Submission for OMB Review; Comment Request, 35425-35426 [E8-14080]
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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
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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
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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
mmaher on PROD1PC70 with NOTICES
35426
Federal Register / Vol. 73, No. 121 / Monday, June 23, 2008 / Notices
annual hour burden associated with
Rule 15g–9 is 26,208 hours (18,720
hours to prepare the suitability
statement and agreement + 6,240 hours
for customer review + 1,248
recordkeeping hours).
We recognize that under the
amendments to Rule 15g–9, the burden
hours may be slightly reduced if the
transaction agreement required under
the rule is provided through electronic
means such as e-mail from the customer
to the broker-dealer (e.g., the customer
may take only one minute, instead of
the two minutes estimated above, to
provide the transaction agreement by email rather than regular mail). If each of
the customer respondents estimated
above communicates with his or her
broker-dealer electronically, the total
burden hours on the customers would
be reduced from 10 minutes to 9
minutes per response, or an aggregate
total of 1,404 minutes per respondent
(156 customers × 9 minutes for each
customer). Since there are 240
respondents, the annual customer
respondent burden, if electronic
communications were used by all
customers, would be approximately
336,960 minutes (240 respondents ×
1,404 minutes per each respondent), or
5,616 hours. We do not believe the hour
burden on broker-dealers in obtaining,
reviewing, and processing the suitability
determination would change through
use of electronic communications. In
addition, we do not believe that, based
on information currently available to us,
recordkeeping burdens under Rule 15g–
9 would change where the required
documents were sent or received
through means of electronic
communication. Thus, if all brokerdealer respondents obtain and send the
documents required under the rule
electronically, the aggregate annual hour
burden associated with Rule 15g–9
would be 25,584 hours (18,720 hours to
prepare the suitability statement and
agreement + 5,616 hours for customer
review + 1,248 recordkeeping hours).
We cannot estimate how many brokerdealers and customers will choose to
communicate electronically. If we
assume that 50 percent of respondents
would continue to provide documents
and obtain signatures in tangible form,
and 50 percent would choose to
communicate electronically in
satisfaction of the requirements of Rule
15g–9, the total aggregate hour burden
would be 25,896 burden hours ((26,208
aggregate burden hours for documents
and signatures in tangible form × 0.50 of
the respondents = 13,104 hours) +
(25,584 aggregate burden hours for
electronically signed and transmitted
VerDate Aug<31>2005
01:51 Jun 21, 2008
Jkt 214001
documents × 0.50 of the respondents =
12,792 hours)).
The broker-dealer must keep the
written suitability determination and
customer agreement required by the
Rule for at least three years. Completing
the suitability determination and
obtaining the customer agreement in
writing is mandatory for broker-dealers
who effect transactions in penny stocks
and do not qualify for an exemption, but
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
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: June 16, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14080 Filed 6–20–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request; ‘‘Tell Us How We’re
Doing!’’
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
SEC File No. 270–406; OMB Control No.
3235–0463.
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 to approve the collection of
information discussed below.
The title of the questionnaire is ‘‘Tell
Us How We’re Doing!’’
The Commission currently sends the
questionnaire to persons who have used
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
the services of the Commission’s Office
of Investor Education and Advocacy.
The questionnaire consists mainly of
eight (8) questions concerning the
quality of services provided by OIEA.
Most of the questions can be answered
by checking a box on the questionnaire.
The Commission needs the
information to evaluate the quality of
services provided by OIEA. Supervisory
personnel of OIEA use the information
collected in assessing staff performance
and for determining what improvements
or changes should be made in OIEA
operations for services provided to
investors.
The respondents to the questionnaire
are those investors who request
assistance or information from OIEA.
For 2007, for example, OIEA sent
questionnaires to 2,724 investors, and
received 571 responses, or about 21
percent.
The total reporting burden of the
questionnaire in 2007 was
approximately 142 hours and 45
minutes. This was calculated by
multiplying the total number of
investors who responded to the
questionnaire times how long it is
estimated to take to complete the
questionnaire (571 respondents × 15
minutes = 142 hours and 45 minutes).
Providing the information on the
questionnaire is voluntary and
responses are kept confidential.
Members of the public should be
aware that an agency may not conduct
or sponsor, and a person is not required
to respond to, a collection of
information unless a currently valid
Office of Management and Budget
control number is displayed.
General 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 send an
e-mail to:
Alexander_T._Hunt@omb.eop.gov; and
(ii) R. Corey Booth, Director and Chief
Information Officer, Securities and
Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312, or send an email to PRA_mailbox@sec.gov.
Comments must be submitted to OMB
within 30 days of this notice.
Dated: June 16, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–14081 Filed 6–20–08; 8:45 am]
BILLING CODE 8010–01–P
E:\FR\FM\23JNN1.SGM
23JNN1
]]>Agencies
[Federal Register Volume 73, Number 121 (Monday, June 23, 2008)]
[Notices]
[Pages 35425-35426]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14080]
-----------------------------------------------------------------------
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 broker-dealers to produce a written suitability
determination for, and to obtain a written customer agreement to,
certain recommended transactions in low-priced stocks that are not
registered on a national securities exchange or authorized for trading
on NASDAQ, and 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
broker-dealers 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 x .5 hours) obtaining the information required
in the rule. We determined, based on the estimate of 240 broker-dealer
respondents, that the current annual burden of Rule 15g-9 is 18,720
hours (240 respondents x 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 x 156
responses x 2 minutes per response), or 1,248 hours. Accordingly, the
aggregate
[[Page 35426]]
annual hour burden associated with Rule 15g-9 is 26,208 hours (18,720
hours to prepare the suitability statement and agreement + 6,240 hours
for customer review + 1,248 recordkeeping hours).
We recognize that under the amendments to Rule 15g-9, the burden
hours may be slightly reduced if the transaction agreement required
under the rule is provided through electronic means such as e-mail from
the customer to the broker-dealer (e.g., the customer may take only one
minute, instead of the two minutes estimated above, to provide the
transaction agreement by e-mail rather than regular mail). If each of
the customer respondents estimated above communicates with his or her
broker-dealer electronically, the total burden hours on the customers
would be reduced from 10 minutes to 9 minutes per response, or an
aggregate total of 1,404 minutes per respondent (156 customers x 9
minutes for each customer). Since there are 240 respondents, the annual
customer respondent burden, if electronic communications were used by
all customers, would be approximately 336,960 minutes (240 respondents
x 1,404 minutes per each respondent), or 5,616 hours. We do not believe
the hour burden on broker-dealers in obtaining, reviewing, and
processing the suitability determination would change through use of
electronic communications. In addition, we do not believe that, based
on information currently available to us, recordkeeping burdens under
Rule 15g-9 would change where the required documents were sent or
received through means of electronic communication. Thus, if all
broker-dealer respondents obtain and send the documents required under
the rule electronically, the aggregate annual hour burden associated
with Rule 15g-9 would be 25,584 hours (18,720 hours to prepare the
suitability statement and agreement + 5,616 hours for customer review +
1,248 recordkeeping hours).
We cannot estimate how many broker-dealers and customers will
choose to communicate electronically. If we assume that 50 percent of
respondents would continue to provide documents and obtain signatures
in tangible form, and 50 percent would choose to communicate
electronically in satisfaction of the requirements of Rule 15g-9, the
total aggregate hour burden would be 25,896 burden hours ((26,208
aggregate burden hours for documents and signatures in tangible form x
0.50 of the respondents = 13,104 hours) + (25,584 aggregate burden
hours for electronically signed and transmitted documents x 0.50 of the
respondents = 12,792 hours)).
The broker-dealer must keep the written suitability determination
and customer agreement required by the Rule for at least three years.
Completing the suitability determination and obtaining the customer
agreement in writing is mandatory for broker-dealers who effect
transactions in penny stocks and do not qualify for an exemption, but
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 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: June 16, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-14080 Filed 6-20-08; 8:45 am]
BILLING CODE 8010-01-P
