[Federal Register Volume 76, Number 92 (Thursday, May 12, 2011)]
[Notices]
[Pages 27673-27674]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-11627]
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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 Investor Education and Advocacy, Washington, DC
20549-0213.
Extension: Rule 19b-7 and Form 19b-7; OMB Control No. 3235-0553; SEC
File No. 270-495.
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 approval of extension of the
existing collection of information provided for in Rule 19b-7 (17 CFR
240.19b-7) and Form 19b-7--Filings with respect to proposed rule
changes submitted pursuant to Section 19b(7) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act'').
The Exchange Act provides a framework for self-regulation under
which various entities involved in the securities business, including
national securities exchanges and national securities associations
(collectively, self-regulatory organizations or ``SROs''), have primary
responsibility for regulating their members or participants. The role
of the Commission in this framework is primarily one of oversight: The
Exchange Act charges the Commission with supervising the SROs and
assuring that each complies with and advances the policies of the
Exchange Act.
The Exchange Act was amended by the Commodity Futures Modernization
Act of 2000 (``CFMA''). Prior to the CFMA, federal law did not allow
the trading of futures on individual stocks or on narrow-based stock
indexes (collectively, ``security futures products''). The CFMA removed
this restriction and provides that trading in security futures products
would be regulated jointly by the Commission and the Commodity Futures
Trading Commission (``CFTC'').
The Exchange Act requires all SROs to submit to the SEC any
proposals to amend, add, or delete any of their rules. Certain entities
(Security Futures Product Exchanges) would be national securities
exchanges only because they trade security futures products. Similarly,
certain entities (Limited Purpose National Securities Associations)
would be national securities associations only because their members
trade security futures products. The Exchange Act, as amended by the
CFMA, established a procedure for Security Futures Product Exchanges
and Limited Purpose National Securities Associations to provide notice
of proposed rule changes relating to certain matters.\1\ Rule 19b-7 and
Form 19b-7 implemented this procedure. Effective April 28, 2008, the
SEC amended Rule 19b-7 and Form 19b-7 to require that Form 19b-7 be
submitted electronically.\2\
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\1\ These matters are higher margin levels, fraud or
manipulation, recordkeeping, reporting, listing standards, or
decimal pricing for security futures products; sales practices for
security futures products for persons who effect transactions in
security futures products; or rules effectuating the obligation of
Security Futures Product Exchanges and Limited Purpose National
Securities Associations to enforce the securities laws. See 15
U.S.C. 78s(b)(7)(A).
\2\ See Securities Exchange Act Release No. 57526 (March 19,
2008), 73 FR 16179 (March 27, 2008).
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The collection of information is designed to provide the Commission
with the information necessary to determine, as required by the Act,
whether the proposed rule change is consistent with the Act and the
rules thereunder. The information is used to determine if the proposed
rule change should remain in affect or abrogated.
The respondents to the collection of information are SROs. Five
respondents file an average total of 12 responses per year. Each
response takes approximately 13.25 hours to complete, which corresponds
to an estimated annual response burden of 159 (12 responses x 13.25
hours) hours.\3\
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\3\ The average cost per response is $4,465.50 (13.25 hours
multiplied by a weighted average hourly rate of $337.02). The
resultant total related cost of compliance for these respondents is
$53,586 per year (12 responses x $4,465.50 per response).
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Compliance with Rule 19b-7 is mandatory. Information received in
response to Rule 19b-7 shall not be kept confidential; the information
collected is public information.
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.
The public may view the background documentation for this
information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to (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 by sending an e-mail
to: [email protected]; and (ii) Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an
e-mail to: [email protected]. Comments must be submitted within 30
days of this notice.
[[Page 27674]]
May 8, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-11627 Filed 5-11-11; 8:45 am]
BILLING CODE 8011-01-P