sections 2 and 3
of the HFCA Act, Section 104 of the Sarbanes-Oxley Act, Sections 3, 12, 13, 15d, and 23a of the Exchange Act, and Sections 8b, 24a, 30a, and 38a of the Investment Company Act.
List of Subjects in 17 CFR Parts 200, 232, and 249
Reporting and recordkeeping requirements, Securities.
Text of Rule Amendments In accordance with the foregoing, the Commission amends title 17, chapter II
of the Code of Federal Regulations as follows:
PART 200ORGANIZATION;
CONDUCT AND ETHICS; AND
INFORMATION AND REQUESTS

1. The authority citation for part 200, subpart A, continues to read, in part, as follows:

Authority: 15 U.S.C. 77c, 77o, 77s, 77z 3, 77sss, 78d, 78d1, 78d2, 78o4, 78w, 78lld, 78mm, 80a37, 80b11, 7202, and 7211 et seq., unless otherwise noted.

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2. Amend 200.301 by adding to paragraph m to read as follows:
200.301 Delegation of authority to Director of Division of Corporation Finance.

140 We recognize that the costs of retaining outside professionals may vary depending on the nature of the professional services, but for purposes
VerDate Sep<11>2014

16:33 Dec 08, 2021

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Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77sa, 77z-3, 77sssa, 78cb, 78l, 78m, 78n, 78od, 78wa, 78ll, 80a6c, 80a8, 80a29, 80a30, 80a37, 7201 et seq.; and 18
U.S.C. 1350, unless otherwise noted.

4. Effective January 10, 2022, through July 1, 2023, amend 232.405 by adding paragraph c1iiiC to read as follows:

c
1
iii
C Additional elements. Annual reports on forms 10K, 20F or 40F
filed for periods after December 15, 2021, must contain all applicable data elements from the most recently of this PRA analysis, we estimate that such costs will be an average of $400 per hour. This estimate is based on consultations with several registrants,
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$5,600
20,800
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updated relevant standard taxonomy;
and

PART 249FORMS, SECURITIES
EXCHANGE ACT OF 1934
5. The general authority citation for part 249 and sectional authority citations for 249.220f, 249.240f, 249.310, and 249.331 continue to read as follows:

Authority: 15 U.S.C. 78a et seq. and 7201
et seq.; 12 U.S.C. 5461 et seq.; 18 U.S.C. 1350;
Sec. 953b Pub. L. 111203, 124 Stat. 1904;
Sec. 102a3 Pub. L. 112106, 126 Stat. 309
2012, Sec. 107 Pub. L. 112106, 126 Stat.
313 2012, Sec. 72001 Pub. L. 11494, 129
Stat. 1312 2015, and secs. 2 and 3 Pub. L.
116222, 134 Stat. 1063 2020, unless otherwise noted.
Section 249.220f is also issued under secs.
3a, 202, 208, 302, 306a, 401a, 401b, 406
and 407, Pub. L. 107204, 116 Stat. 745, and secs. 2 and 3, Pub. L. 116222, 134 Stat.
1063.
Section 249.240f is also issued under secs.
3a, 202, 208, 302, 306a, 401a, 406 and 407, Pub. L. 107204, 116 Stat. 745.

Section 249.310 is also issued under secs.
3a, 202, 208, 302, 406 and 407, Pub. L. 107
204, 116 Stat. 745.

PART 232REGULATION ST
GENERAL RULES AND REGULATIONS
FOR ELECTRONIC FILINGS

232.405 Interactive Data File submissions.

Section 200.301 is also issued under 15
U.S.C. 77f, 77g, 77h, 77j, 78cb 78l, 78m, 78n, 78od.

m With respect to Section 104i2A of the Sarbanes-Oxley Act of 2002 15 U.S.C. 7214 as amended by Pub. L. 116222, to identify each covered issuer, as that term is defined in Section 104i1A of the SarbanesOxley Act of 2002, that has retained a registered public accounting firm to issue an audit report where that registered public accounting firm has a branch or office that is located in a foreign jurisdiction and Public Company Accounting Oversight Board has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

3. The general authority citation for part 232 continues to read as follows:

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Subpart AOrganization and Program Management

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Section 249.331 is also issued under 15
U.S.C. 78j1, 7202, 7233, 7241, 7264, 7265;
and 18 U.S.C. 1350.

6. Amend Form 20F referenced in 249.220f by revising Item 16I.b to read as follows:

Note: The text of Form 20F does not, and this amendment will not, appear in the Code of Federal Regulations.
law firms and other persons who regularly assist registrants in preparing and filing periodic reports with the Commission.

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