[Federal Register: December 3, 2002 (Volume 67, Number 232)]
[Notices]
[Page 71998-71999]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03de02-124]
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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 12f-1, SEC File No. 270-139, OMB Control No. 3235-0128
Rule 12f-3, SEC File No. 270-141, OMB Control No. 3235-0249
Rule 24b-1, SEC File No. 270-205, OMB Control No. 3235-0194
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 collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
[sbull] Applications for permission to reinstate unlisted trading
privileges
Rule 12f-1, originally adopted in 1934 pursuant to Sections 12(f)
and 23(a) of the Securities Exchange Act of 1934 (the ``Act'') and as
modified in 1995, sets forth the information which an exchange must
include in an application to reinstate its ability to extend unlisted
trading privileges to any security for which such unlisted trading
privileges have been suspended by the Commission, pursuant to Section
12(f)(2)(A) of the Act. An application must provide the name of the
issuer, the title of the security, the name of each national securities
exchange, if any, on which the security is listed or admitted to
unlisted trading privileges, whether transaction information concerning
the security is reported in the consolidated transaction reporting
system contemplated by Rule 11Aa3-1 under the Act, and any other
pertinent information. Rule 12f-1 further requires a national
securities exchange seeking to reinstate its ability to extend unlisted
trading privileges to a security to indicate that it has provided a
copy of such application to the issuer of the security, as well as to
any other national securities exchange on which the security is listed
or admitted to unlisted trading privileges.
The information required by Rule 12f-1 enables the Commission to
make the necessary findings under the Act prior to granting
applications to reinstate unlisted trading privileges. This information
is also made available to members of the public who may wish to comment
upon the applications. Without the rule, the Commission would be unable
to fulfill these statutory responsibilities.
There are currently eight national securities exchanges subject to
Rule 12f-1. The burden of complying with Rule 12f-1 arises when a
potential respondent seeks to reinstate its ability to extend unlisted
trading privileges to any security for which unlisted trading
privileges have been suspended by the Commission, pursuant to Section
12(f)(2)(A) of the Act. The staff estimates that each application would
require approximately one hour to complete. Thus each potential
respondent would incur on average one burden hour in complying with the
rule.
The Commission staff estimates that there could be as many as eight
responses annually and that each respondent's related cost of
compliance with Rule 12f-1 would be $53.55, or, the cost of one hour of
professional work needed to complete the application. The total annual
related reporting cost for all potential respondents, therefore, is
$428.40 (8 responses x $53.55/response).
[sbull] Termination or Suspension of Unlisted Trading Privileges
Rule 12f-3, which was originally adopted in 1934 pursuant to
Sections 12(f) and 23(a) of the Act, as modified in 1995, prescribes
the information which must be included in applications for and notices
of termination or suspension of unlisted trading privileges for a
security as contemplated in Section 12(f)(4) of the Act. An application
must provide, among other things, the name of the applicant; a brief
statement of the applicant's interest in the question of termination or
suspension of such unlisted trading privileges; the title of the
security; the name of the issuer; certain information regarding the
size of the class of security and its recent trading history; and a
statement indicating that the applicant has provided a copy of such
application to the exchange from which the suspension or termination of
unlisted trading privileges are sought, and to any other exchange on
which the security is listed or admitted to unlisted trading
privileges.
The information required to be included in applications submitted
pursuant to Rule 12f-3, is intended to provide the Commission with
sufficient information to make the necessary findings under the Act to
terminate or suspend by order the unlisted trading privileges granted a
security on a national securities exchange. Without the rule, the
Commission would be
[[Page 71999]]
unable to fulfill these statutory responsibilities.
The burden of complying with Rule 12f-3 arises when a potential
respondent, having a demonstrable bona fide interest in the question of
termination or suspension of the unlisted trading privileges of a
security, determines to seek such termination or suspension. The staff
estimates that each such application to terminate or suspend unlisted
trading privileges requires approximately one hour to complete. Thus
each potential respondent would incur on average one burden hour in
complying with the rule.
The Commission staff estimates that there could be as many as ten
responses annually and that each respondent's related cost of
compliance with Rule 12f-3 would be $53.55, or, the cost of one hour of
professional work needed to complete the application. The total annual
related reporting cost for all potential respondents, therefore, is
$535.50 (10 responses x $53.55/response).
[sbull] Rule 24b-1: Documents To Be Kept Public By Exchanges
Rule 24b-1 requires a national securities exchange to keep and make
available for public inspection a copy of its registration statement
and exhibits filed with the Commission, along with any amendments
thereto. Implementing the requirements of Section 24(a), the rule
requires that upon Commission action granting an exchange's application
for registration or exemption from registration as a national
securities exchange, the exchange must make available for public
inspection at its offices during reasonable business hours a copy of
the registration statement and exhibits filed with the Commission
(along with any amendments thereto). However, the rule exempts those
portions of this information to which the exchange has filed with the
Commission an objection to disclosure and when the Commission has not
overruled the objection. While the rule does not specify a retention
period, the exchanges generally maintain this information for five
years.
There are nine national securities exchanges that spend
approximately one half hour each complying with this rule, for an
aggregate total compliance burden of four hours per year. The staff
estimates that the average cost per respondent is $62.58 per year,
calculated as the costs of copying ($13.41) plus storage ($49.17),
resulting in a total cost of compliance for the respondents of $563.22.
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 Commission'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 Kenneth A. Fogash, Acting Associate
Executive Director/CIO, Office of Information Technology, Securities
and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549.
Dated: November 22, 2002.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-30529 Filed 12-2-02; 8:45 am]
BILLING CODE 8010-01-P