[Federal Register Volume 61, Number 187 (Wednesday, September 25, 1996)]
[Notices]
[Pages 50354-50355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24570]
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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
Approval of Existing Collection:
Rule 10b-17, SEC File No. 270-427, OMB Control No. 3235-new
Rule 11a1-1(T), SEC File No. 270-428, OMB Control No. 3235-new
Rule 15c2-7, SEC File No. 270-420, OMB Control No. 3235-new
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 2501 et seq.), the Securities and Exchange
Commission (``Commission'') is publishing the following summaries of
collections for public comment.
Rule 10b-17 (17 CFR 240.10b-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 subscription offering. Notice shall be:
given to the National Association of Securities Dealers, Inc.; in
accordance with the procedures of the national securities exchange upon
which the securities are registered; or may be waived by the
Commission.
There are approximately 1,900 respondents that require an aggregate
total of 3,800 hours to comply with this rule. Each of these
approximately 1,900 issuers makes an estimated 2 annual responses, for
an aggregate of 3,800 responses per year. Each response takes
approximately 1 hour to complete. Thus, the total compliance burden per
year is 3,800 burden hours. The approximate cost per hour is $100,
resulting in a total cost of compliance for the respondents of $380,000
(3,800 hours @ $100).
Rule 11a1-1(T) (17 CFR 240.11a1-1(T)), provides that an exchange
member's proprietary order may be executed on the exchange of which the
trader is a member, if, among other things: (1) The member discloses
that a bid or offer for its account is for its account to any member
with whom such bid or offer is placed or to whom it is communicated;
(2) any such member through whom that bid or offer is communicated
discloses to others participating in effecting the order that it is for
the account of a member; and (3) immediately before executing the
order, a member (other than a specialist in such security) presenting
any order for the account of a member on the exchange clearly announces
or otherwise indicates to the specialist and to other members then
present that he is presenting an order for the account of a member.
There are approximately 1,000 respondents that require an aggregate
total of 333 hours to comply with this rule. Each of these
approximately 1,000 respondents makes an estimated 20 annual responses,
for an aggregate of 20,000 responses per year. Each response takes
approximately 1 minute to complete. Thus, the total compliance burden
per year is 333 hours (20,000 minutes/60 minutes per hour = 333 hours).
The approximate cost per hour is $100, resulting in a total cost of
compliance for the respondents of $33,333 (333 hours @ $100).
Rule 15c2-7 (17 CFR 240.15c2-7) renders it unlawful for a broker-
dealer to furnish a quotation for a security to an inter-dealer-
quotation-system unless certain conditions are met: (a) The appearing
broker-dealer discloses whether the quote is on behalf of another
broker-dealer, and if so, the identity of such other broker-dealer; (b)
the appearing broker-dealer discloses whether the quotation is
submitted pursuant to any other arrangement between or among broker-
dealers; (c) every broker-dealer who enters into any arrangement by
which two or more broker-dealers submit quotations with respect to a
particular security must inform all other broker-dealers of the
existence of such an arrangement and the identity of the parties
thereto; and (d) the quotation system must be one which makes it a
general practice to differentiate between correspondent arrangements
and all other arrangements, and which discloses the identities of all
other broker-dealers where that information is required to be supplied
to the quotation system. The purpose of the rule is to ensure that an
inter-dealer-quotation-system clearly reveals where two or more
quotations in
[[Page 50355]]
different names for a particular security represent a single quotation
or where one broker-dealer appears as a correspondent of another.
The rule requires the relevant information to be disclosed for each
quotation submitted to an inter-dealer-quotation-system. Each
registered market maker on an inter-dealer-quotation-system is required
to disclose any correspondent broker-dealers for a particular security
at the time the market maker initially registers with the inter-dealer-
quotation-system as a market maker for such security. After the market
maker's initial disclosure, the information is disclosed automatically
through such market maker's electronic submission of a quotation to the
inter-dealer-quotation-system. An aggregate total of approximately 20
of these initial disclosures are made per year. Each such initial
disclosure takes approximately 1 minute to complete. Thus, the total
compliance burden per year is approximately 20 minutes (0.33 burden
hours).
Written comments are invited on: (a) Whether the 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 estimate of the burden of the
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 within 60 days of this
publication.
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: September 13, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-24570 Filed 9-24-96; 8:45 am]
BILLING CODE 8010-01-M
