Proposed Collection; Comment Request, 16527-16528 [2010-7359]

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 16528 Federal Register / Vol. 75, No. 62 / Thursday, April 1, 2010 / Notices 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. Please direct your 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 e-mail to: PRA_Mailbox@sec.gov. Dated: March 25, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–7359 Filed 3–31–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; 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 19b–4(e) and Form 19b–4(e), OMB Control No. 3235–0504, SEC File No. 270–447. 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 requests for extension of the previously approved collections of information discussed below. The Code of Federal Regulations citation to this collection of information is 17 CFR 240.19b–4(e) under the Securities Exchange Act of 1934 (17 U.S.C. 78a et seq.) (the ‘‘Act’’). Rule 19b–4(e) permits a selfregulatory organization (‘‘SRO’’) to immediately list and trade a new derivative securities product so long as such product is in compliance with the criteria of Rule 19b–4(e) under the Act. VerDate Nov<24>2008 16:51 Mar 31, 2010 Jkt 220001 However, in order for the Commission to maintain an accurate record of all new derivative securities products traded through the facilities of SROs and to determine whether an SRO has properly availed itself of the permission granted by Rule 19b–4(e), it is necessary that the SRO maintain, on-site, a copy of Form 19b–4(e) under the Act. Rule 19b–4(e) requires SROs to file a summary form, Form 19b–4(e), and thereby notify the Commission, within five business days after the commencement of trading a new derivative securities product. In addition, the Commission reviews SRO compliance with Rule 19b–4(e) through its routine inspections of the SROs. The collection of information is designed to allow the Commission to maintain an accurate record of all new derivative securities products traded through the facilities of SROs and to determine whether an SRO has properly availed itself of the permission granted by Rule 19b–4(e). The respondents to the collection of information are SROs (as defined by the Act), all of which are national securities exchanges. Twelve respondents file an average total of 3,180 responses per year, which corresponds to an estimated annual response burden of 3,180 hours. Compliance with Rule 19b–4(e) is mandatory. Information received in response to Rule 19b–4(e) shall not be kept confidential; the information collected is public information. 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. Written 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 email to Shagufta_Ahmed@omb.eop.gov; and (ii) Charles Boucher, Director/CIO, 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 to OMB within 30 days of this notice. Dated: March 25, 2010. Florence E. Harmon, Deputy Secretary. [FR Doc. 2010–7366 Filed 3–31–10; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00107 Fmt 4703 Sfmt 4703 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 1, Rules 6a–1 and 6a–2, SEC File No. 270–0017, OMB Control No. 3235–0017. 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. The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Act’’) sets forth a regulatory scheme for national securities exchanges. Rule 6a–1 (17 CFR 240.6a–1) under the Act generally requires an applicant for initial registration as a national securities exchange to file an application with the Commission on Form 1 (17 CFR 249.1). An exchange that seeks an exemption from registration based on limited trading volume also must apply for such exemption on Form 1. Rule 6a–2 (17 CFR 240.6a–2) under the Act requires registered and exempt exchanges: (1) To amend the Form 1 if there are any material changes to the information provided in the initial Form 1; and (2) to submit periodic updates of certain information provided in the initial Form 1, whether such information has changed or not. The information required pursuant to Rules 6a–1 and 6a–2 is necessary to enable the Commission to maintain accurate files regarding the exchange and to exercise its statutory oversight functions. Without the information submitted pursuant to Rule 6a–1 on Form 1, the Commission would not be able to determine whether the respondent met the criteria for registration or exemption set forth in Sections 6 and 19 of the Act. Without the amendments and periodic updates of information submitted pursuant to Rule 6a–2, the Commission would have substantial difficulty determining whether a national securities exchange or exempt exchange was continuing to operate in compliance with the Act. Initial filings on Form 1 by new exchanges are made on a one-time basis. The Commission estimates that it will E:\FR\FM\01APN1.SGM 01APN1

Agencies

[Federal Register Volume 75, Number 62 (Thursday, April 1, 2010)]
[Notices]
[Pages 16527-16528]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-7359]


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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 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 
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 broker-dealers 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.

[[Page 16528]]

    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.
    Please direct your 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 
e-mail to: PRA_Mailbox@sec.gov.

    Dated: March 25, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-7359 Filed 3-31-10; 8:45 am]
BILLING CODE 8011-01-P
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