[Federal Register Volume 64, Number 156 (Friday, August 13, 1999)]
[Notices]
[Page 44248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-20920]
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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 Service, Washington, DC
20549
Extension:
Rule 10b-17, SEC File No. 270-427, OMB Control No. 3236/5-0476
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 10b-17, Untimely announcements of record dates (17 CFR
240.10b-17).
Rule 10b-17 requires any issuer of a class of securities publicly
traded by the use of any means or instrumentality of interstate
commerce or of the mails or of any facility of any national securities
exchange to give notice of the following actions relating to such class
of securities: (1) a dividend; (2) a stock split; or (3) a rights or
other subscriptions offering. Notice shall be (1) given to the National
Association of Securities Dealers, Inc.; (2) in accordance with the
procedures of the national securities exchange upon which the
securities are registered; or (3) may be waived by the Commission.
The information required by Rule 10b-17 is necessary for the
execution of the Commission's mandate under the Exchange Act to prevent
fraudulent, manipulative, and deceptive acts and practices by broker-
dealers. The consequences of not requiring the information collection
pursuant to Rule 10b-17 is that sellers who have received distributions
as recordholders may dispose of the cash or stock dividends or other
rights received as recordholders without knowledge of possible claims
of purchasers.
Annually, there are approximately 29,430 respondents (based on
information received from the NASD that it received 15,586 responses in
1998 and the NYSE that it received 13,847 responses in 1998). It is
estimated that each response takes about 10 minutes (or 0.1666 hours)
to complete, thus imposing approximately 4,905 burden hours annually
(29,430 x 0.1666). We believe that the average hourly cost to produce
and file a response under the rule is about $50. Therefore, the annual
reporting cost burden for complying with this rule is about $245.250
(4,940 x $50).
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 will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
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 within 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: August 5, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc 99-20920 Filed 8-12-99; 8:45 am]
BILLING CODE 8010-01-M
