[Federal Register Volume 61, Number 229 (Tuesday, November 26, 1996)]
[Notices]
[Pages 60129-60130]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-30175]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

    Upon Written Request, Copies Available From: Securities and 
Exchange Commission, Office of Filings and Information Services, 
Washington, DC 20549.

Approval of Existing Collection

Rule 10b-17, SEC File No. 270-427, OMB Control No. 3235--new.
Rule 11a1-1(T), SEC File No. 270-428, OMB Control No. 3235--new.
Rule 15c2-7, SEC File No. 270-420, OMB Control No. 3235--new.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1955 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget requests for approval of existing collections of 
information:
    Rule 10b-17 (17 CFR 240.10b-17) requires any issuer of a class of 
securities publicly traded by the use of any means or instrumentality 
of interstate commerce or of the mails or of any facility of any 
national securities exchange to give notice of the following actions 
relating to such class of securities: (1) A dividend; (2) a stock 
split; or (3) a rights or other subscription offering. Notice shall be: 
given to the National Association of Securities Dealers, Inc.; in 
accordance with the procedures of the national securities exchange upon 
which the securities are registered; or may be waived by the 
Commission.
    There are approximately 1,900 respondents that require an aggregate 
total of 3,800 hours to comply with this rule. Each of these 
approximately 1,900 issuers makes an estimated 2 annual responses, for 
an aggregate of 3,800 responses per year. Each response takes 
approximately 1 hour to complete. Thus, the total compliance burden per 
year is 3,800 burden hours. The approximate cost per hour is $100, 
resulting in a total cost of compliance for the respondents of $380,000 
(3,800 hours @ $100).
    Rule 11a1-1(T) (17 CFR 240.11a1-1(T)) provides that an exchange 
member's proprietary order may be executed on the exchange of which the 
trader is a member, if, among other things: (1) The member discloses 
that a bid or offer for its account is for its account to any member 
with whom such bid or offer is placed or to whom it is communicated; 
(2) any such member through whom that bid or offer is communicated 
discloses to others participating in effecting the order that it is for 
the account of a member; and (3) immediately before executing the 
order, a member (other than a specialist in such security) presenting 
any order for the account of a member on the exchange clearly announces 
or otherwise indicates to the specialist and to other members then 
present that he is presenting an order for the account of a member.
    There are approximately 1,000 respondents that require an aggregate 
total of 333 hours to comply with this rule. Each of these 
approximately 1,000 respondents makes an estimated 20 annual responses, 
for an aggregate of 20,000 responses per year. Each response takes 
approximately 1 minute to complete. Thus, the total compliance burden 
per year is 333 hours (20,000 minutes/60 minutes per hour=333 hours). 
The approximate cost per hour is $100, resulting in a total cost of 
compliance for the respondents of $33,333 (333 hours @ $100).
    Rule 15c2-7 (17 CFR 240.15c2-7) renders it unlawful for a broker-
dealer to furnish a quotation for a security to an inter-dealer-
quotation-system unless certain conditions are met: (a) The appearing 
broker-dealer discloses whether the quote is on behalf of another 
broker-dealer, and if so, the

[[Page 60130]]

identity of such other broker-dealer; (b) the appearing broker-dealer 
discloses whether the quotation is submitted pursuant to any other 
arrangement between or among broker-dealers; (c) every broker-dealer 
who enters into any arrangement by which two or more broker-dealers 
submit quotations with respect to a particular security must inform all 
other broker-dealers of the existence of such an arrangement and the 
identity of the parties thereto; and (d) the quotation system must be 
one which makes it a general practice to differentiate between 
correspondent arrangements and all other arrangements, and which 
discloses the identities of all other broker-dealers where that 
information is required to be supplied to the quotation system. The 
purpose of the rule is to ensure that an inter-dealer-quotation-system 
clearly reveals where two or more quotations in different names for a 
particular security represent a single quotation or where one broker-
dealer appears as a correspondent of another.
    The rule requires the relevant information to be disclosed for each 
quotation submitted to an inter-dealer-quotation-system. Each 
registered market maker on an inter-dealer-quotation-system is required 
to disclose any correspondent broker-dealers for a particular security 
at the time the market maker initially registers with the inter-dealer-
quotation-system as a market maker for such security. After the market 
maker's initial disclosure, the information is disclosed automatically 
through such market maker's electronic submission of a quotation to the 
inter-dealer-quotation-system. An aggregate total of approximately 20 
of these initial disclosures are made per year. Each such initial 
disclosure takes approximately 1 minute to complete. Thus, the total 
compliance burden per year is approximately 20 minutes (0.33 burden 
hours).
    General comments regarding the estimated burden hours should be 
directed to the Desk Officer for 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 Michael E. Bartell, Associate Executive 
Director, Office of Information Technology, Securities and Exchange 
Commission, 450 Fifth Street, N.W., Washington, D.C. 20549 and Desk 
Officer for the Securities and Exchange Commission, Office of 
Information and Regulatory Affairs, Office of Management and Budget, 
Room 3208, New Executive Office Building, Washington, D.C. 20503.

    Dated: November 19, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-30175 Filed 11-25-96; 8:45 am]
BILLING CODE 8010-01-M