[Federal Register Volume 59, Number 233 (Tuesday, December 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29931]


[[Page Unknown]]

[Federal Register: December 6, 1994]


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SECURITIES AND EXCHANGE COMMISSION

 

Forms Under Review by Office of Management and Budget

Acting Agency Clearance Officer: Richard T. Redfearn, (202) 942-8800
Upon written request copy available from: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, 
D.C. 20549
Adoption of Amendments:
    Rule 10b-10
    File No. 270-389
Adoption of Rule and Proposed Amendments:
    Rule 11Ac1-3
    File No. 270-382
Amendments:
    Rule 15c2-12
    File No. 270-330

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1980 (44 U.S.C. 34501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted for Office of Management and 
Budget approval the following previously approved rules:
    The adoption of the amendments to rule 10b-10 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.
    The adoption of Rule 11Ac1-3 requires enhanced disclosure of 
payment for order flow practices on customer confirmations, and account 
statements, as well as opening new accounts.
    The proposed amendments to Rule 11Ac1-3 require broker-dealers 
receiving payment for order flow to provide customers additional 
information regarding the value of the compensation received. It is 
anticipated that approximately 2,206 broker-dealers will spend a total 
of 46,381 burden hours complying with the reporting and recordkeeping 
requirements of the proposed amendment to Rule 11Ac1-3.
    The amendments to Rule 15c2-12 make it unlawful for a broker, 
dealer, or municipal securities dealer to act as an underwriter of an 
issue of municipal securities unless the issuer or its designated agent 
has undertaken in a written agreement or contract for the benefit of 
the holders of such municipal securities to provide certain information 
to information repositories, and prohibits brokers, dealers, and 
municipal securities dealers from recommending transactions in 
municipal securities unless they have procedures in place that provide 
reasonable assurance that they will receive promptly any notices of 
material events with respect to those securities. It is anticipated 
that approximately 12,003 brokers, dealers, municipal securities 
dealers, issuers of municipal securities, and nationally recognized 
municipal securities information repositories or state information 
depositories will spend a total of 95,860 hours complying with Rule 
15c2-12 annually.
    General comments regarding the estimated burden hours should be 
directed to the Clearance Officer of the Securities and Exchange 
Commission at the address below. Any comments concerning the accuracy 
of the estimated average burden hours for compliance with Commission 
rules and forms should be directed to Richard T. Redfearn, Acting 
Director, Office of Information Technology, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, D.C. 20549 and Clearance 
Officer for the Securities and Exchange Commission, Office of 
Management and Budget (Project Nos. 3235-0444; 3235-0435; and 3235-
0372), Room 3208, New Executive Office Building, Washington, D.C. 
20503.

    Dated: November 28, 1994.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-29931 Filed 12-5-94; 8:45 am]
BILLING CODE 8010-01-M