Submission for OMB Review; Comment Request, 54513-54514 [2011-22366]
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Federal Register / Vol. 76, No. 170 / Thursday, September 1, 2011 / Notices
[FR Doc. 2011–22326 Filed 8–31–11; 8:45 am]
BILLING CODE 7710–FW–P
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.
srobinson on DSK4SPTVN1PROD with NOTICES
Extension: Rule 15g–2, SEC File No. 270–
381, OMB Control No. 3235–0434.
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 a
request for extension of the previously
approved collection of information
discussed below.
The ‘‘Penny Stock Disclosure Rules’’
(Rule 15g–2, 17 CFR 240.15g–2) require
broker-dealers to provide their
customers with a risk disclosure
document, as set forth in Schedule 15G,
prior to their first non-exempt
transaction in a ‘‘penny stock’’. As
amended, the rule requires brokerdealers to obtain written
acknowledgement from the customer
that he or she has received the required
risk disclosure document. The amended
rule also requires broker-dealers to
maintain a copy of the customer’s
written acknowledgement for at least
three years following the date on which
the risk disclosure document was
provided to the customer, the first two
years in an accessible place.
The risk disclosure documents are for
the benefit of the customers, to assure
that they are aware of the risks of
trading in ‘‘penny stocks’’ before they
enter into a transaction. The risk
disclosure documents are maintained by
the broker-dealers and may be reviewed
during the course of an examination by
the Commission.
There are approximately 253 brokerdealers that could potentially be subject
to current Rule 15g–2. The Commission
estimates that approximately 5% of
registered broker-dealers are engaged in
penny stock transactions, and thereby
subject to the Rule (5% × approximately
5,063 registered broker-dealers = 253
broker-dealers). The Commission
estimates that each one of these firms
processes an average of three new
customers for penny stocks per week.
Thus, each respondent processes
approximately 156 penny stock
VerDate Mar<15>2010
16:16 Aug 31, 2011
Jkt 223001
disclosure documents per year. If
communications in tangible form alone
are used to satisfy the requirements of
Rule 15g–2, then the copying and
mailing of the penny stock disclosure
document takes no more than two
minutes. Thus, the total associated
burden is approximately 2 minutes per
response, or an aggregate total of 312
minutes per respondent. Since there are
253 respondents, the current annual
burden is 78,936 minutes (312 minutes
per each of the 253 respondents) or
1,316 hours for this third party
disclosure burden. In addition, brokerdealers incur a recordkeeping burden of
approximately two minutes per
response when filing the completed
penny stock disclosure documents as
required pursuant to the Rule
15(g)(2)(c), which requires a brokerdealer to preserve a copy of the written
acknowledgement pursuant to Rule
17a–4(b) of the Exchange Act. Since
there are approximately 156 responses
for each respondent, the respondents
incur an aggregate recordkeeping
burden of 78,936 minutes (253
respondents × 156 responses for each ×
2 minutes per response) or 1,316 hours,
under Rule 15g–2. Accordingly, the
current aggregate annual hour burden
associated with Rule 15g–2 (that is,
assuming that all respondents provide
tangible copies of the required
documents) is approximately 2,632
hours (1,316 third party disclosure
hours + 1,316 recordkeeping hours).
The burden hours associated with
Rule 15g–2 may be slightly reduced
when the penny stock disclosure
document required under the rule is
provided through electronic means such
as e-mail from the broker-dealer (e.g.,
the broker-dealer respondent may take
only one minute, instead of the two
minutes estimated above, to provide the
penny stock disclosure document by
e-mail to its customer). In this regard, if
each of the customer respondents
estimated above communicates with his
or her broker-dealer electronically, the
total ongoing respondent burden is
approximately 1 minute per response, or
an aggregate total of 156 minutes (156
customers × 1 minute per respondent).
Assuming 253 respondents, the annual
third party disclosure burden, if
electronic communications were used
by all customers, is 39,468 minutes (156
minutes per each of the 253
respondents) or 658 hours. If all
respondents were to use electronic
means, the recordkeeping burden is
78,936 minutes or 1,316 hours (the same
as above). Thus, if all broker-dealer
respondents obtain and send the
documents required under the rules
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
54513
electronically, the aggregate annual hour
burden associated with Rule 15g–2 is
1,974 (658 hours + 1,316 hours).
In addition, if the penny stock
customer requests a paper copy of the
information on the Commission’s Web
site regarding microcap securities,
including penny stocks, from his or her
broker-dealer, the printing and mailing
of the document containing this
information takes no more than two
minutes per customer. Because many
investors have access to the
Commission’s Web site via computers
located in their homes, or in easily
accessible public places such as
libraries, then, at most, a quarter of
customers who are required to receive
the Rule 15g–2 disclosure document
request that their broker-dealer provide
them with the additional microcap and
penny stock information posted on the
Commission’s Web site. Thus, each
broker-dealer respondent processes
approximately 39 requests for paper
copies of this information per year or an
aggregate total of 78 minutes per
respondent (2 minutes per customer ×
39 requests per respondent). Since there
are 253 respondents, the estimated
annual burden is 19,734 minutes (78
minutes per each of the 253
respondents) or 329 hours. This is a
third party disclosure type of burden.
We have no way of knowing how
many broker-dealers and customers will
choose to communicate electronically.
Assuming that 50 percent of
respondents continue to provide
documents and obtain signatures in
tangible form and 50 percent choose to
communicate electronically to satisfy
the requirements of Rule 15g–2, the total
aggregate burden hours is 3,948
((aggregate burden hours for documents
and signatures in tangible form × 0.50 of
the respondents = 1,316 hours) +
(aggregate burden hours for
electronically signed and transmitted
documents × 0.50 of the respondents =
987 hours) + (aggregate burden hours for
recordkeeping of tangible documents ×
0.50 of the respondents = 658) +
(aggregate burden hours for
recordkeeping of electronically filed
documents = 658) + (329 burden hours
for those customers making requests for
a copy of the information on the
Commission’s Web site)).
The Commission does not maintain
the risk disclosure document. Instead, it
must be retained by the broker-dealer
for at least three years following the date
on which the risk disclosure document
was provided to the customer, the first
two years in an accessible place. The
collection of information required by
the rule is mandatory. The risk
disclosure document is otherwise
E:\FR\FM\01SEN1.SGM
01SEN1
54514
Federal Register / Vol. 76, No. 170 / Thursday, September 1, 2011 / Notices
governed by the internal policies of the
broker-dealer regarding confidentiality,
etc.
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.
The Commission may not conduct or
sponsor a collection of information
unless it displays a currently valid
control number.
Background documentation for this
information collection may be viewed at
the following link, https://
www.reginfo.gov. 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:
Shagufta_Ahmed@omb.eop.gov; and (ii)
Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 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: August 26, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–22366 Filed 8–31–11; 8:45 am]
BILLING CODE 8011–01–P
August 26, 2011.
Elizabeth M. Murphy,
Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2011–22364 Filed 8–31–11; 8:45 am]
Proposed Collection; Comment
Request
BILLING CODE 8011–01–P
Upon written request; copies available
from: U.S. Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549.
srobinson on DSK4SPTVN1PROD with NOTICES
Extension:
Rule 12g3–2; OMB Control No. 3235–0119;
SEC File No. 270–104.
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 approval.
Rule 12g3–2 (17 CFR 240.12g3–2)
under the Securities Exchange Act of
1934 (the ‘‘Exchange Act’’) provides an
exemption from Section 12(g) of the
Exchange Act (15 U.S.C. 781(g)) for
VerDate Mar<15>2010
16:16 Aug 31, 2011
Jkt 223001
foreign private issuers. Rule 12g3–2 is
designed to provide investors in foreign
securities with information about such
securities and the foreign issuer. The
information filed under Rule 12g3–2
must be filed with the Commission and
is publicly available. We estimate that it
takes approximately one hour to provide
the information required under Rule
12g3–2 and that the information is filed
by 1,800 foreign issuers for a total
annual reporting burden of 1,800 hours.
Written comments are invited on: (a)
Whether this proposed collection of
information is necessary for the
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 imposed by 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 comment to
Thomas Bayer, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way,
Alexandria, Virginia 22312; or send an
e-mail to: PRA_Mailbox@sec.gov.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65203; File No. SR–Phlx–
2011–120]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NASDAQ
OMX PHLX LLC To Change the Name
of the PSX Ouch BBO Feed to the PSX
MatchView Feed and To Modify Its
Contents
August 26, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19b–4 2 thereunder,
notice is hereby given that on August
19, 2011, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00089
Fmt 4703
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II, 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 the Substance
of the Proposed Rule Change
The Exchange is filing with the
Commission a proposal to change the
name of the PSX Ouch BBO Feed to the
PSX MatchView Feed (the ‘‘Feed’’) and
to modify the contents of the Feed in
two ways. The Feed provides a view of
how the Exchange views the Best Bid
and Offer (‘‘BBO’’) available from all
market centers for each individual
security the Exchange trades.
The Exchange has filed this proposal
under Rule 19b–4(f)(6) 3 under the Act
and PSX has provided the Commission
with the notice required by Rule 19b–
4(f)(6)(iii) under the Act.4
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.com/
NASDAQOMXPHLX/Filings/, 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
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
This proposal regards the PSX
MatchView Feed (formerly known as
the PSX Ouch BBO Feed), a data feed
that represents the Exchange’s view of
best bid and offer data received from all
market centers. The Feed is available to
all Exchange members and market
participants equally at no charge,
3 17
4 17
Sfmt 4703
E:\FR\FM\01SEN1.SGM
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
01SEN1
]]>Agencies
[Federal Register Volume 76, Number 170 (Thursday, September 1, 2011)]
[Notices]
[Pages 54513-54514]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-22366]
=======================================================================
-----------------------------------------------------------------------
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 15g-2, SEC File No. 270-381, OMB Control No. 3235-
0434.
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 a
request for extension of the previously approved collection of
information discussed below.
The ``Penny Stock Disclosure Rules'' (Rule 15g-2, 17 CFR 240.15g-2)
require broker-dealers to provide their customers with a risk
disclosure document, as set forth in Schedule 15G, prior to their first
non-exempt transaction in a ``penny stock''. As amended, the rule
requires broker-dealers to obtain written acknowledgement from the
customer that he or she has received the required risk disclosure
document. The amended rule also requires broker-dealers to maintain a
copy of the customer's written acknowledgement for at least three years
following the date on which the risk disclosure document was provided
to the customer, the first two years in an accessible place.
The risk disclosure documents are for the benefit of the customers,
to assure that they are aware of the risks of trading in ``penny
stocks'' before they enter into a transaction. The risk disclosure
documents are maintained by the broker-dealers and may be reviewed
during the course of an examination by the Commission.
There are approximately 253 broker-dealers that could potentially
be subject to current Rule 15g-2. The Commission estimates that
approximately 5% of registered broker-dealers are engaged in penny
stock transactions, and thereby subject to the Rule (5% x approximately
5,063 registered broker-dealers = 253 broker-dealers). The Commission
estimates that each one of these firms processes an average of three
new customers for penny stocks per week. Thus, each respondent
processes approximately 156 penny stock disclosure documents per year.
If communications in tangible form alone are used to satisfy the
requirements of Rule 15g-2, then the copying and mailing of the penny
stock disclosure document takes no more than two minutes. Thus, the
total associated burden is approximately 2 minutes per response, or an
aggregate total of 312 minutes per respondent. Since there are 253
respondents, the current annual burden is 78,936 minutes (312 minutes
per each of the 253 respondents) or 1,316 hours for this third party
disclosure burden. In addition, broker-dealers incur a recordkeeping
burden of approximately two minutes per response when filing the
completed penny stock disclosure documents as required pursuant to the
Rule 15(g)(2)(c), which requires a broker-dealer to preserve a copy of
the written acknowledgement pursuant to Rule 17a-4(b) of the Exchange
Act. Since there are approximately 156 responses for each respondent,
the respondents incur an aggregate recordkeeping burden of 78,936
minutes (253 respondents x 156 responses for each x 2 minutes per
response) or 1,316 hours, under Rule 15g-2. Accordingly, the current
aggregate annual hour burden associated with Rule 15g-2 (that is,
assuming that all respondents provide tangible copies of the required
documents) is approximately 2,632 hours (1,316 third party disclosure
hours + 1,316 recordkeeping hours).
The burden hours associated with Rule 15g-2 may be slightly reduced
when the penny stock disclosure document required under the rule is
provided through electronic means such as e-mail from the broker-dealer
(e.g., the broker-dealer respondent may take only one minute, instead
of the two minutes estimated above, to provide the penny stock
disclosure document by e-mail to its customer). In this regard, if each
of the customer respondents estimated above communicates with his or
her broker-dealer electronically, the total ongoing respondent burden
is approximately 1 minute per response, or an aggregate total of 156
minutes (156 customers x 1 minute per respondent). Assuming 253
respondents, the annual third party disclosure burden, if electronic
communications were used by all customers, is 39,468 minutes (156
minutes per each of the 253 respondents) or 658 hours. If all
respondents were to use electronic means, the recordkeeping burden is
78,936 minutes or 1,316 hours (the same as above). Thus, if all broker-
dealer respondents obtain and send the documents required under the
rules electronically, the aggregate annual hour burden associated with
Rule 15g-2 is 1,974 (658 hours + 1,316 hours).
In addition, if the penny stock customer requests a paper copy of
the information on the Commission's Web site regarding microcap
securities, including penny stocks, from his or her broker-dealer, the
printing and mailing of the document containing this information takes
no more than two minutes per customer. Because many investors have
access to the Commission's Web site via computers located in their
homes, or in easily accessible public places such as libraries, then,
at most, a quarter of customers who are required to receive the Rule
15g-2 disclosure document request that their broker-dealer provide them
with the additional microcap and penny stock information posted on the
Commission's Web site. Thus, each broker-dealer respondent processes
approximately 39 requests for paper copies of this information per year
or an aggregate total of 78 minutes per respondent (2 minutes per
customer x 39 requests per respondent). Since there are 253
respondents, the estimated annual burden is 19,734 minutes (78 minutes
per each of the 253 respondents) or 329 hours. This is a third party
disclosure type of burden.
We have no way of knowing how many broker-dealers and customers
will choose to communicate electronically. Assuming that 50 percent of
respondents continue to provide documents and obtain signatures in
tangible form and 50 percent choose to communicate electronically to
satisfy the requirements of Rule 15g-2, the total aggregate burden
hours is 3,948 ((aggregate burden hours for documents and signatures in
tangible form x 0.50 of the respondents = 1,316 hours) + (aggregate
burden hours for electronically signed and transmitted documents x 0.50
of the respondents = 987 hours) + (aggregate burden hours for
recordkeeping of tangible documents x 0.50 of the respondents = 658) +
(aggregate burden hours for recordkeeping of electronically filed
documents = 658) + (329 burden hours for those customers making
requests for a copy of the information on the Commission's Web site)).
The Commission does not maintain the risk disclosure document.
Instead, it must be retained by the broker-dealer for at least three
years following the date on which the risk disclosure document was
provided to the customer, the first two years in an accessible place.
The collection of information required by the rule is mandatory. The
risk disclosure document is otherwise
[[Page 54514]]
governed by the internal policies of the broker-dealer regarding
confidentiality, etc.
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.
The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid control number.
Background documentation for this information collection may be
viewed at the following link, https://www.reginfo.gov. 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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/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. Comments must be submitted to OMB within 30 days
of this notice.
Dated: August 26, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-22366 Filed 8-31-11; 8:45 am]
BILLING CODE 8011-01-P
