Sunshine Act Meetings, 47264 [2017-21988]

Download as PDF 47264 Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices 100 F Street NE., Washington, DC 20549–2736 SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Investor Advisory Committee will hold a meeting 9:30 a.m. on Thursday, October 12, 2017. PLACE: Multi-Purpose Room LL–006 at the Commission’s headquarters, 100 F Street NE., Washington, DC 20549. STATUS: This meeting will be open to the public. Seating will be on a first-come, first-served basis. Doors will open at 9:00 a.m. Visitors will be subject to security checks. The meeting will be webcast on the Commission’s Web site at www.sec.gov. MATTERS TO BE CONSIDERED: On September 12, 2017, the Commission issued notice of the Committee meeting (Release No. 33–10412), indicating that the meeting is open to the public (except during that portion of the meeting reserved for an administrative work session during lunch), and inviting the public to submit written comments to the Committee. This Sunshine Act notice is being issued because a quorum of the Commission may attend the meeting. The agenda for the meeting includes: Remarks from Commissioners; a discussion regarding blockchain and other distributed ledger technology and implications for securities markets; an overview of law school clinic advocacy efforts on behalf of retail investors; a discussion regarding electronic delivery of information to retail investors (which may include a recommendation of the Investor as Purchaser Subcommittee); subcommittee reports; and a nonpublic administrative work session during lunch. CONTACT PERSON FOR MORE INFORMATION: For further information and to ascertain what, if any, matters have been added, deleted or postponed; please contact Brent J. Fields from the Office of the Secretary at (202) 551–5400. TIME AND DATE: Dated: October 5, 2017. Brent J. Fields, Secretary. [FR Doc. 2017–21988 Filed 10–6–17; 11:15 am] asabaliauskas on DSKBBXCHB2PROD with NOTICES BILLING CODE 8011–01–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 FOIA Services, VerDate Sep<11>2014 17:58 Oct 10, 2017 Jkt 244001 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.) (‘‘PRA’’), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for extension of the previously approved collection of information provided for in Rule 15g–2 (17 CFR 240.15g–2) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). Rule 15g–2 (The ‘‘Penny Stock Disclosure Rule’’) requires 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. Rule 15g– 2 also requires a broker-dealer, upon request of a customer, to furnish the customer with a copy of certain information set forth on the Commission’s Web site. 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 198 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 3,969 registered broker-dealers = 198 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 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 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 198 respondents, the current annual burden is 61,776 minutes (312 minutes per each of the 198 respondents) or 1,030 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 61,776 minutes (198 respondents × 156 responses for each × 2 minutes per response) or 1,030 hours, under Rule 15g–2. Accordingly, the current aggregate annual hour burden associated with Rule 15g–2 (assuming that all respondents provide tangible copies of the required documents) is approximately 2,060 hours (1,030 third party disclosure hours + 1,030 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 email 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 email 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 minutes per respondent). Assuming 198 respondents, the annual third party disclosure burden, if electronic communications were used by all customers, is 30,888 minutes (156 minutes per each of the 198 respondents) or 515 hours. If all respondents were to use electronic means, the recordkeeping burden would be 61,776 minutes or 1,030 hours (the same as above). Thus, if all brokerdealer respondents obtain and send the documents required under the rules electronically, the aggregate annual hour burden associated with Rule 15g–2 is 1,545 (515 hours + 1,030 hours). In addition, if the penny stock customer requests a paper copy of the information on the Commission’s Web E:\FR\FM\11OCN1.SGM 11OCN1

Agencies

[Federal Register Volume 82, Number 195 (Wednesday, October 11, 2017)]
[Notices]
[Page 47264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-21988]



[[Page 47264]]

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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

TIME AND DATE: Investor Advisory Committee will hold a meeting 9:30 
a.m. on Thursday, October 12, 2017.

PLACE: Multi-Purpose Room LL-006 at the Commission's headquarters, 100 
F Street NE., Washington, DC 20549.

STATUS: This meeting will be open to the public. Seating will be on a 
first-come, first-served basis. Doors will open at 9:00 a.m. Visitors 
will be subject to security checks. The meeting will be webcast on the 
Commission's Web site at www.sec.gov.

MATTERS TO BE CONSIDERED: On September 12, 2017, the Commission issued 
notice of the Committee meeting (Release No. 33-10412), indicating that 
the meeting is open to the public (except during that portion of the 
meeting reserved for an administrative work session during lunch), and 
inviting the public to submit written comments to the Committee. This 
Sunshine Act notice is being issued because a quorum of the Commission 
may attend the meeting.
    The agenda for the meeting includes: Remarks from Commissioners; a 
discussion regarding blockchain and other distributed ledger technology 
and implications for securities markets; an overview of law school 
clinic advocacy efforts on behalf of retail investors; a discussion 
regarding electronic delivery of information to retail investors (which 
may include a recommendation of the Investor as Purchaser 
Subcommittee); subcommittee reports; and a nonpublic administrative 
work session during lunch.

CONTACT PERSON FOR MORE INFORMATION: For further information and to 
ascertain what, if any, matters have been added, deleted or postponed; 
please contact Brent J. Fields from the Office of the Secretary at 
(202) 551-5400.

    Dated: October 5, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-21988 Filed 10-6-17; 11:15 am]
 BILLING CODE 8011-01-P