[Federal Register Volume 61, Number 100 (Wednesday, May 22, 1996)]
[Notices]
[Pages 25721-25722]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12778]
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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.
Proposed New Collections
Rule 101........................ SEC File No. 270- OMB Control No.
408. 3235-new.
Rule 102........................ SEC File No. 270- OMB Control No.
409. 3235-new.
Rule 103........................ SEC File No. 270- OMB Control No.
410. 3235-new.
Rule 104........................ SEC File No. 270- OMB Control No.
411. 3235-new.
Proposed Revisions
Rule 17a-2...................... SEC File No. 270- OMB Control No.
189. 3235-0201.
Regulation S-K.................. SEC File No. 270-2 OMB Control No.
3235-0071.
Regulation S-B.................. SEC File No. 270- OMB Control No.
370. 3235-0417.
Form S-1........................ SEC File No. 270- OMB Control No.
58. 3235-0065.
Form S-2........................ SEC File No. 270- OMB Control No.
60. 3235-0072.
Form S-3........................ SEC File No. 270- OMB Control No.
61. 3235-0073.
Form S-11....................... SEC File No. 270- OMB Control No.
64. 3235-0067.
Form SB-1....................... SEC File No. 270- OMB Control No.
374. 3235-0423.
Form SB-2....................... SEC File No. 270- OMB Control No.
366. 3235-0418.
Form F-1........................ SEC File No. 270- OMB Control No.
249. 3235-0258.
Form F-2........................ SEC File No. 270- OMB Control No.
250. 3235-0257.
Form F-3........................ SEC File No. 270- OMB Control No.
251. 3235-0256.
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 requests for approval of proposed new collections and
proposed revisions on the following rules and forms:
Rules 101 and 102 would prohibit distribution participants form
purchasing activities during a distribution of securities. These
covered persons may seek to use an exception to this rule that would
require such persons to calculate the average daily trading volume of
the securities in distribution, maintain and audit a policy regarding
information barriers between their affiliates, and maintain a written
policy regarding general compliance with Regulation M. The Commission
estimates that 1,597 respondents would collect information under Rule
101 and that approximately 43,522 hours would be required annually for
these collections. In addition, the Commission estimates that 577
respondents would collect information under Rule 102 and that
approximately 577 hours would be required for these collections.
Rule 103 provides an exception to Rule 101 for passive market
making in Nasdaq securities. 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 375 respondents would collect information under Rule 103 and that
approximately 375 hours would be required annually for these
collections.
Rule 104 would permit 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 to
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.
The Commission estimates that 522 respondents would collect information
under Rule 104 and that approximately 522 hours would be required
annually for these collections.
Rule 17a-2 requires underwriters to maintain information regarding
stabilizing activities. This rule would be amended to reflect the new
records required under proposed Rule 104. The Commission estimates that
522 respondents would collect information under Rule 17a-2 and that
approximately 2,610 hours would be required annually for these
collections.
Item 502(d) of Regulation S-K and Regulation S-B requires
disclosure in offering materials of stabilization and passive market
making. These provisions would be amended to require new wording of the
legends already required. Item 508 of Regulation S-K and Regulation S-B
requires disclosure in offering materials regarding underwriting
activities. These provisions would be amended to require that potential
stabilizing activities be described more fully. These amendments would
affect the information required in Forms S-1, S-2, S-3, S-11, SB-1, SB-
2, F-1, F-2, and F-3, which incorporate Items 502(d) and 508. The
Commission estimates that each form would incur an additional .5 burden
hour to comply with these revisions.
[[Page 25722]]
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 Michael E. Bartell, Associate Executive
Director, Office of Information Technology, Securities and Exchange
Commission, 450 Fifth Street, NW., Washington, DC 20549 and 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.
Dated: May 6, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-12778 Filed 5-21-96; 8:45 am]
BILLING CODE 8010-01-M
