[Federal Register Volume 61, Number 184 (Friday, September 20, 1996)]
[Notices]
[Pages 49502-49503]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24169]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From:
Securities and Exchange Commission,
[[Page 49503]]
Office of Filings and Information Services, Washington DC 20549
Proposed Amendments
Form BDW, SEC File No. 270-17, OMB Control No. 3235-0018
Rule 11Ac1-1, SEC File No. 270-404, OMB Control No. 3235-0461
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 amendments on previously
approved collections of information:
Form BDW is used by broker-dealers to withdraw from registration
with the Commission, the self-regulatory organizations, and the states.
It is estimated that approximately 900 broker-dealers annually will
incur an average burden of 15 minutes, or 0.25 hours to file for
withdrawal on Form BDW electronically with the redesignated Central
Registration Depository system, a computer system operated by the
National Association of Securities Dealer's Inc. that maintains
information regarding broker-dealers and their registered personnel.
Rule 11Ac1-1 contains two related collections of information
necessary to disseminate to the public market markers' published
quotations to buy and sell securities. The first collection of
information is found in 17 CFR 11Ac1-1(c). This reporting requirement
obligates each ``responsible broker or dealer,'' as defined under the
rule, to communicate to its exchange or association its best bids, best
offers, and quotation sizes for any subject security, as defined under
the rule. The second collection of information is found in 17 CFR
11Ac1-1(b). This reporting requirement obligates each exchange and
association to make available to quotation vendors for dissemination to
the public the best bid, best offer, and aggregate quotation size for
each subject security.\1\ Brokers, dealers, other market participants,
and members of the public rely on published quotation information to
determine the best price and market for execution of customer orders.
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\1\ A third reporting requirement under the Quote Rule, as
amended at 17 CFR 11Ac1-1(c)(5), will give electronic communications
networks (``ECNs'') the option of reporting to an exchange or
association for public dissemination, on behalf of their over-the-
counter (``OTC'') market maker or exchange specialist customers, the
best priced orders and a cumulative size for such orders entered by
market makers, to satisfy such market makers' reporting obligation
under Rule 11Ac1-1(c). Because this reporting requirement is an
alternative method of meeting the market markers' reporting
obligation, and because it is directed to nine or fewer persons
(BCNs), this collection of information is not subject to OMB review
under the PRA.
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It is anticipated that 758 respondents, consisting of 8 national
securities exchanges or registered national securities associations,
180 exchange specialists and 570 OTC market makers, will make
409,568,000 total annual responses pursuant to Rule 11Ac1-1. The total
annual burden is estimated to be approximately 179,670 total annual
hours.
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, N.W., Washington, D.C. 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, D.C. 20503.
Dated: September 9, 1996.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-24169 Filed 9-19-96; 8:45 am]
BILLING CODE 8010-01-M
