[Federal Register Volume 62, Number 161 (Wednesday, August 20, 1997)]
[Notices]
[Pages 44295-44296]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-21982]


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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

Extension:
    Rule 17f-1(b), SEC File No. 270-28, OMB Control No. 3235-0032
    Rule 17f-1(c) and Form X-17F-1A, SEC File No. 270-29, OMB Control 
No. 3235-0037
    Rule 17h-1T and 17h-2T, SEC File No. 270-359, OMB Control No. 3235-
0410

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget requests for extension of the previously approved 
collections of information discussed below.
    Rule 17f-1(b) Requirements for reporting and inquiry with respect 
to missing, lost, counterfeit, or stolen securities.
    Rule 17f-1(b) requires approximately 19,000 entities in the 
securities industry to register in the Lost and Stolen Securities 
Program. Registration fulfills a statutory requirement that entities 
report and inquire about missing, lost, counterfeit, or stolen 
securities. Registration also allows entities in the securities 
industry to gain access to a confidential data base that stores 
information for the Program.
    It is estimated that 600 respondents will register in the Lost and 
Stolen Securities Program annually. It is also estimated that each 
respondent will register one time. The average number of hours 
necessary to comply with the Rule 17f-1(b) is one-half hour. The total 
annual burden is 300 hours for respondents, based upon past 
submissions. The cost per hour is approximately $30. Therefore, the 
total cost of compliance for respondents is $9,000.
    Rule 17f-1(c) and Form X-17F-1A Reporting of missing, lost, stolen, 
or counterfeit securities.
    Rule 17f-1(c) requires approximately 23,000 entities in the 
securities industry to report lost, stolen, missing, or counterfeit 
securities to a central database. Form X-17F-1A facilitates the 
accurate reporting and precise and immediate data entry into the 
central database. Reporting to the central database fulfills a 
statutory requirement that reporting institutions report and inquire 
about missing, lost, counterfeit, or stolen securities. Reporting to 
the central database also allows reporting institutions to gain access 
to the database that stores information for the Lost and Stolen 
Securities Program.
    It is estimated that 23,000 reporting institutions will report that 
securities are either missing, lost, counterfeit, or stolen annually. 
It is also estimated that each reporting institution will submit this 
report 29 times each year. The average amount of time necessary to 
comply with Rule 17f-1(c) and Form X-17F-1A is five minutes. The total 
annual burden is 55,583 hours for respondents, based upon past 
submissions. The average cost per hour is approximately $30. Therefore, 
the total cost of compliance for respondents is $1,667,490.
    Rules 17f-1T and 17h-2T Risk Assessment Recordkeeping and Reporting 
Requirements for Associated Persons of Brokers and Dealers.
    Rules 17h-1T and 17h-2T require certain broker-dealers to maintain 
and file with the Commission certain records relating to the activities 
of affiliates whose business activities are reasonably likely to have a 
material impact on the broker-dealers. These rules enable the 
Commission to gather complete and timely information about the 
activities of broker-dealer affiliates in a form necessary for 
surveillance, enforcement, and other regulatory purposes. The 
Commission uses this information to assess the potentially

[[Page 44296]]

damaging impact of the activities of associated persons on registered 
broker-dealers.
    It is estimated that approximately 250 respondents will maintain 
and report information under these rules on a quarterly basis. The 
average number of hours necessary to comply with Rules 17h-1T and 17h-
2T is six hours per quarter. The total annual burden is 6,000 hours for 
respondents, based upon past submissions. The cost per hour is 
approximately $416.67. Therefore, the total cost of compliance for 
respondents is $2,500,000 (6,000 total hours multiplied by $416.67).
    The information required by the Rules must be maintained and 
preserved by the respondents for a period of not less than three years 
in an easily accessible place. In addition, it is mandatory for broker-
dealers subject to Rules 17h-1T and 17h-2T to maintain and file the 
information required by the Rules. All information received by the 
Commission pursuant to the Rules is kept confidential. Finally, the 
public should be aware that an agency may not conduct or sponsor, and a 
person is not required to respond to, a collection of information 
unless it displays a currently valid control number.
    General comments regarding the above information should be directed 
to the following persons: (i) 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; and (ii) Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, 
D.C. 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: August 13, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-21982 Filed 8-19-97; 8:45 am]
BILLING CODE 8010-01-M