[Federal Register Volume 63, Number 48 (Thursday, March 12, 1998)]
[Notices]
[Pages 12116-12117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-6337]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

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

Extension:
    Rule 19d-1, SEC File No. 270-242, OMB Control No. 3235-0206
    Rule 19d-3, SEC File No. 270-245, OMB Control No. 3235-0204
    Rule 19h-1, SEC File No. 270-247, OMB Control No. 3235-0259

    Notice is hereby that pursuant to the Paperwork Reduction Act of 
1995 (44 U.S.C. Sec. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collections 
of information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension and approval.

Rule 19d-1  Notices by Self-Regulatory Organizations of Final 
Disciplinary Actions, Denials, Bars, or Limitations Respecting 
Membership, Association, Participation, or Access to Services, and 
Summary Suspension

    Rule 19d-1 under the Securities Exchange Act of 1934 (the ``Act'') 
prescribes the form and content of notices to be filed with the 
Commission by self-regulatory organizations (``SROs'') for which the 
Commission is the appropriate regulatory agency concerning the 
following final SRO actions: (1) disciplinary sanctions (including 
summary suspensions); (2) denials of membership, participation or 
association with a member; and (3) prohibitions or limitations on 
access to SRO services. The rule enables the Commission to obtain 
reports from the SROs containing information regarding SRO 
determinations to discipline members or associated persons of members, 
deny membership or

[[Page 12117]]

participation or association with a member, and similar adjudicated 
findings. The rule requires that such actions be promptly reported to 
the Commission. The rule also requires that the reports and notices 
supply sufficient information regarding the background, factual basis 
and issues involved in the proceeding to enable the Commission (1) to 
determine whether the matter should be called up for review on the 
Commission's own motion and (2) to ascertain generally whether the SRO 
has adequately carried out its responsibilities under the Act.
    It is estimated that 10 respondents will utilize this application 
procedure annually, with a total burden of 2,750 hours, based upon past 
submissions. The staff estimates that the average number of hours 
necessary to comply with the requirements of Rule 19d-1 is 2.5 hours. 
The average cost per hour is approximately $60. Therefore, the total 
cost of compliance for the respondents is $165,000.

Rule 19d-3  Applications for Review of Final Disciplinary Sanctions, 
Denials of Membership, Participation or Limitations of Access to 
Services Imposed by Self-Regulatory Organizations

    Rule 19d-3 under the Act prescribes the form and content of 
applications to the Commission by persons desiring stays of final 
disciplinary sanctions and summary action of self-regulatory 
organizations (``SROs'') for which the Commission is the appropriate 
regulatory agency. The Commission uses the information provided in the 
application filed pursuant to Rule 19d-3 to review final actions taken 
by SROs including: (1) disciplinary sanctions; (2) denials of 
membership, participation or association with a member; and (3) 
prohibitions on or limitations of access to SRO services.
    It is estimated that approximately 50 respondents will utilize this 
application procedure annually, with a total burden of 2,750 hours, 
based upon past submissions. The staff estimates that the average 
number of hours necessary to comply with the requirements of Rule 19d-1 
is 2.5 hours. The average cost per hour is approximately $60. 
Therefore, the total cost of compliance for the respondents is 
$165,000.

Rule 19h-1  Notice by a Self-Regulatory Organization of a Proposed 
Admission to or Continuance in Membership or Participation or 
Association With a Member of Any Person Subject to a Statutory 
Disqualification, and Applications to the Commission for Relief 
Therefrom

    Rule 19h-1 under the Act prescribes the form and content of notices 
and applications by self-regulatory organizations (``SROs'') regarding 
proposed admissions to, or continuances in, membership, participation 
or association with a member of any person subject to a statutory 
disqualification.
    The Commission uses the information provided in the submissions 
filed pursuant to Rule 19h-1 to review decisions of SROs to permit the 
entry into or continuance in the securities business of persons who 
have committed serious misconduct. The filings submitted pursuant to 
the Rule also permit inclusion of an application to the Commission for 
consent to associate with a member of an SRO notwithstanding a 
Commission order barring such association.
    The Commission reviews filings made pursuant to the rule to 
ascertain whether it is in the public interest to permit the employment 
in the securities business of persons subject to statutory 
disqualification. The filings contain information that is essential to 
the staff's review and ultimate determination on whether an association 
or employment is in the public interest and consistent with investor 
protection.
    It is estimated that approximately 5 respondents will make 
submissions pursuant to this rule annually, with a total burden of 225 
hours, based upon past submissions. The staff estimates that the 
average number of hours necessary to comply with the requirements of 
Rule 19h-1 is 4.5 hours. The average cost per hour is approximately 
$60. Therefore, the total cost of compliance for the respondents is 
$13,500.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the proposed collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information collected; 
and (d) ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing on or before 
May 11, 1998.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC 
20549.

    Dated: March 3, 1998.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-6337 Filed 3-11-98; 8:45 am]
BILLING CODE 8010-01-M