[Federal Register Volume 63, Number 95 (Monday, May 18, 1998)]
[Notices]
[Pages 27335-27336]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13097]
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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 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 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 collections of
information discussed below.
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 Suspensions.
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 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.
A respondent is required to keep the information not less than five
years. The filing of notices pursuant to the rule is mandatory for SROs
but does not involve the collection of confidential information.
Rule 19d-3 Applications For Review Of Final Disciplinary
Sanction, Denials Of Membership, Participation, Or Limitations Of
Access To Service Imposed By Self-Regulatory Organizations.
Rule 19d-3 under the Act prescribes the form and content of
applications to the Commission for review of final disciplinary
sanctions, denials of membership, participation or association with a
member or prohibitions or limitations of access to services that are
imposed by SROs. 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
[[Page 27336]]
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.
A respondent is not required to retain the Rule 19d-3 submission
for any specified period of time. The filing of a motion seeking review
of a final action is mandatory only if the respondent wants Commission
review. The submission does not involve the collection of confidential
information.
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 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 committee 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.
A respondent is required to keep the information not less than five
years. The filing of notices is mandatory but does not involve the
collection of confidential information.
Please note that an agency may not conduct or sponsor, and a person
not required to respond to, a collection of information unless it
displays a currently valid control number.
General comments regarding the above information should be directed
to the following persons: (1) 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, DC 20503, and (ii) Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549.
Comments must be submitted to OMB on or before June 17, 1998.
Dated: May 11, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-13097 Filed 5-15-98; 8:45 am]
BILLING CODE 8010-01-M
