[Federal Register Volume 66, Number 120 (Thursday, June 21, 2001)]
[Notices]
[Pages 33279-33280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-15625]


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SECURITIES AND EXCHANGE COMMISSION


Submission of 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 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 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 (``OMB'') requests for extension of the previously approved 
collections of information discussed below.
    Rule 19d-1 under the Securities Exchange Act of 1934 (``Exchange 
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 
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

[[Page 33280]]

out its responsibilities under the Exchange Act.
    It is estimated that 10 respondents will utilize this application 
procedure annually, with a total burden of 1,750 hours, upon past 
submissions. This figure is based on 10 respondents, spending 
approximately 275 hours each. Each respondent submitted approximately 
110 responses. The staff estimates that the average number of hours 
necessary to comply with the requirements of Rule 19d-1 for each 
submission is 2.5 hours. The average cost per hour, per each submission 
is approximately $101. Therefore, the total cost of compliance for all 
the respondents is $277,750. (10 respondents  x  110 responses per 
respondent  x  2.5 hrs per response  x  $101 per hour).
    The filing of notices pursuant to the Rule is mandatory for the 
SROs, but does not involve the collection of confidential information. 
Rule 19d-1 does not have a retention of records requirement.
    Rule 19d-3 under the Exchange Act prescribes the form and content 
of applications to the Commission for review of final disciplinary 
sanctions, denials of membership, participation or association or 
prohibitions or limitations of access to services that are imposed by 
SROs. 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; 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 for all respondents 
of 900 hours, based upon past submissions. The staff estimates that the 
average number of hours necessary to comply with the requirements of 
Rule 19d-3 to complete each submission is 18 hours. The average cost 
per hour is approximately $101, for completion of each submission. 
Therefore, the total cost of compliance for all respondents, per year 
is $90,900. (50 submissions  x  18 hours  x  $101 per hour).
    A respondent is not required to retain the Rule 19d-3 submission 
for any specified period of time. The filing of a motion seeking review 
of a final action is mandatory only if the respondent wants Commission 
review. The submission does not involve the collection of confidential 
information.
    Rule 19h-1 under the Exchange Act prescribes the form and content 
of notices and applications by 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 pubic 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 for all respondents to complete all submissions. The staff 
estimates that the average number of hours necessary to comply with the 
requirements of Rule 19h-1 is 4.5 hours per submission. The average 
cost per hour is approximately $101 for completion of each submission. 
Therefore, the total cost of compliance for all respondents is $22,725. 
(50 responses  x  4.5 hours per response  x  $101 per hour).
    A respondent is not required to retain the Rule 19h-1 submission 
for any specified period of time. The filing of notices is mandatory 
but does not involve the collection of confidential information.
    Please note 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 10102, 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, NW., Washington, 
DC 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: June 15, 2001.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-15625 Filed 6-20-01; 8:45 am]
BILLING CODE 8010-01-M