Proposed Collection; Comment Request, 16527 [2010-7358]

Download as PDF Federal Register / Vol. 75, No. 62 / Thursday, April 1, 2010 / Notices 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. mstockstill on DSKH9S0YB1PROD with NOTICES Extension: Rule 6a–3, SEC File No. 270–0015, OMB Control No. 3235–0021. 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 summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Act’’) sets out a framework for the registration and regulation of national securities exchanges. Under Rule 6a–3 (17 CFR 240.6a–3), one of the rules that implements Section 6, a national securities exchange (or an exchange exempted from registration as a national securities exchange based on limited trading volume) must provide certain supplemental information to the Commission, including any material (including notices, circulars, bulletins, lists, and periodicals) issued or made generally available to members of, or participants or subscribers to, the exchange. Rule 6a–3 also requires the exchanges to file monthly reports that set forth the volume and aggregate dollar amount of securities sold on the exchange each month. The information required to be filed with the Commission pursuant to Rule 6a–3 is designed to enable the Commission to carry out its statutorily mandated oversight functions and to ensure that registered and exempt exchanges continue to be in compliance with the Act. The Commission estimates that each respondent makes approximately 25 such filings on an annual basis at an average cost of approximately $36 per response. Currently, 15 respondents (13 national securities exchanges and two exempt exchanges) are subject to the collection of information requirements of Rule 6a–3. The Commission estimates that the total burden for all respondents is 187.5 hours (25 filings/respondent per year × 0.5 hours/response × 15 respondents) and $13,500 ($36/response VerDate Nov<24>2008 16:51 Mar 31, 2010 Jkt 220001 × 25 responses/respondent per year × 15 respondents) per year. 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 estimate 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. Please direct your written comments to: Charles Boucher, 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. Dated: March 25, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–7358 Filed 3–31–10; 8:45 am] BILLING CODE 8011–01–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. Extension: Rule 10b–10, SEC File No. 270–389, OMB Control No. 3235–0444. 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 in Rule 10b–10 (17 CFR 240.10b–10) under the Securities and Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. Rule 10b–10 requires broker-dealers to convey basic trade information to customers regarding their securities transactions. This information includes: The date and time of the transaction, the PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 16527 identity and number of shares bought or sold, and the trading capacity of the broker-dealer. Depending on the trading capacity of the broker-dealer, Rule 10b– 10 requires the disclosure of commissions as well as mark-up and mark-down information. For transactions in debt securities, Rule 10b–10 requires the disclosure of redemption and yield information. Rule 10b–10 potentially applies to all of the approximately 5,178 firms registered with the Commission that effect transactions on behalf of customers. Based on information provided by registered broker-dealers to the Commission in FOCUS Reports, the Commission staff estimates that on average, registered broker-dealers process approximately 1.4 billion order tickets per month for transactions on behalf of customers. Each order ticket representing a transaction effected on behalf of a customer results in one confirmation. Therefore, the Commission staff estimates that approximately 16.8 billion confirmations are sent to customers annually. The confirmations required by Rule 10b–10 are generally processed through automated systems. It takes approximately 1 minute to generate and send a confirmation. Accordingly, the Commission estimates that brokerdealers spend 280 million hours per year complying with Rule 10b–10. The amount of confirmations sent and the cost of sending each confirmation varies from firm to firm. Smaller firms generally send fewer confirmations than larger firms because they effect fewer transactions. The Commission staff estimates the costs of producing and sending a paper confirmation, including postage to be approximately 96 cents. The Commission staff also estimates that the cost of producing and sending a wholly electronic confirmation is approximately 52 cents. Based on informal discussions with industry participants as well as no-action positions taken in this area, the staff estimates that broker-dealers used electronic confirmations for approximately 25 percent of transactions. Based on these calculations, Commission staff estimates that 12,600,000,000 paper confirmations are mailed each year at a cost of $12,096,000,000. Commission staff also estimates that 4,200,000,000 wholly electronic confirmations are sent each year at a cost of $2,184,000,000. Accordingly, Commission staff estimates that total annual cost associated with generating and delivering to investors the information required under Rule 10b–10 would be $14,280,000,000. E:\FR\FM\01APN1.SGM 01APN1

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[Federal Register Volume 75, Number 62 (Thursday, April 1, 2010)]
[Notices]
[Page 16527]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-7358]



[[Page 16527]]

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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:
    Rule 6a-3, SEC File No. 270-0015, OMB Control No. 3235-0021.

    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 summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) (``Act'') sets out a framework for the registration and 
regulation of national securities exchanges. Under Rule 6a-3 (17 CFR 
240.6a-3), one of the rules that implements Section 6, a national 
securities exchange (or an exchange exempted from registration as a 
national securities exchange based on limited trading volume) must 
provide certain supplemental information to the Commission, including 
any material (including notices, circulars, bulletins, lists, and 
periodicals) issued or made generally available to members of, or 
participants or subscribers to, the exchange. Rule 6a-3 also requires 
the exchanges to file monthly reports that set forth the volume and 
aggregate dollar amount of securities sold on the exchange each month.
    The information required to be filed with the Commission pursuant 
to Rule 6a-3 is designed to enable the Commission to carry out its 
statutorily mandated oversight functions and to ensure that registered 
and exempt exchanges continue to be in compliance with the Act.
    The Commission estimates that each respondent makes approximately 
25 such filings on an annual basis at an average cost of approximately 
$36 per response. Currently, 15 respondents (13 national securities 
exchanges and two exempt exchanges) are subject to the collection of 
information requirements of Rule 6a-3. The Commission estimates that 
the total burden for all respondents is 187.5 hours (25 filings/
respondent per year x 0.5 hours/response x 15 respondents) and $13,500 
($36/response x 25 responses/respondent per year x 15 respondents) per 
year.
    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 
estimate 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.
    Please direct your written comments to: Charles Boucher, 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.

    Dated: March 25, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-7358 Filed 3-31-10; 8:45 am]
BILLING CODE 8011-01-P
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