Proposed Collection; Comment Request, 72460-72461 [2011-30219]
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sroberts on DSK5SPTVN1PROD with NOTICES
72460
Federal Register / Vol. 76, No. 226 / Wednesday, November 23, 2011 / Notices
(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 17Ac2–1 (17 CFR
240.17Ac2–1) 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 the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 17Ac2–1, pursuant to Section
17A(c) of the Exchange Act, generally
requires transfer agents to register with
their Appropriate Regulatory Agency
(‘‘ARA’’), whether the Commission, the
Comptroller of the Currency, the Board
of Governors of the Federal Reserve
System, the Federal Deposit Insurance
Corporation, or the Office of Thrift
Supervision, and to amend their
registrations if the information becomes
inaccurate, misleading, or incomplete.
Paragraph 1 of Rule 17Ac2–1, requires
transfer agents to file a Form TA–1
application for registration with the
Commission where the Commission is
their ARA. Transfer agents must also file
an amended Form TA–1 application for
registration if the existing Form TA–1
becomes inaccurate, misleading, or
incomplete. The Form TA–1s must be
filed with the Commission
electronically, absent an exemption, on
EDGAR pursuant to Regulation S–T (17
CFR part 232).
The Commission receives on an
annual basis approximately 190
applications for registration on Form
TA–1 from transfer agents required to
register with the Commission. Included
in this figure are amendments to Form
TA–1 as required by Paragraph (c) of
Rule 17Ac2–1 to address information
that has become inaccurate, misleading,
or incomplete. Based on past
submissions, the staff estimates that the
average number of hours necessary to
comply with the requirements of Rule
17Ac2–1 and Form TA–1 is one and
one-half hours with a total burden of
285 hours 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
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 the use of
automated collection techniques or
other forms of information technology.
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Consideration will be given to
comments and suggestions submitted
within 60 days of this publication.
The Commission may not conduct or
sponsor a collection of information
unless it displays a currently valid OMB
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 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, VA 22312 or send an email
to: PRA_Mailbox@sec.gov.
Dated: November 18, 2011.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–30220 Filed 11–22–11; 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 12d2–1; OMB Control No. 3235–0081;
SEC File No. 270–98.
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 collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget for
extension and approval.
• Rule 12d2–1 (17 CFR 240.12d2–1)
Suspension of Trading.
On February 12, 1935, the
Commission adopted Rule 12d2–1,1
under the Securities Exchange Act of
1934 (15 U.S.C. 78b et seq.) (‘‘Act’’), to
establish the procedures by which a
national securities exchange may
suspend from trading a security that is
listed and registered on the exchange
under Section 12(d) of the Act.2 Under
Rule 12d2–1, an exchange is permitted
to suspend from trading a listed security
in accordance with its rules, and must
1 See Securities Exchange Act Release No. 98
(February 12, 1935).
2 See Securities Exchange Act Release No. 7011
(February 5, 1963), 28 FR 1506 (February 16, 1963).
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
promptly notify the Commission of any
such suspension, along with the
effective date and the reasons for the
suspension.
Any such suspension may be
continued until such time as the
Commission may determine that the
suspension is designed to evade the
provisions of Section 12(d) of the Act
and Rule 12d2–2 thereunder.3 During
the continuance of such suspension
under Rule 12d2–1, the exchange is
required to notify the Commission
promptly of any change in the reasons
for the suspension. Upon the restoration
to trading of any security suspended
under Rule 12d2–1, the exchange must
notify the Commission promptly of the
effective date of such restoration.
The trading suspension notices serve
a number of purposes. First, they inform
the Commission that an exchange has
suspended from trading a listed security
or reintroduced trading in a previously
suspended security. They also provide
the Commission with information
necessary for it to determine that the
suspension has been accomplished in
accordance with the rules of the
exchange, and to verify that the
exchange has not evaded the
requirements of Section 12(d) of the Act
and Rule 12d2–2 thereunder by
improperly employing a trading
suspension. Without Rule 12d2–1, the
Commission would be unable to fully
implement these statutory
responsibilities.
There are 15 national securities
exchanges that are subject to Rule 12d2–
1. The burden of complying with Rule
12d2–1 is not evenly distributed among
the exchanges, however, since there are
many more securities listed on the New
York Stock Exchange, Inc., the
NASDAQ Stock Market, and the
American Stock Exchange LLC than on
the other exchanges.4 However, for
purposes of this filing, the Commission
staff has assumed that the number of
responses is evenly divided among the
exchanges. There are approximately
1,500 responses under Rule 12d2–1 for
the purpose of suspension of trading
from the national securities exchanges
each year, and the resultant aggregate
annual reporting hour burden would be,
assuming on average one-half reporting
hour per response, 750 annual burden
hours for all exchanges. The related
3 Rule 12d2–2 prescribes the circumstances under
which a security may be delisted from an exchange
and withdrawn from registration under Section
12(b) of the Act, and provides the procedures for
taking such action.
4 In fact, some exchanges do not file any trading
suspension reports in a given year.
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Federal Register / Vol. 76, No. 226 / Wednesday, November 23, 2011 / Notices
Extension:
Rule 9b–1; OMB Control No. 3235–0480;
SEC File No. 270–429.
CFR 240.9b–1) under the Securities
Exchange Act of 1934 (15 U.S.C. 78 et
seq.). The Commission plans to submit
this existing collection of information to
the Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Rule 9b–1 (17 CFR 240.9b–1) sets
forth the categories of information
required to be disclosed in an options
disclosure document (‘‘ODD’’) and
requires the options markets to file an
ODD with the Commission 60 days prior
to the date it is distributed to investors.
In addition, Rule 9b–1 provides that the
ODD must be amended if the
information in the document becomes
materially inaccurate or incomplete and
that amendments must be filed with the
Commission 30 days prior to the
distribution to customers. Finally, Rule
9b–1 requires a broker-dealer to furnish
to each customer an ODD and any
amendments, prior to accepting an order
to purchase or sell an option on behalf
of that customer.
There are 9 options markets that must
comply with Rule 9b–1. These
respondents work together to prepare a
single ODD covering options traded on
each market, as well as amendments to
the ODD. These respondents file
approximately 3 amendments per year.
The staff calculates that the preparation
and filing of amendments should take
no more than eight hours per options
market. Thus, the total compliance
burden for options markets per year is
216 hours (9 options markets × 8 hours
per amendment × 3 amendments). The
estimated cost for an in-house attorney
is $354 per hour,1 resulting in a total
cost of compliance for these
respondents of $76,464 per year (216
hours at $354 per hour).
In addition, approximately 1,500
broker-dealers must comply with Rule
9b–1. Each of these respondents will
process an average of 3 new customers
for options each week and, therefore,
will have to furnish approximately 156
ODDs per year. The postal mailing or
electronic delivery of the ODD takes
respondents no more than 30 seconds to
complete for an annual compliance
burden for each of these respondents of
78 minutes or 1.3 hours. Thus, the total
compliance burden per year is 1,950
hours (1,500 broker-dealers × 1.3 hours).
The estimated cost for a general clerk of
a broker-dealer is $50 per hour,2
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 the following rule: Rule
9b–1, Options Disclosure Document (17
1 The $354 per hour figure for an Attorney is 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.
2 The $50 per hour figure for a General Clerk is
from SIFMA’s Office Salaries in the Securities
Industry 2010, modified by Commission staff to
costs associated with these burden
hours are $145,125.
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.
Comments should be directed 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.
Comments must be submitted within 60
days of this notice.
Dated: November 18, 2011.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–30219 Filed 11–22–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Extension of Existing
Collection; Comment Request
sroberts on DSK5SPTVN1PROD with NOTICES
Upon Written Request, Copies Available
From: U.S. Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
VerDate Mar<15>2010
17:03 Nov 22, 2011
Jkt 226001
PO 00000
Frm 00075
Fmt 4703
Sfmt 9990
72461
resulting in a total cost of compliance
for these respondents of $97,500 per
year (1,950 hours at $50 per hour).
The total compliance burden for all
respondents under this rule (both
options markets and broker-dealers) is
2,166 hours per year (216 + 1,950), and
the total compliance cost is $173,964
($76,464 + $97,500).
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.
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.
Comments should be directed 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.
Comments must be submitted within 60
days of this notice.
Dated: November 18, 2011.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–30218 Filed 11–22–11; 8:45 am]
BILLING CODE 8011–01–P
account for an 1800-hour work-year and multiplied
by 2.93 to account for bonuses, firm size, employee
benefits and overhead. The staff believes that the
ODD would be mailed or electronically delivered to
customers by a general clerk of the broker-dealer or
some other equivalent position.
E:\FR\FM\23NON1.SGM
23NON1
]]>Agencies
[Federal Register Volume 76, Number 226 (Wednesday, November 23, 2011)]
[Notices]
[Pages 72460-72461]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-30219]
-----------------------------------------------------------------------
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 12d2-1; OMB Control No. 3235-0081; SEC File No. 270-98.
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 collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
Rule 12d2-1 (17 CFR 240.12d2-1) Suspension of Trading.
On February 12, 1935, the Commission adopted Rule 12d2-1,\1\ under
the Securities Exchange Act of 1934 (15 U.S.C. 78b et seq.) (``Act''),
to establish the procedures by which a national securities exchange may
suspend from trading a security that is listed and registered on the
exchange under Section 12(d) of the Act.\2\ Under Rule 12d2-1, an
exchange is permitted to suspend from trading a listed security in
accordance with its rules, and must promptly notify the Commission of
any such suspension, along with the effective date and the reasons for
the suspension.
---------------------------------------------------------------------------
\1\ See Securities Exchange Act Release No. 98 (February 12,
1935).
\2\ See Securities Exchange Act Release No. 7011 (February 5,
1963), 28 FR 1506 (February 16, 1963).
---------------------------------------------------------------------------
Any such suspension may be continued until such time as the
Commission may determine that the suspension is designed to evade the
provisions of Section 12(d) of the Act and Rule 12d2-2 thereunder.\3\
During the continuance of such suspension under Rule 12d2-1, the
exchange is required to notify the Commission promptly of any change in
the reasons for the suspension. Upon the restoration to trading of any
security suspended under Rule 12d2-1, the exchange must notify the
Commission promptly of the effective date of such restoration.
---------------------------------------------------------------------------
\3\ Rule 12d2-2 prescribes the circumstances under which a
security may be delisted from an exchange and withdrawn from
registration under Section 12(b) of the Act, and provides the
procedures for taking such action.
---------------------------------------------------------------------------
The trading suspension notices serve a number of purposes. First,
they inform the Commission that an exchange has suspended from trading
a listed security or reintroduced trading in a previously suspended
security. They also provide the Commission with information necessary
for it to determine that the suspension has been accomplished in
accordance with the rules of the exchange, and to verify that the
exchange has not evaded the requirements of Section 12(d) of the Act
and Rule 12d2-2 thereunder by improperly employing a trading
suspension. Without Rule 12d2-1, the Commission would be unable to
fully implement these statutory responsibilities.
There are 15 national securities exchanges that are subject to Rule
12d2-1. The burden of complying with Rule 12d2-1 is not evenly
distributed among the exchanges, however, since there are many more
securities listed on the New York Stock Exchange, Inc., the NASDAQ
Stock Market, and the American Stock Exchange LLC than on the other
exchanges.\4\ However, for purposes of this filing, the Commission
staff has assumed that the number of responses is evenly divided among
the exchanges. There are approximately 1,500 responses under Rule 12d2-
1 for the purpose of suspension of trading from the national securities
exchanges each year, and the resultant aggregate annual reporting hour
burden would be, assuming on average one-half reporting hour per
response, 750 annual burden hours for all exchanges. The related
[[Page 72461]]
costs associated with these burden hours are $145,125.
---------------------------------------------------------------------------
\4\ In fact, some exchanges do not file any trading suspension
reports in a given year.
---------------------------------------------------------------------------
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.
Comments should be directed 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 email to: PRA_Mailbox@sec.gov. Comments must be submitted
within 60 days of this notice.
Dated: November 18, 2011.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-30219 Filed 11-22-11; 8:45 am]
BILLING CODE 8011-01-P
