Proposed Collection; Comment Request, 35425 [E8-14079]

Download as PDF Federal Register / Vol. 73, No. 121 / Monday, June 23, 2008 / Notices Administrator. Effective May 23, 2008. Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR 1954–1958 Comp., p. 218. U.S. Office of Personnel Management. Howard C. Weizmann, Deputy Director. [FR Doc. E8–14150 Filed 6–20–08; 8:45 am] BILLING CODE 6325–39–P SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. mmaher on PROD1PC70 with NOTICES Extension: Form 8–A; OMB Control No. 3235–0056; SEC File No. 270–54. 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. Form 8–A (17 CFR 249.208a) is a registration statement for certain classes of securities pursuant to sections 12(b) and 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(b) and 78l(g)). Section 12(a) (15 U.S.C. 78l(a)) requires securities traded on national exchanges to be registered under the Exchange Act (15 U.S.C. 78a et seq.). Section 12(b) establishes the registration procedures. Section 12(g), and Rule 12g–1 (17 CFR 240.12g–1) promulgated thereunder, extended the Exchange Act registration requirements to issuers engaged in interstate commerce, or in a business affecting interstate commerce, and having total assets of $10,000,000 or more and a class of equity security held or record by 500 or more persons. Form 8–A takes approximately 3 hours to prepare and is filed by approximately 1,170 respondents for a total of 3,510 annual burden hours. Written comments are invited on: (a) Whether this 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 imposed by the collection of information; (c) ways to enhance the quality, utility, and VerDate Aug<31>2005 01:51 Jun 21, 2008 Jkt 214001 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, 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. June 16, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–14079 Filed 6–20–08; 8:45 am] BILLING CODE 8010–01–P 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 15g–9; SEC File No. 270–325; OMB Control No. 3235–0385. 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 extension of the previously approved collection of information discussed below. Section 15(c)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (the ‘‘Exchange Act’’) authorizes the Commission to promulgate rules that prescribe means reasonably designed to prevent fraudulent, deceptive, or manipulative practices in connection with over-the-counter (‘‘OTC’’) securities transactions. Pursuant to this authority, the Commission in 1989 adopted Rule 15a– 6 (the ‘‘Rule’’), which was subsequently redesignated as Rule 15g–9, 17 CFR 240.15g–9. The Rule requires brokerdealers to produce a written suitability determination for, and to obtain a written customer agreement to, certain recommended transactions in lowpriced stocks that are not registered on a national securities exchange or authorized for trading on NASDAQ, and PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 35425 whose issuers do not meet certain minimum financial standards. The Rule is intended to prevent the indiscriminate use by broker-dealers of fraudulent, high pressure telephone sales campaigns to sell low-priced securities to unsophisticated customers. The Commission staff estimates that there are approximately 240 brokerdealers subject to the Rule. The burden of the Rule on a respondent varies widely depending on the frequency with which new customers are solicited. On the average for all respondents, the staff has estimated that respondents process three new customers per week, or approximately 156 new customer suitability determinations per year. We also estimate that a broker-dealer would expend approximately one-half hour per new customer in obtaining, reviewing, and processing (including transmitting to the customer) the information required by Rule 15g–9, and each respondent would consequently spend 78 hours annually (156 customers × .5 hours) obtaining the information required in the rule. We determined, based on the estimate of 240 brokerdealer respondents, that the current annual burden of Rule 15g–9 is 18,720 hours (240 respondents × 78 hours). In addition, we estimate that if tangible communications alone are used to transmit the documents required by Rule 15g–9, each customer should take: (1) No more than eight minutes to review, sign and return the suitability determination document; and (2) no more than two minutes to either read and return or produce the customer agreement for a particular recommended transaction in penny stocks, listing the issuer and number of shares of the particular penny stock to be purchased, and send it to the broker-dealer. Thus, the total current customer respondent burden is approximately 10 minutes per response, for an aggregate total of 1,560 minutes for each broker-dealer respondent. Since there are 240 respondents, the annual burden for customer responses is 374,400 minutes (1,560 customer minutes per each of the 240 respondents) or 6,240 hours. In addition, we estimate that, if tangible means of communications alone are used, broker-dealers could incur a recordkeeping burden under Rule 15g–9 of approximately two minutes per response. Since there are approximately 240 broker-dealer respondents and each respondent would have approximately 156 responses annually, respondents would incur an aggregate recordkeeping burden of 74,880 minutes (240 respondents × 156 responses × 2 minutes per response), or 1,248 hours. Accordingly, the aggregate E:\FR\FM\23JNN1.SGM 23JNN1

Agencies

[Federal Register Volume 73, Number 121 (Monday, June 23, 2008)]
[Notices]
[Page 35425]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14079]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Form 8-A; OMB Control No. 3235-0056; SEC File No. 270-54.

    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.
    Form 8-A (17 CFR 249.208a) is a registration statement for certain 
classes of securities pursuant to sections 12(b) and 12(g) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78l(b) and 78l(g)). Section 
12(a) (15 U.S.C. 78l(a)) requires securities traded on national 
exchanges to be registered under the Exchange Act (15 U.S.C. 78a et 
seq.). Section 12(b) establishes the registration procedures. Section 
12(g), and Rule 12g-1 (17 CFR 240.12g-1) promulgated thereunder, 
extended the Exchange Act registration requirements to issuers engaged 
in interstate commerce, or in a business affecting interstate commerce, 
and having total assets of $10,000,000 or more and a class of equity 
security held or record by 500 or more persons. Form 8-A takes 
approximately 3 hours to prepare and is filed by approximately 1,170 
respondents for a total of 3,510 annual burden hours.
    Written comments are invited on: (a) Whether this 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 
imposed by 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, 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.

    June 16, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14079 Filed 6-20-08; 8:45 am]
BILLING CODE 8010-01-P
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