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

[Federal Register Volume 64, Number 172 (Tuesday, September 7, 1999)]
[Notices]
[Page 48678]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23113]


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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request;

[Extension Rule 15c2-7; SEC File No. 270-420; OMB Control No. 3235-
0479]


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 15c2-7 Identification of Quotations

    Rule 15c2-7 enumerates the requirements with which all 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 of another. This is 
accomplished by requiring broker-dealers and inter-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 15c3-7 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 (900 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 brokers-dealer 
respondents is approximately $394 (11.25 multiplied by $35).
    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 agency's estimates 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.
    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 25, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-23113 Filed 9-3-99; 8:45 am]
BILLING CODE 8010-01-M