[Federal Register Volume 68, Number 10 (Wednesday, January 15, 2003)]
[Notices]
[Page 2089]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-792]


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SECURITIES AND EXCHANGE COMMISSION


Submission for 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 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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    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).
    The proposed rule imposes no additional requirements regarding 
record retention. The collection of information requirements under the 
proposed rule is mandatory. Any information received by the Commission 
related to the proposed rule would be kept confidential, subject to the 
provisions of the Freedom of Information Act, 5 U.S.C. 552. 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.
    Written 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 10202, New Executive Office 
Building, Washington, DC 20503; and (ii) Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, 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: January 8, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-792 Filed 1-14-03; 8:45 am]
BILLING CODE 8010-01-P