[Federal Register Volume 69, Number 3 (Tuesday, January 6, 2004)]
[Notices]
[Pages 705-706]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-215]


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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 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

[[Page 706]]

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 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.
    There is no specific retention period applied by Rule 15c2-12 for 
the recordkeeping requirement contained in Rule 15c2-12. The retention 
period is determined by private agreement between a nationally 
recognized municipal securities information repository and the issuer.
    The recordkeeping requirement is mandatory to ensure that investors 
have access to information about the issuer and particular issues of 
municipal securities. This rule does not involve the collection of 
confidential information. Please note that 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.
    General Comments regarding the estimated burden hours 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, DC 20503; and (ii) Kenneth A. Fogash, Acting 
Associate Executive Director/CIO, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, NW., Washington, DC 
20549. Comments must be submitted to OMB within 30 days of this notice.

    Dated: December 29, 2003.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-215 Filed 1-5-04; 8:45 am]
BILLING CODE 8010-01-P