[Federal Register Volume 59, Number 68 (Friday, April 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-8436]


[[Page Unknown]]

[Federal Register: April 8, 1994]


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SECURITIES AND EXCHANGE COMMISSION

 

Under Review by the Office of Management and Budget

    Agency Clearance Officer: John J. Lane, (202) 942-8800.
    Upon Written Request Copy Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, 450 Fifth 
Street, NW., Washington, DC 20549.
    Extension: Rule 15Ba2-1 and Form MSD: File No. 270-88.
    Proposed Revisions: Rule 204-2: File No. 270-215.
    New: Proposed Rule 10b-10--File No. 270-389; Proposed Rule 15c2-
13--File No. 270-390.
    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1980 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission has submitted to the Office of Management and Budget 
approval for following rules and forms:
    Rule 15Ba2-1 and Form MSD, pursuant to the Securities Exchange Act 
of 1934, provides the form of application for registration with the 
Commission by bank municipal securities dealers. Approximately forty 
respondents incur an estimated average of one and one-half burden hours 
to comply with this rule.
    Proposed amendments to Rule 204-2 is the general recordkeeping rule 
under the Investment Advisers Act of 1940 (``Advisers Act''). Proposed 
paragraph (a)(17) of rule 204-2 would require investment advisers 
subject to the recordkeeping requirements of the Advisers Act to retain 
in their records any documents that the advisers receive describing 
their clients' financial situations, investment experience, and 
investment objectives. Proposed paragraph (a)(18) of rule 204-2 would 
require advisers to retain in their records copies of custodian account 
statements received by the advisers.
    The Commission estimates that the total increase in the annual 
burden associated with rule 204-2 would be 1,150,511 hours. 
Approximately 818,048 hours are attributable to an increase in the 
number of registered investment advisers, and 332,463 hours are 
attributable to the proposed amendments to rule 204-2. The total burden 
for rule 204-2 would be increased from 3,703,616 hours to 4,854,127 
hours.
    Proposed Rule 10b-10 pursuant to the Securities Exchange Act of 
1934, requires broker-dealers effecting transactions in securities to 
provide written notification to the customer at or before the 
completion of the transaction that discloses information about the 
transaction. It is estimated that 3,900 broker-dealers currently spend 
84.6 million hours complying with Rule 10b-10 annually.
    Proposed Rule 15c2-13 pursuant to the Securities Exchange Act of 
1934, requires broker-dealers effecting transactions in municipal 
securities to provide written notification to the customer at or before 
the completion of the transaction that discloses information about the 
transaction. It is anticipated that 400 brokers, dealers, and municipal 
securities dealers will spend 49.8 million hours complying with Rule 
15c2-13 annually.
    General comments may be directed to Gary Waxman at the address 
below. Comments concerning the accuracy of the estimated average burden 
hours for compliance with SEC rules and forms should be directed to 
John J. Lane, Associate Executive Director, Securities and Exchange 
Commission, 450 5th Street NW., Washington, DC 20549 and Gary Waxman, 
Clearance Officer, Office of Information and Regulatory Affairs, 
Paperwork Reduction Act Numbers 3235-0083, and 3235-0278, Office of 
Management and Budget, room 3208, New Executive Office Building, 
Washington, DC 20503.

    Dated: March 23, 1994.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-8436 Filed 4-7-94; 8:45 am]
BILLING CODE 8010-01-M