[Federal Register Volume 68, Number 209 (Wednesday, October 29, 2003)]
[Notices]
[Pages 61706-61707]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-27224]


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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 15c2-12, SEC File No. 270-330, OMB Control No. 3235-0372

    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.
    [sbull] Rule 15c2-12 Disclosure requirements for municipal 
securities
    Rule 15c2-12 under the Securities Exchange Act of 1934 requires 
underwriters of municipal securities: (1) To obtain and review a copy 
of an official statement deemed final by an issuer of the securities, 
except for the omission of specified information; (2) in non-
competitively bid offerings, to make available, upon request, the most 
recent preliminary official statement, if any; (3) to contract with the 
issuer of the securities, or its agent, to receive, within specified 
time periods, sufficient copies of the issuer's final official 
statement to comply both with this rule and any rules of the MSRB; (4) 
to provide, for a specified period of time, copies of the final 
official statement to any potential customer upon request; (5) before 
purchasing or selling municipal securities in connection with an 
offering, to reasonably determine that the issuer or other specified 
person has undertaken, in a written agreement or contract, for the 
benefit of holders of such municipal securities, to provide certain 
information about the issue or issuer on a continuing basis to a 
nationally recognized municipal securities information repository; and 
(6) to review the information the issuer of the municipal security has 
undertaken to provide prior to recommending a transaction in the 
municipal security.
    These disclosure and recordkeeping requirements will ensure that 
investors have adequate access to official disclosure documents that 
contain details about the value and risks of particular municipal 
securities at the time of issuance while the existence of compulsory 
repositories will ensure that investors have continued access to terms 
and provisions relating to certain static features of those municipal 
securities. The provisions of Rule 15c2-12 regarding an issuer's 
continuing disclosure requirements assist investors by ensuring that 
information about an

[[Page 61707]]

issue or issuer remains available after the issuance.
    Municipal offerings of less than $1 million are exempt from the 
rule, as are offerings of municipal securities issued in large 
denominations that are sold to no more than 35 sophisticated investors, 
have short-term maturities, or have short-term tender or put features. 
It is estimated that approximately 12,000 brokers, dealers, municipal 
securities dealers, issuers of municipal securities, and nationally 
recognized municipal securities information repositories will spend a 
total of 123,850 hours per year complying with Rule 15c2-12.
    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 shall 
have practical utility; (b) the accuracy of the agency's estimates of 
the burden of the proposed collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
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: October 22, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-27224 Filed 10-28-03; 8:45 am]
BILLING CODE 8010-01-P