Comment Request on Existing Private and Public Efforts To Educate Investors, 22740-22741 [2011-9829]

Download as PDF 22740 Federal Register / Vol. 76, No. 78 / Friday, April 22, 2011 / Notices www.prc.gov). The Commission encourages interested persons to review the Notice in its entirety. The Commission appoints Kenneth E. Richardson to serve as Public Representative in this docket. It is ordered: 1. The Commission establishes Docket No. MT2011–4 for consideration of the matters raised in this Notice. 2. Pursuant to 39 U.S.C. 505, Kenneth E. Richardson is appointed to serve as officer of the Commission (Public Representative) to represent the interests of the general public in this proceeding. 3. Comments by interested persons are due no later than April 29, 2011. 4. Reply comments are due no later than May 6, 2011. 5. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Ruth Ann Abrams, Acting Secretary. [FR Doc. 2011–9819 Filed 4–21–11; 8:45 am] BILLING CODE 7710–FW–P SECURITIES AND EXCHANGE COMMISSION Proposed 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. mstockstill on DSKH9S0YB1PROD with NOTICES Corrected Extension: Rule 19b–4 and Form 19b–4; OMB Control No. 3235–0045; SEC File No. 270–38. 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 for extension and approval. 1. Rule 19b–4 (17 CFR 240.19b–4) and Form 19b–4—Filings with respect to proposed rule changes by self-regulatory organizations. Section 19(b) of the Securities Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. 78s(b)) requires each self-regulatory organization (‘‘SRO’’) to file with the Commission copies of any proposed rule, or any proposed change in, addition to, or deletion from the rules of such SRO. Rule 19b–4 (17 CFR 240.19b– 4) implements the requirements of VerDate Mar<15>2010 16:01 Apr 21, 2011 Jkt 223001 Section 19(b) by requiring the SROs to file their proposed rule changes on Form 19b–4 and by clarifying which actions taken by SROs are deemed proposed rule changes and so must be filed pursuant to Section 19(b). The collection of information is designed to provide the Commission with the information necessary to determine, as required by the Act, whether the proposed rule change is consistent with the Act and the rules thereunder. The information is used to determine if the proposed rule change should be approved, disapproved, or if proceedings should be instituted to determine whether the proposed rule change should be approved or disapproved. The respondents to the collection of information are self-regulatory organizations (as defined by the Act), including national securities exchanges, national securities associations, registered clearing agencies and the Municipal Securities Rulemaking Board. Twenty-five respondents file an average total of 1,405 responses per year. Each response takes approximately 38.057 hours to complete. The total annual reporting burden for filing proposed rule changes is 53,470 hours. The respondents are required to post all proposed rule changes to their Web sites, each of which takes approximately four hours to complete. For 1,405 proposed rule changes, the total annual reporting burden for posting them to respondents’ Web sites is 5,620 hours. The respondents are required to update the postings of those proposed rule changes which become effective (on average, 1,071 per year), each of which takes approximately four hours to complete. The total annual reporting burden for updating proposed rule change postings on the respondents’ Web sites is 4,284 hours. Thus, the total estimated annual response burden pursuant to Rule 19b–4 and Form 19b– 4 is the sum of the total annual reporting burdens for filing proposed rule changes, posting them to the respondents’ Web sites, and updating the postings of those that become effective on the respondents’, which is 63,374 hours. Compliance with Rule 19b–4 is mandatory. Information received in response to Rule 19b–4 shall not be kept confidential; the information collected is public information. 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 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 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: 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: April 14, 2011. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–9775 Filed 4–21–11; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64306; File No. 4–626] Comment Request on Existing Private and Public Efforts To Educate Investors Securities and Exchange Commission. ACTION: Request for comment. AGENCY: In connection with a study regarding financial literacy among investors as mandated by the DoddFrank Wall Street Reform and Consumer Protection Act of 2010 (the ‘‘Dodd-Frank Act’’), the Securities and Exchange Commission is requesting public comment on the effectiveness of existing private and public efforts to educate investors. DATES: Comments should be received on or before June 21, 2011. ADDRESSES: Comments may be submitted by any of the following methods: SUMMARY: Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/other.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number 4–626 on the subject line. Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC E:\FR\FM\22APN1.SGM 22APN1 Federal Register / Vol. 76, No. 78 / Friday, April 22, 2011 / Notices mstockstill on DSKH9S0YB1PROD with NOTICES 20549–1090. All submissions should refer to File Number 4–626. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov). Comments are also available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: Owen Donley, Chief Counsel; or Lori J. Schock, Director, Office of Investor Education and Advocacy, at (202) 551– 6500, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–2551. Discussion Section 917 of the Dodd-Frank Act requires the Commission to conduct a study of financial literacy among investors and submit a report on the study to the Senate Committee on Banking, Housing, and Urban Affairs and the House of Representatives Committee on Financial Services no later than two years after enactment of the Dodd-Frank Act, that is, by July 21, 2012. The study mandated by Section 917 includes a number of specific components, including that the study identify: the existing level of financial literacy among retail investors; methods to improve the timing, content, and format of disclosures to investors with respect to financial intermediaries, investment products, and investment services; and methods to increase the transparency of expenses and conflicts of interest in transactions involving investment services and products. In addition, Section 917(a)(5) requires the study to identify ‘‘the most effective existing private and public efforts to educate investors.’’ The Office of Investor Education and Advocacy (‘‘OIEA’’) is currently reviewing existing private and public investor education efforts of which it is aware. The Commission is soliciting public comment to help ensure that the study includes all relevant programs, as well as to better understand the details and effectiveness of these programs. All interested parties, including those organizing or operating investor VerDate Mar<15>2010 16:01 Apr 21, 2011 Jkt 223001 education programs and program attendees and participants, are invited to submit their views on one or more of the following questions: (1) Have you attended, or does your organization operate, organize, sponsor, promote, or host, any investor education programs? Please describe the program, including its duration, target audience, and any measurable goals and objectives aimed at changing investor behavior. What specific topics are covered in its curriculum? (2) What do you consider the most important characteristics of an effective investor education program? (3) What programs do you view as most effective? (4) Has your organization or an independent third party evaluated any of your organization’s programs? If yes, please describe the findings of the evaluation, including any statistical evidence of how your program effectively changed one or more investor behaviors among participants. (5) Are any of your organization’s programs national in scope? If not, could any of these programs be replicated or expanded to reach a national audience? (6) What types of investor behaviors or other topics do you think investor education programs should focus on? Why? (7) Which best describes you or your organization? a. Public, Federal government b. Public, State or local government c. Not-for-profit d. Foundation e. Private/business f. Individual g. Other (describe) (8) Do you have any other comments regarding the effectiveness of existing private and public efforts to educate investors? By the Commission. Dated: April 19, 2011. Elizabeth M. Murphy, Secretary. BILLING CODE 8011–01–P PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–64305; File No. SR–Phlx– 2011–51] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Alpha Index Options April 18, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on April 14, 2011, NASDAQ OMX PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Fee Schedule to create fees for options overlying NASDAQ OMX Alpha Indexes SM (‘‘Alpha Indexes’’).3 While changes to the Fee Schedule pursuant to this proposal are effective upon filing, the Exchange has designated these changes to be operative on April 18, 2011. The text of the proposed rule change is available on the Exchange’s Web site at http://nasdaqtrader.com/ micro.aspx?id=PHLXfilings, at the principal office of the Exchange, and at the Commission’s Public Reference Room. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Alpha Indexes measure relative total returns of one stock and one exchange-traded fund share (‘‘ETF’’) underlying options which are also traded on the Exchange (each such combination of two components is referred to as an ‘‘Alpha Pair’’). The first component identified in an Alpha Pair (the ‘‘Target Component’’) is measured against the second component identified in the Alpha Pair (the ‘‘Benchmark Component’’). Alpha Index Options contracts will be exercised European-style and settled in U.S. dollars. See Securities Exchange Act Release No. 63860 (February 7, 2011), 76 FR 7888 (February 11, 2001) (SR–Phlx–2010–176). 2 17 [FR Doc. 2011–9829 Filed 4–21–11; 8:45 am] 22741 E:\FR\FM\22APN1.SGM 22APN1

Agencies

[Federal Register Volume 76, Number 78 (Friday, April 22, 2011)]
[Notices]
[Pages 22740-22741]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-9829]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64306; File No. 4-626]


Comment Request on Existing Private and Public Efforts To Educate 
Investors

AGENCY: Securities and Exchange Commission.

ACTION: Request for comment.

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

SUMMARY: In connection with a study regarding financial literacy among 
investors as mandated by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (the ``Dodd-Frank Act''), the Securities and 
Exchange Commission is requesting public comment on the effectiveness 
of existing private and public efforts to educate investors.

DATES: Comments should be received on or before June 21, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number 4-626 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC

[[Page 22741]]

20549-1090. All submissions should refer to File Number 4-626. This 
file number should be included on the subject line if e-mail is used. 
To help us process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov). Comments are also 
available for Web site viewing and printing in the Commission's Public 
Reference Room, 100 F Street, NE., Washington, DC 20549, on official 
business days between the hours of 10 a.m. and 3 p.m. All comments 
received will be posted without change; we do not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Owen Donley, Chief Counsel; or Lori J. 
Schock, Director, Office of Investor Education and Advocacy, at (202) 
551-6500, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-2551.

Discussion

    Section 917 of the Dodd-Frank Act requires the Commission to 
conduct a study of financial literacy among investors and submit a 
report on the study to the Senate Committee on Banking, Housing, and 
Urban Affairs and the House of Representatives Committee on Financial 
Services no later than two years after enactment of the Dodd-Frank Act, 
that is, by July 21, 2012.
    The study mandated by Section 917 includes a number of specific 
components, including that the study identify: the existing level of 
financial literacy among retail investors; methods to improve the 
timing, content, and format of disclosures to investors with respect to 
financial intermediaries, investment products, and investment services; 
and methods to increase the transparency of expenses and conflicts of 
interest in transactions involving investment services and products. In 
addition, Section 917(a)(5) requires the study to identify ``the most 
effective existing private and public efforts to educate investors.'' 
The Office of Investor Education and Advocacy (``OIEA'') is currently 
reviewing existing private and public investor education efforts of 
which it is aware. The Commission is soliciting public comment to help 
ensure that the study includes all relevant programs, as well as to 
better understand the details and effectiveness of these programs.
    All interested parties, including those organizing or operating 
investor education programs and program attendees and participants, are 
invited to submit their views on one or more of the following 
questions:
    (1) Have you attended, or does your organization operate, organize, 
sponsor, promote, or host, any investor education programs? Please 
describe the program, including its duration, target audience, and any 
measurable goals and objectives aimed at changing investor behavior. 
What specific topics are covered in its curriculum?
    (2) What do you consider the most important characteristics of an 
effective investor education program?
    (3) What programs do you view as most effective?
    (4) Has your organization or an independent third party evaluated 
any of your organization's programs? If yes, please describe the 
findings of the evaluation, including any statistical evidence of how 
your program effectively changed one or more investor behaviors among 
participants.
    (5) Are any of your organization's programs national in scope? If 
not, could any of these programs be replicated or expanded to reach a 
national audience?
    (6) What types of investor behaviors or other topics do you think 
investor education programs should focus on? Why?
    (7) Which best describes you or your organization?

a. Public, Federal government
b. Public, State or local government
c. Not-for-profit
d. Foundation
e. Private/business
f. Individual
g. Other (describe)

    (8) Do you have any other comments regarding the effectiveness of 
existing private and public efforts to educate investors?

    By the Commission.

    Dated: April 19, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-9829 Filed 4-21-11; 8:45 am]
BILLING CODE 8011-01-P