[Federal Register Volume 63, Number 145 (Wednesday, July 29, 1998)]
[Notices]
[Pages 40567-40568]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20247]
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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 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'') has submitted to the Office of Management
and Budget a request for extension of the previously approved
collection of information discussed below.
Rule 17f-1(g) Requirements for reporting and inquiry with
respect to missing, lost, counterfeit or stolen securities.
Rule 17f-1(g), under the Securities Exchange Act of 1934 (``Act''),
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 preserve 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 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
[[Page 40568]]
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.
Rule 17f-1(g) does not require periodic collection, but does
require retention of records generated as a result of compliance with
Rule 17f-1. Under Section 17 (b) and (f) of the Act, the information
required by Rule 17f-1(g) is available to the Commission and Federal
bank regulators for examinations or collection purposes. Rule 0-4 of
the Act deems such information to be confidential. 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.
General Comments regarding the estimated burden hours should be
directed to the following persons: (i) 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 5th Street, NW Washington, DC 20549. Comments
must be submitted to OMB within 30 days of this notice.
Dated: July 22, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-20247 Filed 7-28-98; 8:45 am]
BILLING CODE 8010-01-M
