[Federal Register Volume 67, Number 35 (Thursday, February 21, 2002)]
[Notices]
[Pages 8047-8048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-4168]


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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 11Ab2-1 and Form SIP, SEC File No. 270-23, OMB Control No. 
3235-0043.
    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) the Securities

[[Page 8048]]

and Exchange Commission (``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Rule 11Ab2-1 (Form of Application and Amendments) and Form SIP 
establish the procedures by which a Securities Information Processor 
(``SIP'') files and amends its SIP registration form. The information 
filed with the Commission pursuant to Rule 11Ab2-1 and Form SIP is 
designed to provide the Commission with the information necessary to 
make the required findings under the Securities Exchange Act of 1934 
(``Act'') before granting the SIP's application for registration. In 
addition, the requirement that a SIP file an amendment to correct any 
inaccurate information is designed to assure that the Commission has 
current, accurate information with respect to the SIP. This information 
is also made available to members of the public.
    Only exclusive SIPs are required to register with the Commission. 
An exclusive SIP is a SIP that engages on an exclusive basis on behalf 
of any national securities exchange or registered securities 
association, or any national securities exchange or registered 
securities association which engages on an exclusive basis on its own 
behalf, in collecting, processing, or preparing for distribution or 
publication, any information with respect to (i) transactions or 
quotations on or effective or made by means of any facility of such 
exchange or (ii) quotations distributed or published by means of any 
electronic quotation system operated by such association. The Federal 
securities laws require that before the commission may approve the 
registration of an exclusive SIP, it must make certain mandatory 
findings. It takes a SIP applicant approximately 400 hours to prepare 
documents which include sufficient information to enable the Commission 
to make those findings. Currently, there are only two exclusive SIPs 
registered with the Commission: The Securities Information Automation 
Corporation (``SIAC'') and The Nasdaq Stock Market, Inc. (``Nasdaq''). 
SIAC and Nasdaq are required to keep the information on file with the 
Commission current, which entails filing a form SIP annually to update 
information. Accordingly, the annual reporting and recordkeeping burden 
for Rule 11Ab2-1 and Form SIP is 400 hours. This annual reporting and 
recordkeeping burden does not include the burden hours or cost of 
amending a Form SIP because the Commission has already overstated the 
compliance burdens by assuming that the Commission will receive one 
initial registration pursuant to Rule 11Ab2-1 on Form SIP a year.
    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 Information Technology, 
Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC 
20549.

    Dated: February 13, 2002.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-4168 Filed 2-20-02; 8:45 am]
BILLING CODE 8010-01-P