[Federal Register: November 12, 1999 (Volume 64, Number 218)]
[Notices]               
[Page 61675]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12no99-145]                         


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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 15c2-7, SEC File No. 270-420, OMB Control No. 3235-0479

    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 (``OMB'') a request for extension of the previously approved 
collection of information discussed below.

Rule 15c2-7 Identification of Quotations

    Rule 15c2-7 enumerates the requirements with which brokers and 
dealers must comply when submitting a quotation for a security (other 
than a municipal security) to an inter-dealer quotation system. The 
purpose of Rule 15c2-7 is to ensure that an inter-dealer quotation 
system clearly reveals where two or more quotations in different names 
for a particular security represent a single quotation or where one 
broker-dealer appears as a correspondent. This is accomplished by 
requiring broker-dealers and inter-dealer quotation systems to disclose 
with each published quotation the information required pursuant to the 
rule. The rule permits users of an inter-dealer quotation system to 
determine the identity of dealers making an inter-dealer market for a 
security--a fact which may be extremely pertinent in evaluating its 
marketability.
    It is estimated that there are 8,500 brokers and dealers. Industry 
personnel estimate that approximately 900 notices are filed pursuant to 
Rule 15c2-7 annually. Based on industry estimates that respondents 
complying with Rule 15c2-7 spend 30 seconds to add notice of an 
arrangement and 1 minute to delete notice of an arrangement, and 
assuming that one-half of the notices given are to add an arrangement 
and the other half are to delete an arrangement, the staff estimates 
that, on an annual basis, respondents spend a total of 11.25 hours to 
comply with Rule 15c2-7 (90 x 45 seconds=40,500 seconds/60=675 minutes/
60=11.23 hours). The Commission staff estimates that the average labor 
cost associated with this activity is $35 per hour. Therefore, the 
total labor cost of compliance for all broker-dealers respondents is 
approximately $394 (11.25 multiplied by $35).
    The retention period for the record-keeping requirement under Rule 
15c2-7 is three years following the date a quotation is submitted. The 
record-keeping requirement under this Rule is mandatory to assist the 
Commission with monitoring brokers and dealers who submit quotations to 
an inter-dealer quotation system. This rule does not involve the 
collection of 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.
    Written comments regarding the above information 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 10202, New Executive Office Building, Washington, DC 20503; and
(ii) Michael E. Bartell, Associate Executive Director, Office of 
Information Technology, Securities and Exchange Commission, 450 Fifth 
Street, N.W., Washington, DC 20549.

    Comments must be submitted to OMB within 30 days of this notice.

    Dated: November 2, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc 99-29534 Filed 11-10-99; 8:45 am]
BILLING CODE 8010-01-M