[Federal Register Volume 63, Number 99 (Friday, May 22, 1998)]
[Notices]
[Pages 28428-28429]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13725]
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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 17f-1(g), SEC File No. 270-30, OMB Control No. 3235-0290
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 collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
Rule 17f-1(g) Requirements for reporting and inquiring
with respect to missing, lost, counterfeit or stolen securities.
Paragraph (g) of Rule 17f-1 requires that all reporting
institutions (i.e., every national securities exchange, member thereof,
registered securities association, broker, dealer, municipal securities
dealer, registered transfer agent, registered clearing agency,
participant therein, member of the Federal Reserve System and bank
insured by the FDIC) maintain and preserved a number of documents
related to their participation in the Lost and Stolen Securities
Program (``Program'') under Rule 17f-1. The following documents must be
kept in an easily accessible place for three years, according to
paragraph (g): (a) copies or all reports of theft or loss (Form X-17F-
1A) filed with the
[[Page 28429]]
Commission's designee; (b) all agreements between reporting
institutions regarding registration in the Program or other aspects of
Rule 17f-1; and (c) all confirmations or other information received
from the Commission or its designee as a result of inquiry.
Reporting institutions utilize these records and reports (a) to
report missing, lost, stolen or counterfeit securities to the data
base, (b) to confirm inquiry of the data base, and (c) to demonstrate
compliance with Rule 17f-1. The Commission and the reporting
institutions' examining authorities utilize these records to monitor
the incidence of thefts and losses incurred by reporting institutions
and to determine compliance with Rule 17f-1. If such records were not
retained by reporting institutions, compliance with Rule 17f-1 could
not be monitored effectively.
The Commission estimates that there are 24,518 reporting
institutions (respondents) and, on average, each respondent would need
to retain 33 records annually, with each retention requiring
approximately 1 minute (33 minutes or .55 hours). The total estimated
annual burden is 13,484.9 hours (24,518 x .55 hours =13,484.9).
Assuming an average hourly cost for clerical work of $10, the average
total yearly record retention cost for each respondent would be $5.50.
Based on these estimates, the total annual cost for the estimated
24,518 reporting institutions would be approximately $134,849.
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 estimates of
the burden of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
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 July 21, 1998.
Please direct your written comments to Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 5th Street, NW, Washington, DC
20549.
Dated: May 14, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-13725 Filed 5-21-98; 8:45 am]
BILLING CODE 8010-01-M
