Submission for OMB Review; Comment Request, 16182-16183 [E6-4624]

Download as PDF 16182 Federal Register / Vol. 71, No. 61 / Thursday, March 30, 2006 / Notices Room: 415. Program: This meeting will review applications for Humanities Projects in Media, submitted to the Division of Public Programs at the February 6, 2006 deadline. Heather Gottry, Acting Advisory Committee Management Officer. [FR Doc. E6–4638 Filed 3–29–06; 8:45 am] BILLING CODE 7536–01–P 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. cprice-sewell on PROD1PC66 with NOTICES Extension: Reports of Evidence of Material Violations: SEC File No. 270–514; OMB Control No. 3235–0572. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. Sections 3501 through 3520) the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. On February 6, 2003, the Commission published final rules, effective August 5, 2003, entitled ‘‘Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer’’ (17 CFR 205.1 through 205.7). The information collection embedded in the rules is necessary to implement the Standards of Professional Conduct for Attorneys prescribed by the rule and required by Section 307 of the SarbanesOxley Act of 2002. The rules impose an ‘‘up-the-ladder’’ reporting requirement when attorneys appearing and practicing before the Commission become aware of evidence of a material violation by the issuer or any officer, director, employee, or agent of the issuer. An issuer may choose to establish a qualified legal compliance committee (‘‘QLCC’’) as an alternative procedure for reporting evidence of a material violation. In the rare cases in which a majority of a QLCC has concluded that an issuer did not act appropriately, the information may be communicated to the Commission. The collection of information is, therefore, an important component of the Commission’s program to discourage VerDate Aug<31>2005 15:32 Mar 29, 2006 Jkt 208001 violations of the Federal securities laws and promote ethical behavior of attorneys appearing and practicing before the Commission. The respondents to this collection of information are attorneys who appear and practice before the Commission and, in certain cases, the issuer, and/or officers, directors and committees of the issuer. We believe that, in providing quality representation to issuers, attorneys report evidence of violations to others within the issuer, including the Chief Legal Officer, the Chief Executive Officer, and, where necessary, the directors. In addition, officers and directors investigate evidence of violations and report within the issuer the results of the investigation and the remedial steps they have taken or sanctions they have imposed. Except as discussed below, we therefore believe that the reporting requirements imposed by the rule are ‘‘usual and customary’’ activities that do not add to the burden that would be imposed by the collection of information. Certain aspects of the collection of information, however, may impose a burden. For an issuer to establish a QLCC, the QLCC must adopt written procedures for the confidential receipt, retention, and consideration of any report of evidence of a material violation. We estimate for purposes of the PRA that there are approximately 17,710 issuers that are subject to the rules.1 Of these, we estimate that approximately ten percent, or 1,771, will establish a QLCC.2 Establishing the written procedures required by the rule should not impose a significant burden. We assume that an issuer would incur a greater burden in the year that it first establishes the procedures than in subsequent years, in which the burden would be incurred in updating, reviewing, or modifying the procedures. For purposes of the PRA, we assume that an issuer would spend 6 hours every three-year period on the procedures. This would result in an average burden of 2 hours per year. Thus, we estimate for purposes of the PRA that the total annual burden 1 This estimate is based, in part, on the total number of operating companies that filed annual reports on Form 10–K, Form 10–KSB, Form 20–F, or Form 40–F, during the 2005 fiscal year and an estimate of the average number of issuers that may have a registration statement filed under the Securities Act pending with the Commission at any time (13,660). In addition, we estimate that approximately 4,050 investment companies currently file periodic reports on Form N–SAR. 2 Indications are that the 2003 estimate of the percentage of issuers that would establish QLCCs (20%) was high. Our adjusted estimate in the percentage of QLCCs (10%) results in a reduced burden estimate as compared to the previouslyapproved collection. PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 imposed by the collection of information would be 3,542 hours. Assuming half of the burden hours will be incurred by outside counsel at a rate of $300 per hour would result in a cost of $531,300. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study. Compliance with the collection of information requirements is in some cases mandatory and in some cases voluntary depending on the circumstances. Responses to the collection may or may not be kept confidential. 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 OMB control number. Written comments regarding the above information 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 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to: David-Rostker@omb.oep.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send an email to PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this publication. Dated: March 23, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–4623 Filed 3–29–06; 8:45 am] BILLING CODE 8010–01–P 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 15c2–1; SEC File No. 270– 418; OMB Control No. 3235–0485. 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 E:\FR\FM\30MRN1.SGM 30MRN1 cprice-sewell on PROD1PC66 with NOTICES Federal Register / Vol. 71, No. 61 / Thursday, March 30, 2006 / Notices requests for approval of extension on the following rule: Rule 15c2–1. Rule 15c2–1 under the Securities Exchange Act of 1934 (17 CFR 240.15c2–1) prohibits the commingling under the same lien of securities of margin customers (a) with other customers without their written consent and (b) with the broker or dealer. The rule also prohibits the rehypothecation of customers’ margin securities for a sum in excess of the customer’s aggregate indebtedness. See Securities Exchange Act Release No. 2690 (November 15, 1940); Securities Exchange Act Release No. 9428 (December 29, 1971). Pursuant to Rule 15c2–1, respondents must collect information necessary to prevent the rehypothecation of customer securities in contravention of the rule, issue and retain copies of notices of hypothecation of customer securities in accordance with the rule, and collect written consents from customers in accordance with the rule. The information is necessary to ensure compliance with the rule and to advise customers of the rule’s protections. There are approximately 145 respondents (i.e., broker-dealers that carry or clear customer accounts that also have bank loans) that require an aggregate total of 3263 hours to comply with the rule. Each of these approximately 145 registered brokerdealers makes an estimated 45 annual responses. Each response takes approximately 0.5 hours to complete. Thus, the total compliance burden per year is 3263 burden hours. 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. Comments regarding the estimated burden hours should be directed to: (i) The Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. VerDate Aug<31>2005 15:32 Mar 29, 2006 Jkt 208001 Dated: March 23, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–4624 Filed 3–29–06; 8:45 am] BILLING CODE 8010–01–P 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 15c2–7; SEC File No. 270– 420; OMB Control No. 3235–0479. 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 (‘‘OMB’’) a request for extension of the previously approved collection of information discussed below. • Rule 15c2–7, Identification of Quotations Rule 15c2–7 under the Securities Exchange Act of 1934 (17 CFR 240.15c2–7) enumerates the requirements with which brokers and dealers must comply when submitting a quotation for a security (other than a municipal security) to an inter-dealer quotation system. It is estimated that there are 8,500 brokers and dealers. Industry personnel estimate that approximately 900 notices are filed pursuant to Rule 15c2–7 annually. Based on industry estimates that respondents complying with Rule 15c2–7 spend 30 seconds to add notice of an arrangement and 1 minute to delete notice of an arrangement, the staff estimates that, on an annual basis, respondents spend a total of 11.25 hours to comply with Rule 15c2–7, based upon past submissions. The average cost per hour is approximately $35. Therefore, the total cost of compliance for brokers and dealers is approximately $393.75 The retention period for the recordkeeping requirement under Rule 15c2–7 is three years following the date a quotation is submitted. The recordkeeping requirement under this Rule is mandatory to assist the Commission with monitoring brokers and dealers who submit quotations to an inter-dealer quotation system. This rule does not involve the collection of confidential information. Please note that an agency may not conduct or sponsor, and a person is not required to PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 16183 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 10102, New Executive Office Building, Washington, DC 20503 or by sending an e-mail to David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, C/O Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: March 23, 2006. Nancy M. Morris, Secretary. [FR Doc. E6–4625 Filed 3–29–06; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–53545; File No. SR– NYSEArca–2006–06] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change and Amendment No. 1 Thereto Relating To Extending the Time Period by Which the Exchange Will Amend the NASD–PCX Agreement Pursuant to Rule 17d–2 March 23, 2006. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on March 21, 2006, NYSE Arca, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. On March 23, 2006, the Exchange filed Amendment No. 1 to the proposed rule change.3 The Exchange filed the proposal as a ‘‘non-controversial’’ rule change pursuant to Section 19(b)(3)(A) of the Act 4 and Rule 19b–4(f)(6) thereunder,5 which renders the proposal effective upon filing with the 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 In Amendment No. 1, the Exchange revised the statutory basis section of the filing. 4 15 U.S.C. 78s(b)(3)(A). 5 17 CFR 240.19b–4(f)(6). 2 17 E:\FR\FM\30MRN1.SGM 30MRN1

Agencies

[Federal Register Volume 71, Number 61 (Thursday, March 30, 2006)]
[Notices]
[Pages 16182-16183]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4624]


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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 15c2-1; SEC File No. 270-418; OMB Control No. 3235-
0485.

    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

[[Page 16183]]

requests for approval of extension on the following rule: Rule 15c2-1.
    Rule 15c2-1 under the Securities Exchange Act of 1934 (17 CFR 
240.15c2-1) prohibits the commingling under the same lien of securities 
of margin customers (a) with other customers without their written 
consent and (b) with the broker or dealer. The rule also prohibits the 
rehypothecation of customers' margin securities for a sum in excess of 
the customer's aggregate indebtedness. See Securities Exchange Act 
Release No. 2690 (November 15, 1940); Securities Exchange Act Release 
No. 9428 (December 29, 1971). Pursuant to Rule 15c2-1, respondents must 
collect information necessary to prevent the rehypothecation of 
customer securities in contravention of the rule, issue and retain 
copies of notices of hypothecation of customer securities in accordance 
with the rule, and collect written consents from customers in 
accordance with the rule. The information is necessary to ensure 
compliance with the rule and to advise customers of the rule's 
protections.
    There are approximately 145 respondents (i.e., broker-dealers that 
carry or clear customer accounts that also have bank loans) that 
require an aggregate total of 3263 hours to comply with the rule. Each 
of these approximately 145 registered broker-dealers makes an estimated 
45 annual responses. Each response takes approximately 0.5 hours to 
complete. Thus, the total compliance burden per year is 3263 burden 
hours.
    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.
    Comments regarding the estimated burden hours should be directed 
to: (i) The Desk Officer for the Securities and Exchange Commission, 
Office of Information and Regulatory Affairs, Office of Management and 
Budget, Room 10102, New Executive Office Building, Washington, DC 20503 
or by sending an e-mail to David--Rostker@omb.eop.gov; and (ii) R. 
Corey Booth, Director/Chief Information Officer, Securities and 
Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, 
Alexandria, Virginia 22312 or send an e-mail to: PRA--Mailbox@sec.gov. 
Comments must be submitted to OMB within 30 days of this notice.

    Dated: March 23, 2006.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-4624 Filed 3-29-06; 8:45 am]
BILLING CODE 8010-01-P