Proposed Collection; Comment Request, 72460-72461 [2011-30219]

Download as PDF 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. VerDate Mar<15>2010 17:03 Nov 22, 2011 Jkt 226001 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. E:\FR\FM\23NON1.SGM 23NON1 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]


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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 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