[Federal Register Volume 64, Number 218 (Friday, November 12, 1999)]
[Notices]
[Page 61675]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-29534]
[[Page 61675]]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549
Extension:
Rule 15c2-7, SEC File No. 270-420, OMB Control No. 3235-0479
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for extension of the previously approved
collection of information discussed below.
Rule 15c2-7 Identification of Quotations
Rule 15c2-7 enumerates the requirements with which brokers and
dealers must comply when submitting a quotation for a security (other
than a municipal security) to an inter-dealer quotation system. The
purpose of Rule 15c2-7 is to ensure that an inter-dealer quotation
system clearly reveals where two or more quotations in different names
for a particular security represent a single quotation or where one
broker-dealer appears as a correspondent. This is accomplished by
requiring broker-dealers and inter-dealer quotation systems to disclose
with each published quotation the information required pursuant to the
rule. The rule permits users of an inter-dealer quotation system to
determine the identity of dealers making an inter-dealer market for a
security--a fact which may be extremely pertinent in evaluating its
marketability.
It is estimated that there are 8,500 brokers and dealers. Industry
personnel estimate that approximately 900 notices are filed pursuant to
Rule 15c2-7 annually. Based on industry estimates that respondents
complying with Rule 15c2-7 spend 30 seconds to add notice of an
arrangement and 1 minute to delete notice of an arrangement, and
assuming that one-half of the notices given are to add an arrangement
and the other half are to delete an arrangement, the staff estimates
that, on an annual basis, respondents spend a total of 11.25 hours to
comply with Rule 15c2-7 (90 x 45 seconds=40,500 seconds/60=675 minutes/
60=11.23 hours). The Commission staff estimates that the average labor
cost associated with this activity is $35 per hour. Therefore, the
total labor cost of compliance for all broker-dealers respondents is
approximately $394 (11.25 multiplied by $35).
The retention period for the record-keeping requirement under Rule
15c2-7 is three years following the date a quotation is submitted. The
record-keeping requirement under this Rule is mandatory to assist the
Commission with monitoring brokers and dealers who submit quotations to
an inter-dealer quotation system. This rule does not involve the
collection of confidential information. Please note that an agency may
not conduct or sponsor, and a person is not required to respond to, a
collection of information unless it displays a currently valid control
number.
Written comments regarding the above information should be directed
to the following persons:
(i) Desk Officer for the Securities and Exchange Commission, Office of
Information and Regulatory Affairs, Office of Management and Budget,
Room 10202, New Executive Office Building, Washington, DC 20503; and
(ii) Michael E. Bartell, Associate Executive Director, Office of
Information Technology, Securities and Exchange Commission, 450 Fifth
Street, N.W., Washington, DC 20549.
Comments must be submitted to OMB within 30 days of this notice.
Dated: November 2, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc 99-29534 Filed 11-10-99; 8:45 am]
BILLING CODE 8010-01-M
