[Federal Register Volume 63, Number 48 (Thursday, March 12, 1998)]
[Notices]
[Pages 12116-12117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6337]
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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 19d-1, SEC File No. 270-242, OMB Control No. 3235-0206
Rule 19d-3, SEC File No. 270-245, OMB Control No. 3235-0204
Rule 19h-1, SEC File No. 270-247, OMB Control No. 3235-0259
Notice is hereby that pursuant to the Paperwork Reduction Act of
1995 (44 U.S.C. Sec. 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.
Rule 19d-1 Notices by Self-Regulatory Organizations of Final
Disciplinary Actions, Denials, Bars, or Limitations Respecting
Membership, Association, Participation, or Access to Services, and
Summary Suspension
Rule 19d-1 under the Securities Exchange Act of 1934 (the ``Act'')
prescribes the form and content of notices to be filed with the
Commission by self-regulatory organizations (``SROs'') for which the
Commission is the appropriate regulatory agency concerning the
following final SRO actions: (1) disciplinary sanctions (including
summary suspensions); (2) denials of membership, participation or
association with a member; and (3) prohibitions or limitations on
access to SRO services. The rule enables the Commission to obtain
reports from the SROs containing information regarding SRO
determinations to discipline members or associated persons of members,
deny membership or
[[Page 12117]]
participation or association with a member, and similar adjudicated
findings. The rule requires that such actions be promptly reported to
the Commission. The rule also requires that the reports and notices
supply sufficient information regarding the background, factual basis
and issues involved in the proceeding to enable the Commission (1) to
determine whether the matter should be called up for review on the
Commission's own motion and (2) to ascertain generally whether the SRO
has adequately carried out its responsibilities under the Act.
It is estimated that 10 respondents will utilize this application
procedure annually, with a total burden of 2,750 hours, based upon past
submissions. The staff estimates that the average number of hours
necessary to comply with the requirements of Rule 19d-1 is 2.5 hours.
The average cost per hour is approximately $60. Therefore, the total
cost of compliance for the respondents is $165,000.
Rule 19d-3 Applications for Review of Final Disciplinary Sanctions,
Denials of Membership, Participation or Limitations of Access to
Services Imposed by Self-Regulatory Organizations
Rule 19d-3 under the Act prescribes the form and content of
applications to the Commission by persons desiring stays of final
disciplinary sanctions and summary action of self-regulatory
organizations (``SROs'') for which the Commission is the appropriate
regulatory agency. The Commission uses the information provided in the
application filed pursuant to Rule 19d-3 to review final actions taken
by SROs including: (1) disciplinary sanctions; (2) denials of
membership, participation or association with a member; and (3)
prohibitions on or limitations of access to SRO services.
It is estimated that approximately 50 respondents will utilize this
application procedure annually, with a total burden of 2,750 hours,
based upon past submissions. The staff estimates that the average
number of hours necessary to comply with the requirements of Rule 19d-1
is 2.5 hours. The average cost per hour is approximately $60.
Therefore, the total cost of compliance for the respondents is
$165,000.
Rule 19h-1 Notice by a Self-Regulatory Organization of a Proposed
Admission to or Continuance in Membership or Participation or
Association With a Member of Any Person Subject to a Statutory
Disqualification, and Applications to the Commission for Relief
Therefrom
Rule 19h-1 under the Act prescribes the form and content of notices
and applications by self-regulatory organizations (``SROs'') regarding
proposed admissions to, or continuances in, membership, participation
or association with a member of any person subject to a statutory
disqualification.
The Commission uses the information provided in the submissions
filed pursuant to Rule 19h-1 to review decisions of SROs to permit the
entry into or continuance in the securities business of persons who
have committed serious misconduct. The filings submitted pursuant to
the Rule also permit inclusion of an application to the Commission for
consent to associate with a member of an SRO notwithstanding a
Commission order barring such association.
The Commission reviews filings made pursuant to the rule to
ascertain whether it is in the public interest to permit the employment
in the securities business of persons subject to statutory
disqualification. The filings contain information that is essential to
the staff's review and ultimate determination on whether an association
or employment is in the public interest and consistent with investor
protection.
It is estimated that approximately 5 respondents will make
submissions pursuant to this rule annually, with a total burden of 225
hours, based upon past submissions. The staff estimates that the
average number of hours necessary to comply with the requirements of
Rule 19h-1 is 4.5 hours. The average cost per hour is approximately
$60. Therefore, the total cost of compliance for the respondents is
$13,500.
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 shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the proposed 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 on or before
May 11, 1998.
Please direct your written comments to Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC
20549.
Dated: March 3, 1998.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-6337 Filed 3-11-98; 8:45 am]
BILLING CODE 8010-01-M
