Spencer Pharmaceutical Inc.; Order of Suspension of Trading, 75223 [2012-30665]
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Federal Register / Vol. 77, No. 244 / Wednesday, December 19, 2012 / Notices
money, securities, or property of a
customer to margin, guarantee or secure
positions consisting of cleared CDS,
which include both swaps and securitybased swaps, under a program to
commingle and portfolio margin CDS in
an account maintained in accordance
with Section 4d(f) of the CEA and the
rules thereunder to disclose to its
customers that (i) the customer’s money,
securities, and property will be held in
an account maintained in accordance
with the segregation requirements of
Section 4(d)f of the CEA and that the
customer has elected to seek protections
under Subchapter IV of Chapter 7 of
Title 11 of the United States Code and
the rules and regulations thereunder
with respect to such money, securities,
and property and (ii) that the brokerdealer segregation requirements of
Section 15(c)(3) and Section 3E of the
Exchange Act, and any customer
protections under SIPA and the
stockbroker liquidation provisions, will
not apply to such customer money,
securities, and property. These
disclosures provide customers
important disclosures regarding the
legal framework that will govern their
transactions if a liquidation were to
occur. The Commission believes that the
BD/FCM could use the language in the
Order that describes the disclosure that
must be made as a template to draft the
disclosure statement. Consequently, the
Commission estimates that it would take
a BD/FCM clearing member
approximately 8 hours to draft the
disclosure statement.77 Further, the
Commission believes the BD/FCM will
include this disclosure statement with
other documents or agreements
provided to cleared CDS customers and
as a result the BD/FCM should not be
subject to any additional burden
associated with relaying this
information to the customer. Therefore,
the Commission estimates that aggregate
burden from this requirement will be
456 hours 78 to comply with this
requirement.
sroberts on DSK5SPTVN1PROD with
E. Collection of Information Is
Mandatory
The collections of information
contained in the conditions to this
Order are mandatory for any entity
wishing to rely on the conditional
exemptions granted by this Order.
77 This estimate is based on the Commission’s
currently approved Collection of Information
Supporting Statement for Rule 15c3–3 of the
Exchange Act, which discusses the reporting
burden to prepare a disclosure statement pursuant
to Rule 15c3–3 of the Exchange Act (https://
www.reginfo.gov/public/do/
PRAViewDocument?ref_nbr=201103-3235-025).
78 57 BD/FCMs × 8 hours.
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16:35 Dec 18, 2012
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F. Confidentiality
The Commission expects to receive
confidential information in connection
with the proposed collections of
information. To the extent that the
Commission receives confidential
information pursuant to these
collections of information, the
Commission is committed to protecting
the confidentiality of such information,
subject to the provisions of applicable
law.79
G. Request for Comment on Paperwork
Reduction Act
The Commission requests, pursuant to
44 U.S.C. 3506(c)(2)(B), comment on the
collections of information contained in
this Order to:
(i) Evaluate whether the collections of
information are necessary for the proper
performance of the functions of the
Commission, including whether the
information would have practical
utility;
(ii) Evaluate the accuracy of the
Commission’s estimates of the burden of
the collections of information;
(iii) Determine whether there are ways
to enhance the quality, utility, and
clarity of the information to be
collected; and
(iv) evaluate whether there are ways
to minimize the burden of the
collections of information on those
required to respond, including through
the use of automated collection
techniques or other forms of information
technology.
Persons who desire to submit
comments on the collection of
information requirements should direct
their comments to the OMB, Attention:
Desk Officer for the Securities and
Exchange Commission, Office of
Information and Regulatory Affairs,
Washington, DC 20503, and should also
send a copy of their comments to
Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090, and refer to File No. S7–
13–12. OMB is required to make a
decision concerning the collections of
information between 30 and 60 days
after publication of this document in the
79 See, e.g., Exchange Act Section 24, 15 U.S.C.
78x (governing the public availability of
information obtained by the Commission) and 5
U.S.C. 552 et seq. (Freedom of Information Act—
‘‘FOIA’’). FOIA Exemption 4 provides an exemption
for ‘‘trade secrets and commercial or financial
information obtained from a person and privileged
or confidential.’’ 5 U.S.C. 552(b)(4). FOIA
Exemption 8 provides an exemption for matters that
are ‘‘contained in or related to examination,
operating, or condition reports prepared by, on
behalf of, or for the use of an agency responsible
for the regulation or supervision of financial
institutions.’’ 5 U.S.C. 552(b)(8).
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75223
Federal Register; therefore, comments
to OMB are best assured of having full
effect if OMB receives them within 30
days of this publication. The
Commission has submitted the
proposed collections of information to
OMB for approval. Requests for the
materials submitted to OMB by the
Commission with regard to these
collections of information should be in
writing, refer to File No. S7–13–12, and
be submitted to the Securities and
Exchange Commission, Records
Management Office, 100 F Street NE.,
Washington, DC 20549.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–30553 Filed 12–18–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
Spencer Pharmaceutical Inc.; Order of
Suspension of Trading
December 17, 2012.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Spencer
Pharmaceutical Inc. (‘‘Spencer’’)
because of questions regarding the
accuracy of publicly disseminated
information, concerning, among other
things: (1) The company’s current
financial condition; and (2) statements
made by Spencer in press releases
concerning, among other things, an
unsolicited buyout offer of Spencer by
a foreign company.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
company.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed company,
and any equity securities of any entity
purporting to succeed to this issuer, is
suspended for the period from 9:30 a.m.
EST on Monday, December 17, 2012,
through 11:59 p.m. EST on Monday,
December 31, 2012.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–30665 Filed 12–17–12; 11:15 am]
BILLING CODE 8011–01–P
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[Federal Register Volume 77, Number 244 (Wednesday, December 19, 2012)]
[Notices]
[Page 75223]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30665]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 500-1]
Spencer Pharmaceutical Inc.; Order of Suspension of Trading
December 17, 2012.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Spencer Pharmaceutical Inc. (``Spencer'') because of questions
regarding the accuracy of publicly disseminated information,
concerning, among other things: (1) The company's current financial
condition; and (2) statements made by Spencer in press releases
concerning, among other things, an unsolicited buyout offer of Spencer
by a foreign company.
The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed company.
Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed company, and any equity securities of any entity
purporting to succeed to this issuer, is suspended for the period from
9:30 a.m. EST on Monday, December 17, 2012, through 11:59 p.m. EST on
Monday, December 31, 2012.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-30665 Filed 12-17-12; 11:15 am]
BILLING CODE 8011-01-P
