[Federal Register: June 4, 1999 (Volume 64, Number 107)]
[Notices]               
[Page 30069]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04jn99-111]

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SECURITIES AND EXCHANGE COMMISSION

[Rule 17f-2(d); SEC File No. 270-36; OMB Control No. 3235-0028]

 
Proposed Collection; Comment Request

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

    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 17f-2(d) was adopted on March 16, 1976, and was last amended 
on November 18, 1982. Paragraph (d) of the rule (i) requires that 
records produced pursuant to the fingerprinting requirements of Section 
17(f)(2) of the Securities Exchange Act of 1934 (``Exchange Act'') be 
maintained, (ii) permits the designating examining authorities of 
broker-dealers or members of exchanges, under certain circumstances, to 
store and to maintain records required to be kept by this rule, and 
(iii) permits the required records to be maintained on microfilm.
    The general purposes for Rule 17f-2 are: (i) to identify security 
risk personnel; (ii) to provide criminal record information so that 
employers can make fully informed employment decisions; and (iii) to 
deter persons with criminal records from seeking employment or 
association with covered entities.
    Retention of fingerprint records, as required under paragraph (d) 
of the Rule, enables the Commission or other examining authority to 
ascertain whether all required persons are being fingerprinted and 
whether proper procedures regarding fingerprint are being followed. 
Retention of these records for the term of employment of all personnel 
plus three years ensures that law enforcement officials will have easy 
access to fingerprint cards on timely basis. This in turn acts as an 
effective deterrent to employee misconduct.
    Approximately 9,614 respondents are subject to the recordkeeping 
requirements of the rule. Each respondent keeps approximately 32 new 
records per year, which take approximately 2 minutes per record for the 
respondent to maintain, for an annual burden of 64 minutes per 
respondent. All records subject to the rule must be retained for the 
term of employment plus 3 years. The Commission estimates that the 
total annual cost to submitting entities is approximately $196,850. 
This figure reflects estimated costs of labor and storage of records.
    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: May 26, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-14212 Filed 6-3-99; 8:45 am]
BILLING CODE 8010-01-M