[Federal Register Volume 62, Number 114 (Friday, June 13, 1997)]
[Notices]
[Pages 32388-32389]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15468]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Extension
Rule 17f-1(b)
SEC File No. 270-28 OMB Control No. 3235-0032
Rule 17f-1(c) and Form X-17F-1A
SEC File No. 270-29 OMB Control No. 3235-0037
Rule 17h-1T and 17h-2
SEC File No. 270-359 OMB Control No. 3235-0410
Upon Written Request, Copies Available From: Securities and
Exchange Commission, Office of Filings and Information Services,
Washington, DC 20549.
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 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 17f-1(b) Requirements for reporting and inquiry with
respect to missing, lost, counterfeit, or stolen securities.
Rule 17f-1(b) requires approximately 19,000 entities in the
securities industry to register in the Lost and Stolen Securities
Program. Registration fulfills a statutory requirement that entities
report and inquire about missing, lost, counterfeit, or stolen
securities. Registration also allows entities in the securities
industry to gain access to a confidential data base that stores
information for the Program.
It is estimated that 600 respondents will register in the Lost and
Stolen Securities Program annually. It is also estimated that each
respondent will register one time. The average number
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of hours necessary to comply with the Rule 17f-1(b) is one-half hour.
The total annual burden is 300 hours for respondents, based upon past
submissions. The cost per hour is approximately $30. Therefore, the
total cost of compliance for respondents is $9,000.
Rule 17f-1(c) and Form X-17F-1A Reporting of missing, lost, stolen,
or counterfeit securities.
Rule 17f-1(c) requires approximately 23,000 entities in the
securities industry to report lost, stolen, missing, or counterfeit
securities to a central database, Form X-17F-1A facilitates the
accurate reporting and precise and immediate data entry into the
central database. Reporting to the central database fulfills a
statutory requirement that reporting institutions report and inquire
about missing, lost, counterfeit, or stolen securities. Reporting to
the central database also allows reporting institutions to gain access
to the database that stores information for the Lost and Stolen
Securities Program.
It is estimated that 23,000 reporting institutions will report that
securities are either missing, lost, counterfeit, or stolen annually.
It is also estimated that each reporting institution will submit this
report 29 times each year. The average amount of time necessary to
comply with Rule 17f-1(c) and Form X-17F-1A is five minutes. The total
annual burden is 55,583 hours for respondents, based upon past
submissions. The average cost per hour is approximately $30. Therefore,
the total cost of compliance for respondents is $1,667,490.
Rules 17h-1T and 17h-2T Risk Assessment Recordkeeping and
Reporting Requirements for Associated Persons of Brokers and Dealers.
Rules 17h-1T and 17h-2T require certain broker-dealers to maintain
and file with the Commission certain records relating to the activities
of affiliates whose business activities are reasonably likely to have a
material impact on the broker-dealers. These rules enable the
Commission to gather complete and timely information about the
activities of broker-dealer affiliates in a form necessary for
surveillance, enforcement, and other regulatory purposes. The
Commission uses this information to assess the potentially damaging
impact of the activities of associated persons on registered broker-
dealers.
It is estimated that approximately 250 respondents will maintain
and report information under these rules on a quarterly basis. The
average number of hours necessary to comply with Rules 17h-1T and 17h-
2T is six hours per quarter. The total annual burden is 6,000 hours for
respondents, based upon past submissions. The cost per hour is
approximately $416.67. Therefore, the total cost of compliance for
respondents is $2,5000,000 (6,000 total hours multiplied by $416.67).
The information required by the Rules must be maintained and
preserved by the respondents for a period of not less than three years
in an easily accessible place. In addition, it is mandatory for broker-
dealers subject to Rules 17h-1T and 17h-2T to maintain and file the
information required by the Rules. All information received by the
Commission pursuant to the Rules is kept confidential. Finally, the
public should be aware 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.
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 60 days of this publication.
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: June 5, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-15468 Filed 6-12-97; 8:45 am]
BILLING CODE 8010-01-M
