[Federal Register: July 19, 2007 (Volume 72, Number 138)]
[Notices]
[Page 39648]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19jy07-79]
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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 15a-6, SEC File No. 270-0329, OMB Control No. 3235-0371.
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'') has submitted to the Office of Management
and Budget a request for extension of the previously approved
collection of information discussed below.
Rule 15a-6 (17 CFR 240.15a-6) under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) provides, among other things, an exemption
from broker-dealer registration for foreign broker-dealers that effect
trades with or for U.S. institutional investors through a U.S.
registered broker-dealer, provided that the U.S. broker-dealer obtains
certain information about, and consents to service of process from, the
personnel of the foreign broker-dealer involved in such transactions,
and maintains certain records in connection therewith.
These requirements are intended to ensure (a) that the U.S. broker-
dealer will receive notice of the identity of, and has reviewed the
background of, foreign personnel who will contact U.S. institutional
investors, (b) that the foreign broker-dealer and its personnel
effectively may be served with process in the event enforcement action
is necessary, and (c) that the Commission has ready access to
information concerning these persons and their U.S. securities
activities.
In general, the records to be maintained under Rule 15a-6 must be
kept for the applicable time periods as set forth in Rule 17a-4 (17 CFR
240.17a-4) under the Exchange Act or, with respect to the consents to
service of process, for a period of not less than six years after the
applicable person ceases engaging in U.S. securities activities.
Reliance on the exemption set forth in Rule 15a-6 is voluntary, but if
a foreign broker-dealer elects to rely on such exemption, the
collection of information described therein is mandatory. The
collection does not involve 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.
It is estimated that approximately 2,000 respondents will incur an
average burden of three hours per year to comply with this rule, for a
total burden of 6,000 hours. At an average cost per hour of
approximately $100, the resultant total cost of compliance for the
respondents is $600,000 per year (2,000 entities x 3 hours/entity x
$100/hour = $600,000).
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 or send an e-mail to:
David_Rostker@omb.eop.gov and (ii) R. Corey Booth, Director/Chief Information
Officer, Securities and Exchange Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria VA 22312 or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of
this notice.
Dated: July 12, 2007.
Nancy M. Morris,
Secretary.
[FR Doc. E7-13966 Filed 7-18-07; 8:45 am]
BILLING CODE 8010-01-P