[Federal Register Volume 63, Number 90 (Monday, May 11, 1998)]
[Notices]
[Page 25887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-12348]
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SECURITIES AND EXCHANGE COMMISSION
Requests Under Review by Office of Management and Budget
Upon written request, copies available from: Securities and Exchange
Commission, Office of Filings and Information Services, Washington,
DC 20549.
Extension: Rule 15a-6
SEC File No. 270-329
OMB Control No. 3235-0371
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 a
request for extension of the previously approved collection of
information discussed below.
Rule 15a-6 [17 C.F.R. 240.15a-6] under the Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act''), which provides,
among other things, an exemption from broker-dealer registration for
foreign broker-dealers that effect trades with or for U.S.
institutional investors through a U.S. registered broker-dealer,
provided that the U.S. broker-dealer obtains certain information about,
and consents to service of process from, the personnel of the foreign
broker-dealer involved in such transactions, and maintains certain
records in connection therewith.
These requirements are intended to ensure (a) that the U.S. broker-
dealer will receive notice of the identity of, and has reviewed the
background of, foreign personnel who will contact U.S. institutional
investors, (b) that the foreign broker-dealer and its personnel
effectively may be served with process in the event enforcement action
is necessary, and (c) that the Securities and Exchange Commission has
ready access to information concerning these persons and their U.S.
securities activities.
In general, the records to be maintained under Rule 15a-6 must be
kept for the applicable time periods as set forth in Rule 17a-4 [17
C.F.R. 240.17a-4] under the Exchange Act or, with respect to the
consents to service of process, for a period of not less than six years
after the applicable person ceases engaging in U.S. securities
activities. Reliance on the exemption set forth in Rule 15a-6 is
voluntary, but if a foreign broker-dealer elects to rely such
exemption, the collection of information described therein is
mandatory. The collection does not involve 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.
It is estimated that approximately 2,000 respondents will incur an
average burden of three hours per year to comply with this rule, for a
total burden of 6,000 hours. The average cost per hour is approximately
$100. Therefore, the total cost of compliance for the respondents is
$600,000.
General comments regarding the estimated burden hours should be
directed to the Desk Officer for the Securities and Exchange Commission
at the address below. Any comments concerning the accuracy of the
estimated average burden hours for compliance with Commission rules and
forms should be directed to: (i) Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549;
and (ii) Desk Officer for the Securities and Exchange Commission,
Office of Information and Regulatory Affairs, Office of Management and
Budget, Room 3208, New Executive Office Building, Washington, D.C.
20503. Comments must be submitted within 30 days of this notice.
Dated: April 30, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-12348 Filed 5-8-98; 8:45 am]
BILLING CODE 8010-01-M
