Proposed Collection; Comment Request, 65222-65223 [2011-27093]

Download as PDF 65222 Federal Register / Vol. 76, No. 203 / Thursday, October 20, 2011 / Notices estimates that the average cost per respondent is $65.18 per year, calculated as the costs of copying ($13.97) plus storage ($51.21), resulting in a total cost of compliance for the respondents of $977.70. 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 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. Comments should be directed to 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. October 14, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–27098 Filed 10–19–11; 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. sroberts on DSK5SPTVN1PROD with NOTICES Extension: Rule 19d–2; OMB Control No. 3235–0205; SEC File No. 270–204. 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 19d–2— Applications for Stays of Final Disciplinary Sanction (17 CFR 240.19d– 2) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to VerDate Mar<15>2010 18:59 Oct 19, 2011 Jkt 226001 the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 19d–2 under the Exchange Act prescribes the form and content of applications to the Commission by persons desiring stays of final disciplinary sanctions and summary action of self-regulatory organizations (‘‘SROs’’) for which the Commission is the appropriate regulatory agency. It is estimated that approximately fifteen respondents will utilize this application procedure annually, with a total burden of 45 hours, based upon past submissions. The staff estimates that the average number of hours necessary to comply with the requirements of Rule 19d–2 is 3 hours. Based on the most recent available information, the Commission staff estimates that the cost to respondents of complying with the requirements of Rule 19d–2 is $876 per response. Therefore, the Commission staff estimates that the total annual reporting cost per respondent is $876 (1 response/ respondent/year × $876 cost/response), for a total annual related cost to all respondents of $13,140 ($876 cost/ respondent × 15 respondents). 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. 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 control number. Please direct your written comments to: 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. PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 Dated: October 13, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–27097 Filed 10–19–11; 8:45 am] BILLING CODE 8011–01–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. Extension: Rule 11a1–1(T); OMB Control No. 3235– 0478; SEC File No. 270–428. 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 for Rule 11a1–1(T)— Transactions Yielding Priority, Parity, and Precedence. On January 27, 1976, the Commission adopted Rule 11a1–1(T)—Transactions Yielding Priority, Parity, and Precedence (17 CFR 240.11a1–1(T)) under the Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) (‘‘Exchange Act’’), to exempt certain transactions of exchange members for their own accounts that would otherwise be prohibited under Section 11(a) of the Exchange Act. The rule provides that a member’s proprietary order may be executed on the exchange of which the trader is a member, if, among other things: (1) The member discloses that a bid or offer for its account is for its account to any member with whom such bid or offer is placed or to whom it is communicated; (2) any such member through whom that bid or offer is communicated discloses to others participating in effecting the order that it is for the account of a member; and (3) immediately before executing the order, a member (other than a specialist in such security) presenting any order for the account of a member on the exchange clearly announces or otherwise indicates to the specialist and to other members then present that he is presenting an order for the account of a member. Without these requirements, it would not be possible for the Commission to monitor its mandate under the Exchange E:\FR\FM\20OCN1.SGM 20OCN1 Federal Register / Vol. 76, No. 203 / Thursday, October 20, 2011 / Notices sroberts on DSK5SPTVN1PROD with NOTICES Act to promote fair and orderly markets and ensure that exchange members have, as the principle purpose of their exchange memberships, the conduct of a public securities business. There are approximately 763 respondents that require an aggregate total of 22 hours to comply with this rule. Each of these approximately 763 respondents makes an estimated 20 annual responses, for an aggregate of 15,260 responses per year. Each response takes approximately 5 seconds to complete. Thus, the total compliance burden per year is 22 hours (15,260 × 5 seconds/60 seconds per minute/60 minutes per hour = 22 hours). The approximate cost per hour is $282, resulting in a total cost of compliance for the annual burden of $6,204 (22 hours @ $282). 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. 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, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, Virginia 22312 or send an email to: PRA_Mailbox@sec.gov. October 14, 2011. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–27093 Filed 10–19–11; 8:45 am] BILLING CODE 8011–01–P VerDate Mar<15>2010 18:59 Oct 19, 2011 Jkt 226001 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. Reports of Evidence of: SEC File No. 270–514, OMB Control No. 3235–0572. Material Violations Notice is hereby given that pursuant to the Paperwork Reduction Act (PRA) of 1995, 44 U.S.C. Sections 3501–3520, the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the collection of information summarized below. The Commission plans to submit the existing collection of information to the Office of Management and Budget for extension. On February 6, 2003, the Commission published final rules, effective August 5, 2003, entitled ‘‘Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer’’ (17 CFR 205.1–205.7). The information collection embedded in the rules is necessary to implement the Standards of Professional Conduct for Attorneys prescribed by the rule and required by Section 307 of the SarbanesOxley Act of 2002 (15 U.S.C. 7245). The rules impose an ‘‘up-the-ladder’’ reporting requirement when attorneys appearing and practicing before the Commission become aware of evidence of a material violation by the issuer or any officer, director, employee, or agent of the issuer. An issuer may choose to establish a qualified legal compliance committee (‘‘QLCC’’) as an alternative procedure for reporting evidence of a material violation. In the rare cases in which a majority of a QLCC has concluded that an issuer did not act appropriately, the information may be communicated to the Commission. The collection of information is, therefore, an important component of the Commission’s program to discourage violations of the Federal securities laws and promote ethical behavior of attorneys appearing and practicing before the Commission. The respondents to this collection of information are attorneys who appear and practice before the Commission and, in certain cases, the issuer, and/or officers, directors and committees of the issuer. We believe that, in providing quality representation to issuers, PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 65223 attorneys report evidence of violations to others within the issuer, including the Chief Legal Officer, the Chief Executive Officer, and, where necessary, the directors. In addition, officers and directors investigate evidence of violations and report within the issuer the results of the investigation and the remedial steps they have taken or sanctions they have imposed. Except as discussed below, we therefore believe that the reporting requirements imposed by the rule are ‘‘usual and customary’’ activities that do not add to the burden that would be imposed by the collection of information. Certain aspects of the collection of information, however, may impose a burden. For an issuer to establish a QLCC, the QLCC must adopt written procedures for the confidential receipt, retention, and consideration of any report of evidence of a material violation. We estimate for purposes of the PRA that there are approximately 16,517 issuers that are subject to the rules.1 Of these, we estimate that approximately 3.8%, or 637, have established or will establish a QLCC.2 Establishing the written procedures required by the rule should not impose a significant burden. We assume that an issuer would incur a greater burden in the year that it first establishes the procedures than in subsequent years, in which the burden would be incurred in updating, reviewing, or modifying the procedures. For purposes of the PRA, we assume that an issuer would spend 6 hours every three-year period on the procedures. This would result in an average burden of 2 hours per year. Thus, we estimate for purposes of the PRA that the total annual burden imposed by the collection of information would be 1,274 hours. Assuming half of the burden hours will be incurred by outside counsel at a rate of $500 per hour would result in a cost of $318,500. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not 1 This estimate is based, in part, on the total number of operating companies that filed annual reports on Form 10–K, Form 20–F, or Form 40–F, during the 2011 fiscal year and an estimate of the average number of issuers that may have a registration statement filed under the Securities Act pending with the Commission at any time (14,000). In addition, we estimate that approximately 2,517 investment companies currently file periodic reports on Form N–SAR. 2 We base this estimate on the number of issuers who have reported in filings with the Commission that they have created QLCCs. Indications are that the 2005 estimate of the percentage of issuers that would establish QLCCs (10%) was high. Our adjusted estimate in the percentage of QLCCs (3.8%) results in a reduced burden estimate as compared to the previously-approved collection. E:\FR\FM\20OCN1.SGM 20OCN1

Agencies

[Federal Register Volume 76, Number 203 (Thursday, October 20, 2011)]
[Notices]
[Pages 65222-65223]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-27093]


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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.

Extension:
    Rule 11a1-1(T); OMB Control No. 3235-0478; SEC File No. 270-428.

    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 for Rule 11a1-1(T)--Transactions 
Yielding Priority, Parity, and Precedence.
    On January 27, 1976, the Commission adopted Rule 11a1-1(T)--
Transactions Yielding Priority, Parity, and Precedence (17 CFR 
240.11a1-1(T)) under the Securities Exchange Act of 1934 (15 U.S.C. 78 
et seq.) (``Exchange Act''), to exempt certain transactions of exchange 
members for their own accounts that would otherwise be prohibited under 
Section 11(a) of the Exchange Act. The rule provides that a member's 
proprietary order may be executed on the exchange of which the trader 
is a member, if, among other things: (1) The member discloses that a 
bid or offer for its account is for its account to any member with whom 
such bid or offer is placed or to whom it is communicated; (2) any such 
member through whom that bid or offer is communicated discloses to 
others participating in effecting the order that it is for the account 
of a member; and (3) immediately before executing the order, a member 
(other than a specialist in such security) presenting any order for the 
account of a member on the exchange clearly announces or otherwise 
indicates to the specialist and to other members then present that he 
is presenting an order for the account of a member.
    Without these requirements, it would not be possible for the 
Commission to monitor its mandate under the Exchange

[[Page 65223]]

Act to promote fair and orderly markets and ensure that exchange 
members have, as the principle purpose of their exchange memberships, 
the conduct of a public securities business.
    There are approximately 763 respondents that require an aggregate 
total of 22 hours to comply with this rule. Each of these approximately 
763 respondents makes an estimated 20 annual responses, for an 
aggregate of 15,260 responses per year. Each response takes 
approximately 5 seconds to complete. Thus, the total compliance burden 
per year is 22 hours (15,260 x 5 seconds/60 seconds per minute/60 
minutes per hour = 22 hours). The approximate cost per hour is $282, 
resulting in a total cost of compliance for the annual burden of $6,204 
(22 hours @ $282).
    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.
    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, Director/
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.

    October 14, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-27093 Filed 10-19-11; 8:45 am]
BILLING CODE 8011-01-P