[Federal Register Volume 64, Number 24 (Friday, February 5, 1999)]
[Notices]
[Pages 5843-5844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-2737]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549
Extension:
Rule 101, SEC File No. 270-408, OMB Control No. 3235-0464
Rule 102, SEC File No. 270-409, OMB Control No. 3235-0467
Rule 103, SEC File No. 270-410, OMB Control No. 3235-0466
Rule 104, SEC File No. 270-411, OMB Control No. 3235-0465
Rule 17a-2, SEC File No. 270-189, OMB Control No. 3235-0201
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'') is soliciting comments on the collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
Rules 101 and 102 prohibit distribution participants, issuers, and
selling security holders from purchasing activities at specified times
during a distribution of securities. Persons otherwise covered by these
rules may seek to use several applicable exceptions such as a
calculation of the average daily trading volume of the securities in
distribution, the maintenance of policies regarding information
barriers between their affiliates, and the maintenance of a written
policy regarding general compliance with Regulation M for de minimis
transactions. The Commission estimates that 1,761 respondents collect
information under rule 101 and that approximately 40,641 hours in the
aggregate are required annually for these collections. In addition, the
Commission estimates that 791 respondents collect information under
rule 102 and that approximately 1,691 hours in the aggregate are
required annually for these collections.
Rule 103 permits passive market making in Nasdaq securities during
a distribution. A distribution participant that seeks use of this
exception would be required to disclose to third parties its intention
to engage in passive market making. The Commission estimates that 227
respondents collect information under Rule 103 and that approximately
227 hours in the aggregate are required annually for these collections.
Rule 104 permits stabilizing by a distribution participant during a
distribution so long as the distribution participant discloses
information to the market and investors. This rule requires disclosure
in offering materials of the potential stabilizing transactions and
that the distribution participant inform the market when a stabilizing
bid is made. It also requires the distribution participants (i.e. the
syndicate manager) to maintain information regarding syndicate covering
transactions and penalty bids and disclose such information to the SRO.
The Commission estimates that 641 respondents collect information under
Rule 104 and that approximately 64.1 hours in the aggregate are
required annually for these collections.
Rule 17a-2 requires underwriters to maintain information regarding
stabilizing activities, syndicate covering transactions, and penalty
bids. The Commission estimates that 641 respondents collect information
under Rule 17a-2 and that approximately 3,205 hours in the aggregate
are required annually for these collections.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
Please direct your written comments to Michael E. Bartell,
Associate Executive Director, Office of
[[Page 5844]]
Information Technology, Securities and Exchange Commission, 450 5th
Street, N.W., Washington, DC 20549.
Dated: January 27, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-2737 Filed 2-4-99; 8:45 am]
BILLING CODE 8010-01-M
