[Federal Register Volume 68, Number 58 (Wednesday, March 26, 2003)]
[Notices]
[Page 14717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7224]



[[Page 14717]]

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SECURITIES AND EXCHANGE COMMISSION


Requests Under Review by Office of Management and Budget

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. 
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'') has submitted to the Office of Management 
and Budget requests for extension of the previously approved 
collections of information discussed below.

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).

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.
    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 10102, New Executive Office 
Building, Washington, D.C. 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: March 14, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-7224 Filed 3-25-03; 8:45 am]
BILLING CODE 8010-01-P