Submission for OMB Review; Comment Request, 19269 [E8-7397]

Download as PDF Federal Register / Vol. 73, No. 69 / Wednesday, April 9, 2008 / Notices mstockstill on PROD1PC66 with NOTICES conditions necessary or appropriate in the public interest, for the protection of investors, or in furtherance of the purposes of Section 17A of the Exchange Act. Without Rule 17Ac3–1(a) and Form TA–W, transfer agents registered with the Commission would not have a means for voluntary deregistration when necessary or appropriate to do so. Respondents file approximately 50 TA–Ws with the Commission annually. A Form TA–W filing occurs only once, when a transfer agent is seeing deregistration. Since the form is simple and straightforward, the Commission estimates that a transfer agent need spend no more than 30 minutes to complete a Form TA–W. Therefore, the total average annual burden to covered entities is approximately 25 hours of preparation and maintenance time. In view of the ready availability of the information requested by Form TA–W, its short and simple presentation, and the Commission’s experience with the filers, we estimate that approximately 30 minutes is required to complete Form TA–W, including clerical time. Approximately 80 percent of these are completed by the transfer agent or its employees and approximately 20 percent are completed by an outside filing agent. In either case, we estimate a cost of approximately $35 for each 30 minutes. Therefore, the total average annual cost burden is approximately $1,750. Comments should be directed to (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: Alexander_T._Hunt@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, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: April 2, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–7396 Filed 4–8–08; 8:45 am] BILLING CODE 8011–01–P VerDate Aug<31>2005 18:06 Apr 08, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon written request, copies available from: U.S. Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 611, OMB Control No. 3238–0600, SEC File No. 270–540. 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 a request for approval of extension of the existing collection of information provided for in the following rule: Rule 611 (17 CFR 242.611). On June 9, 2005, effective August 29, 2005 (see 70 FR 37496, June 29, 2005), the Commission adopted Rule 611 of Regulation NMS under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) to require any national securities exchange, national securities association, alternative trading system, exchange market maker, over-thecounter market maker and any other broker-dealer that executes orders internally by trading as principal or crossing orders as agent, to establish, maintain, and enforce policies and procedures reasonably designed to prevent the execution of a transaction in its market at a price that is inferior to a bid or offer displayed in another market at the time of execution (a ‘‘trade-though’’), absent an applicable exception and, if relying on an exception, that are reasonably designed to assure compliance with the terms of the exception. Without this collection of information, respondents would not have a means to enforce compliance with the Commission’s intention to prevent trade-throughs pursuant to the rule. There are approximately 788 respondents1 per year that will require an aggregate total of 47,280 hours to comply with this rule.2 It is anticipated 1 This estimate includes nine national securities exchanges and one national securities association that trade NMS stocks. The estimate also includes the approximately 731 firms that were registered equity market makers or specialists at year-end 2006, as well as automated trading systems that operate trading systems that trade NMS stocks. 2 Please note that the 60 Day Notice to extend the effectiveness of Rule 611 stated the annual hour burden as 36,540, which does not reflect the increase in the number of respondents; see Securities and Exchange Commission Proposed Collection; Comment Request, 73 FR 5600 (January PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 19269 that each respondent will continue to expend approximately 60 hours annually: two hours per month of internal legal time and three hours per month of internal compliance time to ensure that its written policies and procedures are up-to-date and remain in compliance with Rule 611. The estimated cost for an in-house attorney is $295 per hour and the estimated cost for an assistant compliance director in the securities industry is $301 per hour. Therefore the estimated total cost of compliance for the annual hour burden is as follows: [(2 legal hours × 12 months × $295) × 788] + [(3 compliance hours × 12 months × $301) × 788] = $14,117,808.3 There are no longer startup costs associated with Rule 611. 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 should be directed to (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: Alexander_T._Hunt@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, VA 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this notice. Dated: April 2, 2008. Florence E. Harmon, Deputy Secretary. [FR Doc. E8–7397 Filed 4–8–08; 8:45 am] BILLING CODE 8011–01–P 30, 2008). The one-time hour burden associated with developing the required policies and procedures is no longer applicable. 3 The total cost of compliance for the annual hour burden has been revised to reflect updated estimated cost figures for an in-house attorney and an assistant compliance director. These figures are from SIFMA’s Management & Professional Earnings in the Securities Industry 2007, adjusted by the SEC staff for an 1800 hour work year and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. See Securities Exchange Act Release No. 50870 (Dec. 16, 2004), 69 FR 77424 (Dec. 27, 2004) at notes 427, 428 and accompanying text. E:\FR\FM\09APN1.SGM 09APN1

Agencies

[Federal Register Volume 73, Number 69 (Wednesday, April 9, 2008)]
[Notices]
[Page 19269]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7397]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon written request, copies available from: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
    Rule 611, OMB Control No. 3238-0600, SEC File No. 270-540.

    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 a request for approval of extension of the existing 
collection of information provided for in the following rule: Rule 611 
(17 CFR 242.611).
    On June 9, 2005, effective August 29, 2005 (see 70 FR 37496, June 
29, 2005), the Commission adopted Rule 611 of Regulation NMS under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) to require any 
national securities exchange, national securities association, 
alternative trading system, exchange market maker, over-the-counter 
market maker and any other broker-dealer that executes orders 
internally by trading as principal or crossing orders as agent, to 
establish, maintain, and enforce policies and procedures reasonably 
designed to prevent the execution of a transaction in its market at a 
price that is inferior to a bid or offer displayed in another market at 
the time of execution (a ``trade-though''), absent an applicable 
exception and, if relying on an exception, that are reasonably designed 
to assure compliance with the terms of the exception. Without this 
collection of information, respondents would not have a means to 
enforce compliance with the Commission's intention to prevent trade-
throughs pursuant to the rule.
    There are approximately 788 respondents\1\ per year that will 
require an aggregate total of 47,280 hours to comply with this rule.\2\ 
It is anticipated that each respondent will continue to expend 
approximately 60 hours annually: two hours per month of internal legal 
time and three hours per month of internal compliance time to ensure 
that its written policies and procedures are up-to-date and remain in 
compliance with Rule 611. The estimated cost for an in-house attorney 
is $295 per hour and the estimated cost for an assistant compliance 
director in the securities industry is $301 per hour. Therefore the 
estimated total cost of compliance for the annual hour burden is as 
follows: [(2 legal hours x 12 months x $295) x 788] + [(3 compliance 
hours x 12 months x $301) x 788] = $14,117,808.\3\ There are no longer 
start-up costs associated with Rule 611.
---------------------------------------------------------------------------

    \1\ This estimate includes nine national securities exchanges 
and one national securities association that trade NMS stocks. The 
estimate also includes the approximately 731 firms that were 
registered equity market makers or specialists at year-end 2006, as 
well as automated trading systems that operate trading systems that 
trade NMS stocks.
    \2\ Please note that the 60 Day Notice to extend the 
effectiveness of Rule 611 stated the annual hour burden as 36,540, 
which does not reflect the increase in the number of respondents; 
see Securities and Exchange Commission Proposed Collection; Comment 
Request, 73 FR 5600 (January 30, 2008). The one-time hour burden 
associated with developing the required policies and procedures is 
no longer applicable.
    \3\ The total cost of compliance for the annual hour burden has 
been revised to reflect updated estimated cost figures for an in-
house attorney and an assistant compliance director. These figures 
are from SIFMA's Management & Professional Earnings in the 
Securities Industry 2007, adjusted by the SEC staff for an 1800 hour 
work year and multiplied by 5.35 to account for bonuses, firm size, 
employee benefits and overhead. See Securities Exchange Act Release 
No. 50870 (Dec. 16, 2004), 69 FR 77424 (Dec. 27, 2004) at notes 427, 
428 and accompanying text.
---------------------------------------------------------------------------

    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 should be directed to (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: Alexander--
T._Hunt@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, VA 22312 or send an e-
mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 
days of this notice.

    Dated: April 2, 2008.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-7397 Filed 4-8-08; 8:45 am]
BILLING CODE 8011-01-P
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