Submission for OMB Review; Comment Request

[Federal Register Volume 64, Number 199 (Friday, October 15, 1999)]
[Notices]
[Page 55997]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-26889]


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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 10b-17 SEC File No. 270-427 OMB Control No. 3235-0476

    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'') has submitted to the Office of Management and Budget a 
request for extension of the previously approved collection of 
information discussed below.
    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 or 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 subscription 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 consequence 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 
(4,905  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 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 10102, New Executive Office Building, Washington, D.C. 20503; and 
(ii) Michael E. Bartell, Associate Executive Director, Office of 
Information Technology, Securities and Exchange Commission, 450 Fifth 
Street, NW., Washington DC 20549. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: October 7, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-26889 Filed 10-14-99; 8:45 am]
BILLING CODE 8010-01-M