Proposed Extension of Existing Collection; Comment Request, 69682-69683 [E8-27430]

Download as PDF 69682 Federal Register / Vol. 73, No. 224 / Wednesday, November 19, 2008 / Notices constitute a clearly unwarranted invasion of personal privacy] 2:30 p.m.–2:45 p.m.: Reconciliation of ACRS Comments and Recommendations (Open)—The Committee will discuss the responses from the NRC Executive Director for Operations to comments and recommendations included in recent ACRS reports and letters. 2:45 p.m.–3 p.m.: Election of ACRS Officers for CY 2009 (Open)—The Committee will discuss the election of the Chairman and Vice-Chairman for the ACRS and Member-at-Large for the Planning and Procedures Subcommittee for FY 2009. 3:15 p.m.–7 p.m.: Preparation of ACRS Reports (Open)—The Committee will discuss proposed ACRS reports. cprice-sewell on PROD1PC64 with NOTICES Saturday, December 6, 2008, Conference Room T–2B3, Two White Flint North, Rockville, Maryland 8:30 a.m.–12:30 p.m.: Preparation of ACRS Reports (Open)—The Committee will continue its discussion of proposed ACRS reports. 12:30 p.m.–1 p.m.: Miscellaneous (Open)—The Committee will discuss matters related to the conduct of Committee activities and specific issues that were not completed during previous meetings, as time and availability of information permit. Procedures for the conduct of and participation in ACRS meetings were published in the Federal Register on October 6, 2008, (73 FR 58268–58269). In accordance with those procedures, oral or written views may be presented by members of the public, including representatives of the nuclear industry. Electronic recordings will be permitted only during the open portions of the meeting. Persons desiring to make oral statements should notify the Cognizant ACRS staff named below five days before the meeting, if possible, so that appropriate arrangements can be made to allow necessary time during the meeting for such statements. Use of still, motion picture, and television cameras during the meeting may be limited to selected portions of the meeting as determined by the Chairman. Information regarding the time to be set aside for this purpose may be obtained by contacting the Cognizant ACRS staff prior to the meeting. In view of the possibility that the schedule for ACRS meetings may be adjusted by the Chairman as necessary to facilitate the conduct of the meeting, persons planning to attend should check with the Cognizant ACRS staff if such rescheduling would result in major inconvenience. VerDate Aug<31>2005 15:14 Nov 18, 2008 Jkt 217001 In accordance with Subsection 10(d) Public Law 92–463, I have determined that it may be necessary to close portions of this meeting noted above to discuss organizational and personnel matters that relate solely to the internal personnel rules and practices of the ACRS, and information the release of which would constitute a clearly unwarranted invasion of personal privacy pursuant to 5 U.S.C. 552b(c)(2) and (6). In addition, it may be necessary to close a portion of the meeting to protect information designated as proprietary by General Electric—Hitachi or its contractors pursuant to 5 U.S.C. 552b(c)(4). Further information regarding topics to be discussed, whether the meeting has been canceled or rescheduled, as well as the Chairman’s ruling on requests for the opportunity to present oral statements and the time allotted therefor can be obtained by contacting Girija Shukla, Cognizant ACRS staff (301–415–6855), between 7:15 a.m. and 5 p.m., (ET). ACRS meeting agenda, meeting transcripts, and letter reports are available through the NRC Public Document Room at pdr@nrc.gov, or by calling the PDR at 1–800–397–4209, or from the Publicly Available Records System (PARS) component of NRC’s document system (ADAMS) which is accessible from the NRC Web site at http://www.nrc.gov/reading-rm/ adams.html or http://www.nrc.gov/ reading-rm/doc-collections/ACRS/. Video teleconferencing service is available for observing open sessions of ACRS meetings. Those wishing to use this service for observing ACRS meetings should contact Mr. Theron Brown, ACRS Audio Visual Technician (301–415–8066), between 7:30 a.m. and 3:45 p.m., (ET), at least 10 days before the meeting to ensure the availability of this service. Individuals or organizations requesting this service will be responsible for telephone line charges and for providing the equipment and facilities that they use to establish the video teleconferencing link. The availability of video teleconferencing services is not guaranteed. Dated: November 13, 2008. Andrew L. Bates, Advisory Committee Management Officer. [FR Doc. E8–27469 Filed 11–18–08; 8:45 am] BILLING CODE 7590–01–P PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION Proposed Extension of Existing Collection; 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 9b–1; OMB Control No. 3235–0480; SEC File No. 270–429. 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 existing collection of information provided for the following rule: Rule 9b–1 Options Disclosure Document (17 CFR 240.9b–1) under the Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 9b–1 (17 CFR 240.9b–1) sets forth the categories of information required to be disclosed in an options disclosure document (‘‘ODD’’) and requires the options markets to file an ODD with the Commission 60 days prior to the date it is distributed to investors. In addition, Rule 9b–1 provides that the ODD must be amended if the information in the document becomes materially inaccurate or incomplete and that amendments must be filed with the Commission 30 days prior to the distribution to customers. Finally, Rule 9b–1 requires a broker-dealer to furnish to each customer an ODD and any amendments, prior to accepting an order to purchase or sell an option on behalf of that customer. There are six options markets that must comply with Rule 9b–1. These six respondents work together to prepare a single ODD covering options traded on each market, as well as amendments to the ODD. These respondents file approximately three amendments per year. The staff calculates that the preparation and filing of amendments should take no more than eight hours per options market. Thus, the total compliance burden for options markets per year is 144 hours (6 options markets × 8 hours per amendment × 3 amendments). The estimated cost for an in-house attorney is $295 per hour,1 1 The $295/hour figure for an attorney is from SIFMA’s Management & Professional Earnings in the Securities Industry 2007, modified by the Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. E:\FR\FM\19NON1.SGM 19NON1 Federal Register / Vol. 73, No. 224 / Wednesday, November 19, 2008 / Notices cprice-sewell on PROD1PC64 with NOTICES resulting in a total cost of compliance for these respondents of $42,480 per year (144 hours @ $295). In addition, approximately 1,500 broker-dealers must comply with Rule 9b–1. Each of these respondents will process an average of three new customers for options each week and, therefore, will have to furnish approximately 156 ODDs per year. The postal mailing or electronic delivery of the ODD takes respondents no more than 30 seconds to complete for an annual compliance burden for each of these respondents of 78 minutes, or 1.3 hours. Thus, the total compliance burden per year is 1,950 hours (1,500 broker-dealers × 1.3 hours). The estimated cost for a general clerk of a broker-dealer is $40 per hour,2 resulting in a total cost of compliance for these respondents of $78,000 per year (1,950 hours @ $40). The total compliance burden for all respondents under this rule (both options markets and broker-dealers) is 2,094 hours per year (144 + 1,950), and total compliance costs of $120,480 ($42,480 + $78,000). Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimates of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be 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. Comments should be directed to Lewis W. Walker, Acting 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. Dated: November 12, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–27430 Filed 11–18–08; 8:45 am] 2 The $40/hour figure for a general clerk is from SIFMA’s Office Salaries in the Securities Industry 2007, modified by Commission staff to account for an 1800-hour work-year and multiplied by 2.92 to account for bonuses, firm size, employee benefits and overhead. The staff believes that the ODD would be mailed or electronically delivered to customers by a general clerk of the broker-dealer or some other equivalent position. November 10, 2008. VerDate Aug<31>2005 15:14 Nov 18, 2008 Jkt 217001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold its second Roundtable on Mark-to-Market Accounting on Friday, November 21, 2008 beginning at 9:30 a.m. The Roundtable will take place in the Auditorium of the Commission’s headquarters at 100 F Street, NE., Washington DC. The Roundtable will be open to the public with seating on a first-come, first-served basis. Doors will open at 9 a.m. Visitors will be subject to security checks. The roundtable will consist of an open discussion on potential improvements to the current accounting model and implications of possible changes. The roundtable will be organized as a panel consisting of investors, issuers, auditors and other parties with experience in mark-tomarket accounting. For further information, please contact the Office of the Secretary at (202) 551–5400. Dated: November 14, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–27557 Filed 11–18–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58923; File No. SR–Amex– 2008–51] Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2 Thereto, Related to Amendments to Rule 991 (Communications to Customers) and Rule 921 (Opening of Accounts) On June 25, 2008, the American Stock Exchange LLC (‘‘Amex’’ or the ‘‘Exchange’’) 1 filed with the Securities 1 On September 29, 2008, the Commission approved the merger of The Amex Membership Corporation, Amex’s parent, with NYSE Euronext. PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 69683 and Exchange Commission (‘‘Commission’’) a proposed rule change pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) 2 and Rule 19b–4 thereunder.3 Amex filed Amendment Nos. 1 and 2 to the proposed rule change on August 22, 2008, and September 5, 2008, respectively.4 Notice of the proposal was published for comment in the Federal Register on September 30, 2008.5 The Commission received no comments on the proposed rule change. This order approves the proposed rule change, as modified by Amendment Nos. 1 and 2. I. Description of the Proposed Rule Change The Exchange proposed to amend Amex Rule 991 (‘‘Communications to Customers’’) to delete references to certain provisions of the Securities Act of 1933 (the ‘‘Securities Act’’) that no longer apply to standardized options 6 issued by registered clearing agencies and update and reorganize the rule for greater clarity. In addition, the proposal seeks to amend Amex Rule 921 (‘‘Opening of Account’’) in connection with the information member organizations must obtain from customers. A. Rule 991 (Communications to Customers) On December 23, 2002, the Commission published final rules that exempt standardized options issued by registered clearing agencies and traded on a registered national securities exchange or registered national securities association from the Securities Act (other than the anti-fraud provisions) and the registration requirements of the Exchange Act.7 See Securities Exchange Act Release No. 58673 (September 29, 2008), 73 FR 57707 (October 3, 2008) (SR–NYSE–2008–60 and SR–Amex 2008–62) (approving the Merger). As a result, Amex was renamed NYSE Alternext US LLC. For the purposes of this order, we will still refer to Amex. 2 15 U.S.C. 78s(b)(1). 3 17 CFR 240.19b–4. 4 Amendment Nos. 1 and 2 modified certain definitions in and made non-substantive corrections to proposed Rule 991. 5 See Securities Exchange Act Release No. 58625 (Sept. 23, 2008), 73 FR 56869 (Sept. 30, 2008). 6 ‘‘Standardized Option’’ is defined in Rule 19b– 1 under the Exchange Act to mean options contracts trading on a registered national securities exchange, an automated quotation system of a registered national securities association, or a foreign exchange which relate to options classes the terms of which are limited to specific expiration dates and exercise prices, or such other securities as the Commission may, by order, designate. 7 See ‘‘Exemption for Standardized Options From Provisions of the Securities Act of 1933 and From the Registration Requirements of the Securities E:\FR\FM\19NON1.SGM Continued 19NON1

Agencies

[Federal Register Volume 73, Number 224 (Wednesday, November 19, 2008)]
[Notices]
[Pages 69682-69683]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-27430]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Extension of Existing Collection; 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 9b-1; OMB Control No. 3235-0480; SEC File No. 270-429.

    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 existing collection of 
information provided for the following rule: Rule 9b-1 Options 
Disclosure Document (17 CFR 240.9b-1) under the Securities Exchange Act 
of 1934 (15 U.S.C. 78 et seq.). The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Rule 9b-1 (17 CFR 240.9b-1) sets forth the categories of 
information required to be disclosed in an options disclosure document 
(``ODD'') and requires the options markets to file an ODD with the 
Commission 60 days prior to the date it is distributed to investors. In 
addition, Rule 9b-1 provides that the ODD must be amended if the 
information in the document becomes materially inaccurate or incomplete 
and that amendments must be filed with the Commission 30 days prior to 
the distribution to customers. Finally, Rule 9b-1 requires a broker-
dealer to furnish to each customer an ODD and any amendments, prior to 
accepting an order to purchase or sell an option on behalf of that 
customer.
    There are six options markets that must comply with Rule 9b-1. 
These six respondents work together to prepare a single ODD covering 
options traded on each market, as well as amendments to the ODD. These 
respondents file approximately three amendments per year. The staff 
calculates that the preparation and filing of amendments should take no 
more than eight hours per options market. Thus, the total compliance 
burden for options markets per year is 144 hours (6 options markets x 8 
hours per amendment x 3 amendments). The estimated cost for an in-house 
attorney is $295 per hour,\1\

[[Page 69683]]

resulting in a total cost of compliance for these respondents of 
$42,480 per year (144 hours @ $295).
---------------------------------------------------------------------------

    \1\ The $295/hour figure for an attorney is from SIFMA's 
Management & Professional Earnings in the Securities Industry 2007, 
modified by the Commission staff to account for an 1800-hour work-
year and multiplied by 5.35 to account for bonuses, firm size, 
employee benefits and overhead.
---------------------------------------------------------------------------

    In addition, approximately 1,500 broker-dealers must comply with 
Rule 9b-1. Each of these respondents will process an average of three 
new customers for options each week and, therefore, will have to 
furnish approximately 156 ODDs per year. The postal mailing or 
electronic delivery of the ODD takes respondents no more than 30 
seconds to complete for an annual compliance burden for each of these 
respondents of 78 minutes, or 1.3 hours. Thus, the total compliance 
burden per year is 1,950 hours (1,500 broker-dealers x 1.3 hours). The 
estimated cost for a general clerk of a broker-dealer is $40 per 
hour,\2\ resulting in a total cost of compliance for these respondents 
of $78,000 per year (1,950 hours @ $40).
---------------------------------------------------------------------------

    \2\ The $40/hour figure for a general clerk is from SIFMA's 
Office Salaries in the Securities Industry 2007, modified by 
Commission staff to account for an 1800-hour work-year and 
multiplied by 2.92 to account for bonuses, firm size, employee 
benefits and overhead. The staff believes that the ODD would be 
mailed or electronically delivered to customers by a general clerk 
of the broker-dealer or some other equivalent position.
---------------------------------------------------------------------------

    The total compliance burden for all respondents under this rule 
(both options markets and broker-dealers) is 2,094 hours per year (144 
+ 1,950), and total compliance costs of $120,480 ($42,480 + $78,000).
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be 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.
    Comments should be directed to Lewis W. Walker, Acting 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.

    Dated: November 12, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-27430 Filed 11-18-08; 8:45 am]
BILLING CODE 8011-01-P