[Federal Register: August 13, 1999 (Volume 64, Number 156)]
[Notices]               
[Page 44248]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13au99-111]                         

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Service, Washington, DC 
20549

Extension:
    Rule 10b-17, SEC File No. 270-427, OMB Control No. 3236/5-0476

    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 10b-17, Untimely announcements of record dates (17 CFR 
240.10b-17).
    Rule 10b-17 requires any issuer of a class of securities publicly 
traded by the use of any means or instrumentality of interstate 
commerce or of the mails or of any facility of any national securities 
exchange to give notice of the following actions relating to such class 
of securities: (1) a dividend; (2) a stock split; or (3) a rights or 
other subscriptions offering. Notice shall be (1) given to the National 
Association of Securities Dealers, Inc.; (2) in accordance with the 
procedures of the national securities exchange upon which the 
securities are registered; or (3) may be waived by the Commission.
    The information required by Rule 10b-17 is necessary for the 
execution of the Commission's mandate under the Exchange Act to prevent 
fraudulent, manipulative, and deceptive acts and practices by broker-
dealers. The consequences of not requiring the information collection 
pursuant to Rule 10b-17 is that sellers who have received distributions 
as recordholders may dispose of the cash or stock dividends or other 
rights received as recordholders without knowledge of possible claims 
of purchasers.
    Annually, there are approximately 29,430 respondents (based on 
information received from the NASD that it received 15,586 responses in 
1998 and the NYSE that it received 13,847 responses in 1998). It is 
estimated that each response takes about 10 minutes (or 0.1666 hours) 
to complete, thus imposing approximately 4,905 burden hours annually 
(29,430 x 0.1666). We believe that the average hourly cost to produce 
and file a response under the rule is about $50. Therefore, the annual 
reporting cost burden for complying with this rule is about $245.250 
(4,940 x $50).
    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 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 will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information 
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 Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 5th Street, N.W., Washington, 
DC 20549.

    Dated: August 5, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc 99-20920 Filed 8-12-99; 8:45 am]
BILLING CODE 8010-01-M