[Federal Register Volume 67, Number 219 (Wednesday, November 13, 2002)]
[Notices]
[Page 68891]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-28745]


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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 202(a)(11)-1, SEC File No. 270-471, OMB Control No. 3235-0532

    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 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.
    The title for the collection of information is ``Certain Broker-
Dealers Deemed Not To Be Investment Advisers.'' Proposed rule 
202(a)(11)-1 under the Investment Advisers Act of 1940 (``Advisers 
Act'') would allow broker-dealers registered with the Commission to 
manage non-discretionary brokerage accounts without being subject to 
the Advisers Act regardless of the form of compensation charged those 
accounts provided that certain conditions are met. The rule would 
require that all advertisements for brokerage accounts charging an 
asset-based fee and all agreements and contracts governing the 
operation of those accounts contain a prominent statement that the 
accounts are brokerage accounts. This collection of information is 
necessary so that customers are not confused with respect to the 
services that they are receiving, i.e., to prevent customers and 
prospective customers from mistakenly believing that the account is an 
advisory account subject to the Advisers Act. The collection will 
assist customers in making informed decisions regarding whether to 
establish accounts.
    The respondents to this collection of information are all broker-
dealers that are registered with the Commission. The Commission has 
estimated that the average annual burden for ensuring compliance with 
the disclosure element of the rule is 5 minutes per broker-dealer 
taking advantage of the rule. If all of the approximately 8,100 broker-
dealers registered with the Commission took advantage of the rule, the 
total estimated annual burden would be 673 hours (.083 hours x 8,100 
brokers).
    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 Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 
20549.

    Dated: November 5, 2002.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-28745 Filed 11-12-02; 8:45 am]
BILLING CODE 8010-01-P