[Federal Register Volume 68, Number 10 (Wednesday, January 15, 2003)]
[Notices]
[Pages 2085-2086]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-791]


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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 15g-6, Sec File No. 270-349, OMB Control No. 3235-0395

[[Page 2086]]

    Rule 17a-8, Sec File No. 270-53, OMB Control No. 3235-0092

    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.
    [sbull] Rule 15g-6--Account statements for penny stock customers.
    Rule 15g-6 under the Securities Exchange Act of 1934 (the ``Act'') 
requires brokers and dealers that sell penny stocks to their customers 
to provide monthly account statements containing information with 
regard to the penny stocks held in customer accounts. The information 
is required to be provided to customers of broker-dealers that effect 
penny stock transactions in order to provide those customers with 
information that is not now publicly available. Without this 
information, investors would be less able to protect themselves from 
fraud and to make informed investment decisions.
    The staff estimates that there are approximately 270 broker-dealers 
that are subject to the rule. The staff estimates that the firms 
affected by the rule will, at any one time, have approximately 150 new 
customers with whom they have effected transactions in penny stocks, 
each of whom would receive a maximum of 12 account statements per year, 
for a total of 1,800 account statements annually for each firm (150 
customers x 12 account statements/customer). The staff estimates that a 
broker-dealer would expend approximately three minutes in processing 
the information required for each account statement. Accordingly, the 
estimated average annual burden would equal 90 hours (1,800 account 
statements x 3 minutes/account statement x 1 hour/60 minutes), and the 
estimated average total burden would equal 24,300 hours (90 hours x 
270).
    [sbull] Rule 17a-8--Financial Recordkeeping and Reporting of 
Currency and Foreign Transactions.
    Rule 17a-8 under the Act requires brokers and dealers to make and 
keep certain reports and records concerning their currency and monetary 
instrument transactions. The requirements allow the Commission to 
ensure that brokers and dealers are in compliance with the Currency and 
Foreign Transactions Reporting Act of 1970 (``Bank Secrecy Act'') and 
with the Department of the Treasury regulations under that Act.
    The reports and records required under this rule initially are 
required under Department of the Treasury regulations, and additional 
burden hours and costs are not imposed by this rule.
    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: January 8, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-791 Filed 1-14-03; 8:45 am]
BILLING CODE 8010-01-P