Proposed Collection; Comment Request, 15003 [2011-6363]

Download as PDF Federal Register / Vol. 76, No. 53 / Friday, March 18, 2011 / Notices Emcdonald on DSK2BSOYB1PROD with NOTICES seq.) to require any national securities exchange, national securities association, alternative trading system, exchange market maker, over-thecounter market maker and any other broker-dealer that executes orders internally by trading as principal or crossing orders as agent, to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the execution of a transaction in its market at a price that is inferior to a bid or offer displayed in another market at the time of execution (a ‘‘trade-though’’), absent an applicable exception and, if relying on an exception, that are reasonably designed to assure compliance with the terms of the exception. Without this collection of information, respondents would not have a means to enforce compliance with the Commission’s intention to prevent trade-throughs pursuant to the rule. There are approximately 658 respondents 1 per year that will require an aggregate total of 39,480 hours to comply with this rule.2 It is anticipated that each respondent will continue to expend approximately 60 hours annually: two hours per month of internal legal time and three hours per month of internal compliance time to ensure that its written policies and procedures are up-to-date and remain in compliance with Rule 611. The estimated cost for an in-house attorney is $354 per hour and the estimated cost for an assistant compliance director in the securities industry is $320 per hour. Therefore the estimated total cost of compliance for the annual hour burden is as follows: [(2 legal hours × 12 months × $354) × 658] + [(3 compliance hours × 12 months × $320) × 658] = $13,170,528.3 There are no longer startup costs associated with Rule 611. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the 1 This estimate includes thirteen national securities exchanges and one national securities association that trade NMS stocks. The estimate also includes the approximately 601 firms that were registered equity market makers or specialists at year-end 2009, as well as 43 alternative trading systems that operate trading systems that trade NMS stocks. 2 The one-time hour burden associated with developing the required policies and procedures is no longer applicable. 3 The total cost of compliance for the annual hour burden has been revised to reflect updated estimated cost figures for an in-house attorney and an assistant compliance director. These figures are from SIFMA’s Management & Professional Earnings in the Securities Industry 2010, modified by Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead. VerDate Mar<15>2010 18:30 Mar 17, 2011 Jkt 223001 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. The Commission may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number. Please direct your written comments to: Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Dated: March 14, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–6313 Filed 3–17–11; 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: Form N–8B–4; SEC File No. 270–180; OMB Control No. 3235–0247. 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 (‘‘OMB’’) for extension and approval. Form N–8B–4 (17 CFR 274.14) is the form used by face-amount certificate companies to comply with the filing and disclosure requirements imposed by PO 00000 Frm 00110 Fmt 4703 Sfmt 9990 15003 Section 8(b) of the Investment Company Act of 1940 (15 U.S.C. 80a–8(b)). Form N–8B–4 requires disclosure about the face-amount certificate company’s organization, controlling persons, business, policies, securities, investment adviser, depositary, management personnel, compensation, and financial statements. The Commission uses the information provided in the collection of information to determine compliance with Section 8(b) of the Investment Company Act of 1940. Based on the Commission’s industry statistics, the Commission estimates that there would be approximately one annual filing on Form N–8B–4. The Commission estimates that each registrant filing a Form N–8B–4 would spend 171 hours in preparing and filing the Form and that the total hour burden for all Form N–8B–4 filings would be 171 hours. Estimates of the burden hours are made solely for the purposes of the PRA, and are not derived from a comprehensive or even a representative survey or study of the costs of SEC rules and forms. The information provided on Form N–8B–4 is mandatory. The information provided on Form N–8B–4 will not be kept confidential. 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 OMB control number. Written comments are invited on: (a) Whether the proposed 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 of the collection of information; (c) ways to enhance the quality, utility, and 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 Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Dated: March 15, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–6363 Filed 3–17–11; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\18MRN1.SGM 18MRN1

Agencies

[Federal Register Volume 76, Number 53 (Friday, March 18, 2011)]
[Notices]
[Page 15003]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-6363]


-----------------------------------------------------------------------

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 N-8B-4; SEC File No. 270-180; OMB Control No. 3235-0247.

    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 (``OMB'') for extension and approval.
    Form N-8B-4 (17 CFR 274.14) is the form used by face-amount 
certificate companies to comply with the filing and disclosure 
requirements imposed by Section 8(b) of the Investment Company Act of 
1940 (15 U.S.C. 80a-8(b)). Form N-8B-4 requires disclosure about the 
face-amount certificate company's organization, controlling persons, 
business, policies, securities, investment adviser, depositary, 
management personnel, compensation, and financial statements. The 
Commission uses the information provided in the collection of 
information to determine compliance with Section 8(b) of the Investment 
Company Act of 1940.
    Based on the Commission's industry statistics, the Commission 
estimates that there would be approximately one annual filing on Form 
N-8B-4. The Commission estimates that each registrant filing a Form N-
8B-4 would spend 171 hours in preparing and filing the Form and that 
the total hour burden for all Form N-8B-4 filings would be 171 hours. 
Estimates of the burden hours are made solely for the purposes of the 
PRA, and are not derived from a comprehensive or even a representative 
survey or study of the costs of SEC rules and forms.
    The information provided on Form N-8B-4 is mandatory. The 
information provided on Form N-8B-4 will not be kept confidential. 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 OMB control number.
    Written comments are invited on: (a) Whether the proposed 
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 of the collection of information; (c) ways to enhance the 
quality, utility, and 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 Thomas Bayer, Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
e-mail to: PRA_Mailbox@sec.gov.

    Dated: March 15, 2011.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-6363 Filed 3-17-11; 8:45 am]
BILLING CODE 8011-01-P