Submission for OMB Review; Comment Request, 77083 [E8-29971]

Download as PDF Federal Register / Vol. 73, No. 244 / Thursday, December 18, 2008 / Notices foreign persons be presented to U.S. persons pursuant to Securities Exchange Act Rule 15a–6 and that broker-dealers notify associated persons if they would be covered by the regulation. Regulation AC excludes the news media from its coverage. The Commission estimates that Regulation AC imposes an aggregate annual time burden of approximately 28,538 hours on 5,186 respondents, or approximately 5.5 hours per respondent. The Commission estimates that the total annual internal cost of the 28,538 hours is approximately $10,525,642.00, or approximately $2,030.00 per respondent, annually. 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, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 60 days of this notice. Dated: December 10, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–29970 Filed 12–17–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION mstockstill on PROD1PC66 with NOTICES 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 12a–5, OMB Control No. 3235–79, SEC File No. 270–85. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 VerDate Aug<31>2005 17:51 Dec 17, 2008 Jkt 217001 (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 approval of extension of the existing collection of information provided for in: Rule 12a– 5 (17 CFR 240.12a–5) and Form 26 (17 CFR 249.26) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Section 12(a) of the Exchange Act generally makes it unlawful for any security to be traded on a national securities exchange unless such security is registered on the exchange in accordance with the provisions of the Exchange Act and the rules and regulations thereunder. Rule 12a–5 (the ‘‘Rule’’) under the Exchange Act and Form 26 (the ‘‘Form’’) were adopted by the Commission in 1936 and 1955, respectively, pursuant to Sections 3(a)(12), 10(b), and 23(a) of the Exchange Act. Subject to certain conditions, Rule 12a–5 affords a temporary exemption (generally for up to 120 days) from the registration requirements of Section 12(a) of the Exchange Act for a new security when the holders of a security admitted to trading on a national securities exchange obtain the right (by operation of law or otherwise) to acquire all or any part of a class of another or substitute security of the same or another issuer, or an additional amount of the original security. The purpose of the exemption is to avoid an interruption of exchange trading to afford time for the issuer of the new security to list and register it, or for the exchange to apply for unlisted trading privileges. Under paragraph (d) of Rule 12a–5, after an exchange has taken action to admit any security to trading pursuant to the provisions of the Rule, the exchange is required to file with the Commission a notification on Form 26. Form 26 provides the Commission with certain information regarding a security admitted to trading on an exchange pursuant to Rule 12a–5, including: (1) The name of the exchange, (2) the name of the issuer, (3) a description of the security, (4) the date(s) on which the security was or will be admitted to when-issued and/or regular trading, and (5) a brief description of the transaction pursuant to which the security was or will be issued. The Commission generally oversees the national securities exchanges. This mission requires that, under Section 12(a) of the Exchange Act specifically, the Commission receive notification of any securities that are permitted to trade on an exchange pursuant to the temporary exemption under Rule 12a–5. PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 77083 Without the Rule and the Form, the Commission would be unable fully to implement these statutory responsibilities. There are currently eleven national securities exchanges subject to Rule 12a–5. The Commission staff estimates that there could be one Form 26 filed every five years. The reporting burdens are not typically spread evenly among the exchanges. For purposes of this analysis of burden, however, the Commission staff has assumed that each exchange files an equal number of Form 26 notifications. Each notification requires approximately 20 minutes to complete. Accordingly, the Commission staff estimates the annual aggregate compliance burden for all respondents in a given year would be approximately 4 minutes (20 minutes/report x .2 reports/year = 4 minutes), and for each respondent the annual compliance burden would be approximately .36 minutes (4 minutes/respondent ÷ 11 respondents = .36 minutes), or .006 hours. Based on the most recent available information, the Commission staff estimates that the cost to respondents of completing a notification on Form 26 is, on average, $43.23 per response. Therefore, the Commission staff estimates that the total annual related reporting cost per respondent is $.86 (.02 responses/respondent/year × $43.23 cost/response), for a total annual related cost to all respondents of $9.46 ($.86 cost/respondent × 11 respondents). 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: nfraser@omb.eop.gov; and (ii) 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. Comments must be submitted within 30 days of this notice. Dated: December 10, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8–29971 Filed 12–17–08; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\18DEN1.SGM 18DEN1

Agencies

[Federal Register Volume 73, Number 244 (Thursday, December 18, 2008)]
[Notices]
[Page 77083]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-29971]


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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 12a-5, OMB Control No. 3235-79, SEC File No. 270-85.

    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 approval of extension of the 
existing collection of information provided for in: Rule 12a-5 (17 CFR 
240.12a-5) and Form 26 (17 CFR 249.26) under the Securities Exchange 
Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act'').
    Section 12(a) of the Exchange Act generally makes it unlawful for 
any security to be traded on a national securities exchange unless such 
security is registered on the exchange in accordance with the 
provisions of the Exchange Act and the rules and regulations 
thereunder.
    Rule 12a-5 (the ``Rule'') under the Exchange Act and Form 26 (the 
``Form'') were adopted by the Commission in 1936 and 1955, 
respectively, pursuant to Sections 3(a)(12), 10(b), and 23(a) of the 
Exchange Act. Subject to certain conditions, Rule 12a-5 affords a 
temporary exemption (generally for up to 120 days) from the 
registration requirements of Section 12(a) of the Exchange Act for a 
new security when the holders of a security admitted to trading on a 
national securities exchange obtain the right (by operation of law or 
otherwise) to acquire all or any part of a class of another or 
substitute security of the same or another issuer, or an additional 
amount of the original security. The purpose of the exemption is to 
avoid an interruption of exchange trading to afford time for the issuer 
of the new security to list and register it, or for the exchange to 
apply for unlisted trading privileges.
    Under paragraph (d) of Rule 12a-5, after an exchange has taken 
action to admit any security to trading pursuant to the provisions of 
the Rule, the exchange is required to file with the Commission a 
notification on Form 26. Form 26 provides the Commission with certain 
information regarding a security admitted to trading on an exchange 
pursuant to Rule 12a-5, including: (1) The name of the exchange, (2) 
the name of the issuer, (3) a description of the security, (4) the 
date(s) on which the security was or will be admitted to when-issued 
and/or regular trading, and (5) a brief description of the transaction 
pursuant to which the security was or will be issued.
    The Commission generally oversees the national securities 
exchanges. This mission requires that, under Section 12(a) of the 
Exchange Act specifically, the Commission receive notification of any 
securities that are permitted to trade on an exchange pursuant to the 
temporary exemption under Rule 12a-5. Without the Rule and the Form, 
the Commission would be unable fully to implement these statutory 
responsibilities.
    There are currently eleven national securities exchanges subject to 
Rule 12a-5. The Commission staff estimates that there could be one Form 
26 filed every five years. The reporting burdens are not typically 
spread evenly among the exchanges. For purposes of this analysis of 
burden, however, the Commission staff has assumed that each exchange 
files an equal number of Form 26 notifications. Each notification 
requires approximately 20 minutes to complete. Accordingly, the 
Commission staff estimates the annual aggregate compliance burden for 
all respondents in a given year would be approximately 4 minutes (20 
minutes/report x .2 reports/year = 4 minutes), and for each respondent 
the annual compliance burden would be approximately .36 minutes (4 
minutes/respondent / 11 respondents = .36 minutes), or .006 hours.
    Based on the most recent available information, the Commission 
staff estimates that the cost to respondents of completing a 
notification on Form 26 is, on average, $43.23 per response. Therefore, 
the Commission staff estimates that the total annual related reporting 
cost per respondent is $.86 (.02 responses/respondent/year x $43.23 
cost/response), for a total annual related cost to all respondents of 
$9.46 ($.86 cost/respondent x 11 respondents).
    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: 
nfraser@omb.eop.gov; and (ii) 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. Comments must be submitted within 30 days 
of this notice.

    Dated: December 10, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-29971 Filed 12-17-08; 8:45 am]
BILLING CODE 8011-01-P