Proposed Collection; Comment Request, 22732 [E5-2087]

Download as PDF 22732 Federal Register / Vol. 70, No. 83 / Monday, May 2, 2005 / Notices Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. Dated: April 25, 2005. Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–2086 Filed 4–29–05; 8:45 am] BILLING CODE 8010–01–P Dated: April 25, 2005. Margaret H. McFarland, Deputy Secretary. [FR Doc. E5–2087 Filed 4–29–05; 8:45 am] SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request BILLING CODE 8010–01–P Upon written request, copies available from: Securities and Exchange Commission, Office of Filings and Information Services, Washington, DC 20549. Extension: Rule 236, OMB Control No. 3235– 0095, SEC File No. 270–118. 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 236 under the Securities Act of 1933 (‘‘Securities Act’’) requires issuers choosing to rely on an exemption from Securities Act registration for the issuance of fractional shares, scrip certificates or order forms, in connection with a stock dividend, stock split, reverse stock split, conversion, merger or similar transaction to furnish specified information to the Commission in writing at least ten days prior to the offering. The information is needed to provide public notice that an issuer is relying on the exemption. Public companies are the likely respondents. An estimated ten submissions are made pursuant to Rule 236 annually, resulting in an estimated annual total burden of 15 hours. 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 VerDate jul<14>2003 19:05 Apr 29, 2005 Jkt 205001 to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to R. Corey Booth, Director/Chief Information Officer, Office of Information Technology, Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 20549. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–51605; File No. SR–NASD– 2005–004] Self-Regulatory Organizations; National Association of Securities Dealers, Inc.; Order Approving Proposed Rule Change and Amendment Nos. 1 and 2 Thereto Relating to Annual Compliance Meetings April 25, 2005. On January 13, 2005, the National Association of Securities Dealers (‘‘NASD’’) filed with the Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’) a proposed rule change, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 to clarify that the system that each member is required to establish and maintain to supervise the activities of registered representatives and associated persons also applies to registered principals. On March 1, 2005, NASD filed Amendment No. 1 to the proposed rule change.3 On March 9, 2005, NASD filed Amendment No. 2 to the proposed rule change.4 The proposed rule change, as amended, was published for comment in the Federal Register on March 21, 2005.5 The Commission received two comment letters on the proposal, as amended.6 On U.S.C. 78s(b)(1). CFR 240.19b–4. 3 In Amendment No. 1, the NASD further clarified that the scope of NASD Rules 3010(a), 3010(a)(3), and 3010(b)(1), specifically extends to registered representatives and registered principals, as well as other associated persons. 4 In Amendment No. 2, the NASD filed a partial amendment to the proposed rule change to remove the underlining from the term ‘‘applicable NASD Rules’’ in NASD Rule 3010(a), as it is part of the existing rule text. 5 See Securities Exchange Act Release No. 51368 (March 14, 2005), 70 FR 13560 (March 21, 2005). 6 See letters from Jed Bandes, dated April 7, 2005 (‘‘Bandes Letter’’) and William F. Marshall, President, First Winston Securities, Inc., dated April 11, 2005 (‘‘First Winston Letter’’). PO 00000 1 15 2 17 Frm 00106 Fmt 4703 Sfmt 4703 April 22, 2005, the NASD filed a response to the comment letters.7 This order approves the proposed rule change, as amended. I. Description of Proposed Rule Change NASD proposes to amend NASD Rule 3010(a)(7) to require that registered principals, in addition to registered representatives, attend an annual compliance meeting. NASD Rule 3010(a)(7) currently requires the attendance of registered representatives at annual compliance meetings, but it does not require the attendance of registered principals. NASD believes that registered principals also should be required to attend such meetings given the supervisory and compliance-related functions that principals perform and that the primary purpose of these meetings is to discuss compliance issues and keep registered persons current on changing compliance requirements or changes in the firm. Accordingly, NASD proposes to amend NASD Rule 3010(a)(7) to require that all registered principals, in addition to registered representatives, attend an annual compliance meeting in accordance with the Rule. Further, although registered principals are included in the definition of associated person 8 and thus are included in the scope of NASD Rule 3010(a), registered principals are not specifically listed in NASD Rule 3010(a). Therefore, NASD proposes a technical amendment to NASD Rule 3010(a) to clarify that each member is required to establish and maintain a system to supervise the activities of each registered representative, registered principal, and associated person. NASD represents that the proposal clarifies that this provision applies to registered representatives and registered principals, as well as all other associated persons. To be consistent with this proposed amendment to NASD Rule 3010(a), NASD is proposing similar changes to NASD Rules 3010(a)(3) and 3010(b)(1) to clarify that the scope of these rules extends to registered representatives and registered principals, as well as other associated persons.9 NASD is also proposing to replace a reference to ‘‘Association’’ with ‘‘NASD’’ in the text of NASD Rule 3010(b)(1) to reflect the fact that NASD no longer refers to itself using its full 7 See letter to Katherine A. England, Assistant Director, Division of Market Regulation from Afshin Atabaki, Counsel, NASD, dated April 22, 2005 (‘‘NASD Response Letter’’). 8 See NASD Rule 1011(b). 9 See Amendment No. 1, supra note 3. E:\FR\FM\02MYN1.SGM 02MYN1

Agencies

[Federal Register Volume 70, Number 83 (Monday, May 2, 2005)]
[Notices]
[Page 22732]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-2087]


-----------------------------------------------------------------------

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.

Extension: Rule 236, OMB Control No. 3235-0095, SEC File No. 270-
118.

    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 236 under the Securities Act of 1933 (``Securities Act'') 
requires issuers choosing to rely on an exemption from Securities Act 
registration for the issuance of fractional shares, scrip certificates 
or order forms, in connection with a stock dividend, stock split, 
reverse stock split, conversion, merger or similar transaction to 
furnish specified information to the Commission in writing at least ten 
days prior to the offering. The information is needed to provide public 
notice that an issuer is relying on the exemption. Public companies are 
the likely respondents. An estimated ten submissions are made pursuant 
to Rule 236 annually, resulting in an estimated annual total burden of 
15 hours.
    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 R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities 
and Exchange Commission, 450 5th Street, NW., Washington, DC 20549.

    Dated: April 25, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-2087 Filed 4-29-05; 8:45 am]
BILLING CODE 8010-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.