Federal Register / Vol. 76, No. 53 / Friday, March 18, 2011 / Notices 15003 

1This estimate includes thirteen national 

securities exchanges and one national securities 

association that trade NMS stocks. The estimate 

also includes the approximately 601 firms that were 

registered equity market makers or specialists at 

year-end 2009, as well as 43 alternative trading 

systems that operate trading systems that trade 

NMS stocks. 

2The one-time hour burden associated with 

developing the required policies and procedures is 

no longer applicable. 

3The total cost of compliance for the annual hour 

burden has been revised to reflect updated 

estimated cost figures for an in-house attorney and 

an assistant compliance director. These figures are 

from SIFMA’s Management & Professional Earnings 

in the Securities Industry 2010, modified by 

Commission staff to account for an 1800-hour workyear and multiplied by 5.35 to account for bonuses, 

firm size, employee benefits and overhead. 

seq.) to require any national securities 

exchange, national securities 

association, alternative trading system, 

exchange market maker, over-thecounter market maker and any other 

broker-dealer that executes orders 

internally by trading as principal or 

crossing orders as agent, to establish, 

maintain, and enforce written policies 

and procedures reasonably designed to 

prevent the execution of a transaction in 

its market at a price that is inferior to 

a bid or offer displayed in another 

market at the time of execution (a 

‘‘trade-though’’), absent an applicable 

exception and, if relying on an 

exception, that are reasonably designed 

to assure compliance with the terms of 

the exception. Without this collection of 

information, respondents would not 

have a means to enforce compliance 

with the Commission’s intention to 

prevent trade-throughs pursuant to the 

rule. 

There are approximately 658 

respondents 1 per year that will require 

an aggregate total of 39,480 hours to 

comply with this rule.2 It is anticipated 

that each respondent will continue to 

expend approximately 60 hours 

annually: two hours per month of 

internal legal time and three hours per 

month of internal compliance time to 

ensure that its written policies and 

procedures are up-to-date and remain in 

compliance with Rule 611. The 

estimated cost for an in-house attorney 

is $354 per hour and the estimated cost 

for an assistant compliance director in 

the securities industry is $320 per hour. 

Therefore the estimated total cost of 

compliance for the annual hour burden 

is as follows: [(2 legal hours × 12 months 

× $354) × 658] + [(3 compliance hours 

× 12 months × $320) × 658] = 

$13,170,528.3 There are no longer startup costs associated with Rule 611. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’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. 

The Commission may not conduct or 

sponsor a collection of information 

unless it displays a currently valid 

control number. No person shall be 

subject to any penalty for failing to 

comply with a collection of information 

subject to the PRA that does not display 

a valid Office of Management and 

Budget (OMB) control number. 

Please direct your written comments 

to: Thomas Bayer, Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

6432 General Green Way, Alexandria, 

Virginia 22312 or send an e-mail to: 

PRA_Mailbox@sec.gov. 

Dated: March 14, 2011. 

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–6313 Filed 3–17–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Form N–8B–4; SEC File No. 270–180; 

OMB Control No. 3235–0247. 

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 (‘‘OMB’’) for 

extension and approval. 

Form N–8B–4 (17 CFR 274.14) is the 

form used by face-amount certificate 

companies to comply with the filing and 

disclosure requirements imposed by 

Section 8(b) of the Investment Company 

Act of 1940 (15 U.S.C. 80a–8(b)). Form 

N–8B–4 requires disclosure about the 

face-amount certificate company’s 

organization, controlling persons, 

business, policies, securities, 

investment adviser, depositary, 

management personnel, compensation, 

and financial statements. The 

Commission uses the information 

provided in the collection of 

information to determine compliance 

with Section 8(b) of the Investment 

Company Act of 1940. 

Based on the Commission’s industry 

statistics, the Commission estimates that 

there would be approximately one 

annual filing on Form N–8B–4. The 

Commission estimates that each 

registrant filing a Form N–8B–4 would 

spend 171 hours in preparing and filing 

the Form and that the total hour burden 

for all Form N–8B–4 filings would be 

171 hours. Estimates of the burden 

hours are made solely for the purposes 

of the PRA, and are not derived from a 

comprehensive or even a representative 

survey or study of the costs of SEC rules 

and forms. 

The information provided on Form 

N–8B–4 is mandatory. The information 

provided on Form N–8B–4 will not be 

kept confidential. 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 OMB control number. 

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 will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden of the collection of 

information; (c) ways to enhance the 

quality, utility, and clarity of the 

information 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 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: 

PRA_Mailbox@sec.gov. 

Dated: March 15, 2011. 

Cathy H. Ahn, 

Deputy Secretary. 

[FR Doc. 2011–6363 Filed 3–17–11; 8:45 am] 

BILLING CODE 8011–01–P 


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