[Federal Register Volume 64, Number 24 (Friday, February 5, 1999)]
[Notices]
[Pages 5843-5844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-2737]


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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 101, SEC File No. 270-408, OMB Control No. 3235-0464
    Rule 102, SEC File No. 270-409, OMB Control No. 3235-0467
    Rule 103, SEC File No. 270-410, OMB Control No. 3235-0466
    Rule 104, SEC File No. 270-411, OMB Control No. 3235-0465
    Rule 17a-2, SEC File No. 270-189, OMB Control No. 3235-0201

    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'') 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.
    Rules 101 and 102 prohibit distribution participants, issuers, and 
selling security holders from purchasing activities at specified times 
during a distribution of securities. Persons otherwise covered by these 
rules may seek to use several applicable exceptions such as a 
calculation of the average daily trading volume of the securities in 
distribution, the maintenance of policies regarding information 
barriers between their affiliates, and the maintenance of a written 
policy regarding general compliance with Regulation M for de minimis 
transactions. The Commission estimates that 1,761 respondents collect 
information under rule 101 and that approximately 40,641 hours in the 
aggregate are required annually for these collections. In addition, the 
Commission estimates that 791 respondents collect information under 
rule 102 and that approximately 1,691 hours in the aggregate are 
required annually for these collections.
    Rule 103 permits passive market making in Nasdaq securities during 
a distribution. A distribution participant that seeks use of this 
exception would be required to disclose to third parties its intention 
to engage in passive market making. The Commission estimates that 227 
respondents collect information under Rule 103 and that approximately 
227 hours in the aggregate are required annually for these collections.
    Rule 104 permits stabilizing by a distribution participant during a 
distribution so long as the distribution participant discloses 
information to the market and investors. This rule requires disclosure 
in offering materials of the potential stabilizing transactions and 
that the distribution participant inform the market when a stabilizing 
bid is made. It also requires the distribution participants (i.e. the 
syndicate manager) to maintain information regarding syndicate covering 
transactions and penalty bids and disclose such information to the SRO. 
The Commission estimates that 641 respondents collect information under 
Rule 104 and that approximately 64.1 hours in the aggregate are 
required annually for these collections.
    Rule 17a-2 requires underwriters to maintain information regarding 
stabilizing activities, syndicate covering transactions, and penalty 
bids. The Commission estimates that 641 respondents collect information 
under Rule 17a-2 and that approximately 3,205 hours in the aggregate 
are required annually for these collections.
    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 will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the 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 within 60 
days of this publication.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of

[[Page 5844]]

Information Technology, Securities and Exchange Commission, 450 5th 
Street, N.W., Washington, DC 20549.

    Dated: January 27, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-2737 Filed 2-4-99; 8:45 am]
BILLING CODE 8010-01-M