[Federal Register Volume 69, Number 28 (Wednesday, February 11, 2004)]
[Notices]
[Page 6704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-2949]


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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 17a-12, SEC File No. 270-442, OMB Control No. 3235-
0498.

    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.
    Rule 17a-12 under the Securities Exchange Act of 1934 is the 
reporting rule tailored specifically for OTC derivatives dealers, and 
Part IIB of Form X-17A-5, the Financial and Operational Combined 
Uniform Single Report, is the basic document for reporting the 
financial and operational condition of OTC derivatives dealers.
    At this point there are three registered OTC derivatives dealers 
and the staff expects that three additional firms will register as OTC 
derivatives dealers within the next three years. Rule 17a-12 requires 
OTC derivatives dealers to file quarterly Part IIB of the Financial and 
Operational Combined Uniform Single Report (``FOCUS'' report)--Form X-
17A-5.\1\ Rule 17a-12 also requires that OTC derivatives dealers file 
audited financial statements annually. The staff estimates that the 
average amount of time necessary to prepare and file the quarterly 
reports required by the rule is eighty hours per OTC derivatives dealer 
\2\ and that the average amount of time for the annual audit report is 
100 hours per OTC derivatives dealer, for a total of 180 hours per OTC 
derivatives dealer annually. Thus the staff estimates that the total 
number of hours necessary for six OTC derivatives dealers to comply 
with the requirements of Rule 17a-12 on an annual basis is 1,080 hours.
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    \1\ Form X-17A-5 [17 CFR 249.617].
    \2\ Based upon an average of 4 responses per year and an average 
of 20 hours spent preparing each response.
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    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 estimate 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.
    Direct your written comments to R. Corey Booth, Director/Chief 
Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 450 5th Street, NW., Washington, DC 20549.

    Dated: February 4, 2004.
Margaret F. McFarland,
Deputy Secretary.
[FR Doc. 04-2949 Filed 2-10-04; 8:45 am]
BILLING CODE 8010-01-U