432 Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices

Commission, by rule, may prescribe as

necessary or appropriate in the public

interest or for the protection of

investors. Rule 204–2 sets forth

requirements for keeping, maintaining

and preserving specified books and

records by investment advisers. This

collection of information is found at 17

CFR 275.204–2, is mandatory, is used by

the Commission staff in its oversight

program, and generally is kept

confidential. See section 210(b) of the

Advisers Act [15 U.S.C. 80b–10(b)].

Currently, compliance with the rule

requires approximately 235.47 hours

each year per Commission-registered

investment adviser, for a total of

5,180,340 hours for all 22,000 advisers

registered last year.

The proposed amendments to rule

204–2 would clarify the application of

the rule’s recordkeeping requirements to

advisers that register with the

Commission after having been registered

with the states. The proposed

amendments are necessary (i) to make

the books and recordkeeping

requirements of that rule applicable

only to advisers registered with the

Commission, and (ii) to clarify the rule’s

application to investment advisers that

transfer from state to Commission

registration after April 9, 1997. The

Commission is proposing to amend rule

204–2 to make the rule’s books and

recordkeeping requirements applicable

only to advisers registered with the

Commission after the Coordination

Act’s effective date. This amendment

would relieve the approximately 16,200

of the 22,500 advisers currently

registered that will not be eligible for

Commission registration after April 9,

1997 from the recordkeeping burdens

imposed by this rule.

The Commission is also proposing to

amend rule 204–2 to require an adviser

that registers with the Commission after

April 9, 1997 to preserve any books and

records that the adviser was previously

required to maintain under state law.

These books and records would be

required to be maintained in the manner

and for the period of time as the other

books and records required to be

maintained under rule 204–2(a). This

collection of information would be

found at 17 CFR 275.204–2. The likely

respondents to this information

collection are all investment advisers

registered with the Commission after

April 9, 1997. The Commission

estimates that there would be 6,300

such respondents to this collection of

information. Each respondent would

retain records on an ongoing basis. The

total annual time burden for each

respondent is estimated to be 235.47

hours. The proposed amendments

would not change the burden last

reported to the OMB. As a result of the

reduction of the number of investment

advisers registered with the

Commission, the annual aggregate

burden for all respondents to the

recordkeeping requirements under rule

204–2 is estimated to be 1,483,461

hours.

The estimated average burden hours

are made solely for the purposes of the

Paperwork Reduction Act, and are not

derived from a comprehensive or even

representative survey or study of the

cost of SEC rules and forms.

General comments regarding the

estimated burden hours should be

directed to the Desk Officer for the

Securities and Exchange Commission at

the address below. Any comments

concerning the accuracy of the

estimated average burden hours for

compliance with Commission rules and

forms should be directed to Michael E.

Bartell, Associate Executive Director,

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street NW., Washington, DC

20549 and Desk Officer for the

Securities and Exchange Commission,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, Room 3208, New Executive

Office Building, Washington, DC 20503.

Dated: December 20, 1996.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–21 Filed 1–2–97; 8:45 am]

BILLING CODE 8010–01–M

Submission for OMB Review;

Comment Request

Approval of Existing Collections

Rule 9b–1; SEC File No. 270–429; OMB

Control No. 3235–New.

Rule 15c2–8; SEC File No. 270–421;

OMB Control No. 3235–New.

Extensions

Rule 12f–1; SEC File No. 270–139; OMB

Control No. 3235–0128.

Rule 12f–2 and Form 27; SEC File No.

270–140; OMB Control No. 3235–

0248.

Rule 12f–3 and Form 28; SEC File No.

270–141; OMB Control No. 3235–

0249.

Rule 12a–5 and Form 26; SEC File No.

270–85; OMB Control No. 3235–0079.

Rule 15Aj–1, Form X–15AJ–1 and Form

X–15AJ–2; SEC File No. 270–25; OMB

Control No. 3235–0044.

Rule 15c2–11; SEC File No. 270–196;

OMB Control No. 3235–0202.

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’’) has submitted to the

Office of Management and Budget

requests for approval of existing

collections without OMB approval and

extension on previously approved

collections of information:

Rule 9b–1 sets forth the categories of

information required to be disclosed in

an options disclosure document (ODD)

and requires the options markets to file

an ODD with the Commission 60 days

prior to the date it is distributed to

investors. In addition, Rule 9b–1

provides that the ODD must be amended

if the information in the document

becomes materially inaccurate or

incomplete and that amendments must

be filed with the Commission 30 days

prior to the distribution to customers.

Finally, Rule 9b–1 requires a brokerdealer to furnish to each customer and

ODD and any amendments, prior to

accepting an order to purchase or sell an

option on behalf of that customer.

There are 5 options markets that must

comply with Rule 9b–1, These 5

respondents work together to prepare a

single ODD covering options traded on

each market, as well as amendments to

the ODD. These respondents file no

more than one amendment per year,

which requires approximately 8 hours

per year for each respondent. Thus, the

total compliance burden for options

markets per year is 40 hours. The

approximate cost per hour is $100,

resulting in a total cost of compliance

for these respondents of $4,000 per year

(40 hours @ $100).

In addition, approximately 2,000

broker-dealers must comply with Rule

9b–1. Each of these respondents will

process an average of three new

customers for options each week and,

therefore, will have to furnish

approximately 156 ODDs per year. The

postal mailing or electronic delivery of

the ODD takes respondents no more

than 30 seconds to complete for an

annual compliance burden for each of

these respondents of 78 minutes, or 1.3

hours. Thus, the total compliance

burden per year is 2,600 hours (2,000

broker-dealers × 1.3 hours). The

approximate cost per hour to these

respondents is $10 per hour, resulting in

a total cost of compliance for these

respondents of $26,000 per year (2,600

hours @ 1.3 hours).

The total compliance burden for all

respondents under this rule (both
Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices 433

options markets and broker-dealers) is

2,640 hours per year (40 + 2,600), and

total compliance costs of $30,000

($4,000 + $26,000).

Rule 15c2–8 requires broker-dealers to

deliver preliminary or final

prospectuses to specified persons in

association with securities offerings.

This requirement ensures that

information concerning issuers flows to

purchasers of the issuers’ securities in a

timely fashion. There are approximately

8,500 broker-dealers, any of which

potentially may participate in an

offering subject to Rule 15c2–8. The

Commission estimates that Rule 15c2–8

creates approximately 40,290 burden

hours with respect to approximately 579

initial public offerings and 1,344 other

offerings.

Estimating that records are to be kept

by compliance or other related

personnel paid at an hourly rate of $28,

the total annualized cost burden for

recordkeeping is $1,128,120 (28 ×

40,290). Added to this are the costs of

copying and mailing. These costs are

estimated to be approximately $100,000

per initial public offering, for a total of

$59,200,000, with other costs expected

to be de minimis, as they would be

incurred for purposes of complying with

Securities Act of 1933 provisions. The

total annualized cost burden is therefore

$60,328,120.

Rule 12f–1 sets forth the information

which an exchange must include in an

application for unlisted trading

privileges in a security. There are 5

national securities exchanges that

require an aggregate total of 670 hours

to comply with this rule. Each of these

5 respondents makes an estimated 134

annual responses, for an aggregate of

670 responses per year. Each response

takes approximately 1 hours to

complete. Thus, the total compliance

burden per year is 670 burden hours.

The approximate cost per hour is $100,

resulting in a total cost of compliance

for the respondents of $67,000 (670

hours @ $100).

Rule 12f–2 requires that a national

securities exchange must report to the

Commission certain changes in a

security admitted to unlisted trading

privileges. This report is generally made

by filing Form 27. There is one

respondent that requires an aggregate

total of 42 minutes to comply with this

rule. Thus, the total compliance burden

per year is 42 minutes. The total cost of

compliance for the respondents is $27.

Rule 12f–3 prescribes the information

which must be included in applications

for and notices of termination or

suspension of unlisted trading

privileges in a security. An exchange

must notify the Commission of such

action by promptly filing a Form 28.

Each of the five national securities

exchange respondents incurs an average

of 20 burden hours per year in

complying with the rule, for a total

burden of 100 hours. The approximate

cost per hour is $100, for a total

annualized cost burden of $10,000.

Rule 12a–5, under paragraph (d),

directs that after an exchange has taken

action to admit any security to trading

pursuant to the provisions of the Rule

12a–5, the exchange is required to file

with the Commission a notification on

Form 26. Form 26 provides the

Commission with certain information

regarding a security admitted to trading

on an exchange pursuant to Rule 12a–

5, including: (1) The name of the

exchange, (2) the name of the issuer, (3)

a description of the security, (4) the

date(s) the security was or will be

admitted to when issued and/or regular

trading, and (5) a brief description of the

transaction pursuant to which the

security was or will be issued.

The Commission generally is

responsible for overseeing the national

securities exchanges, and is particularly

responsible under Section 12(a) of the

Securities Exchange Act of 1934 (‘‘Act’’)

to receive notification of any securities

that are permitted to trade on an

exchange pursuant to the temporary

exemption under Rule 12a–5. Without

the Rule and the Form, the Commission

would be unable fully to implement

these statutory responsibilities.

There are nine national securities

exchanges which may avail themselves

of the exemption provided by Rule 12a–

5. While approximately 45 Form 26s are

filed annually, the reporting burdens

typically are not spread evenly among

the exchanges. For purposes of this

filing, the staff has assumed that each

exchange files an equal number (five) of

Form 26 reports. Each report requires

approximately 20 minutes to complete,

and so the aggregate annual compliance

burden is estimated to be 100 minutes

for each exchange and 15 hours for all

nine exchanges.

The Commission staff estimates that

the cost to respondents of completing

Form 26 ranges from approximately $10

to $15, with an average cost per

response of $13. The estimated total

annual cost for complying with the Rule

12a–5 is about $65 for each exchange,

and $585 for all exchanges combined.

Rule 15Aj–1 implements the

requirements of Sections 15A, 17, and

19 of the Act by requiring every

association applying for registration or

registered as a national, or as an

affiliated securities association to keep

its registration statement up to date by

filing with the Commission on Form X–

15AJ–1 and Form X–15AJ–2.

Rule 15Aj–1 requires a securities

association to promptly notify the

Commission on Form X–15AJ–1 of any

change which renders inaccurate any

information contained or incorporated

in the registration statement or in any

amendment or supplement thereto. Rule

15Aj–1 also requires a securities

association to file each year with the

Commission an annual consolidated

supplement on Form X–15AJ–2.

There is presently only one registered

securities association that is required to

comply with Rule 15Aj–1. The number

of hours necessary to comply with the

rule by filing an amendment is

approximately one-half hour per

response. The average number of hours

necessary to file the annual supplement

is three reporting hours. The average

cost per response for Rule 15Aj–1 is

approximately $7. The average cost of

annual supplements pursuant to Rule

15Aj–1 is approximately $45.

Rule 15c2–11 requires broker-dealers

to collect information regarding issuers

prior to initiating or resuming

publication of quotations of the issuer’s

securities. The Commission estimates

that 142 respondents collect information

annually under Rule 15c2–11 and that

approximately 13,580 hours would be

required annually for these collections.

The Commission estimates that the

annual cost to comply with Rule 15c2–

11 is $271,600 ($20 per hour times

13,580 hours).

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 estimate

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.

General comments regarding the

estimated burden hours should be

directed to the Desk Officer for the

Securities and Exchange Commission at

the address below. Any comments

concerning the accuracy of the

estimated average burden hours for

compliance with Commission rules and

forms should be directed to Michael E.

Bartell, Associate Executive Director,
434 Federal Register / Vol. 62, No. 2 / Friday, January 3, 1997 / Notices

1 15 U.S.C. § 78s(b)(1) (1988).

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549 and Desk Officer for the

Securities and Exchange Commission,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, Room 3208, New Executive

Office Building, Washington, DC 20503.

Dated: December 19, 1996.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–22 Filed 1–2–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26636]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

December 24, 1996.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or delcaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

January 21, 1997, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

National Fuel Gas Company (70–8975)

Notice of Proposal to Issue Common

Stock; Order Authorizing Solicitation of

Proxies

National Fuel Gas Company (‘‘NFG’’),

10 Lafayette Square, Buffalo, New York

14203, a gas registered holding

company, has filed a declaration under

sections 6(a), 7 and 12(e) of the Act and

rules 62 and 65 thereunder.

NFG proposes to issue shares of NFG

common stock in connection with the

NFG 1997 Award and Option Plan

(‘‘Plan’’). The Plan will be administered

by the Compensation Committee of the

Board of Directors or another committee

so designated (‘‘Committee’’). No

member of the Committee is eligible to

be selected to participate in the Plan.

The Plan authorizes the Committee, at

its discretion, to grant awards from

December 13, 1996 through December

12, 2006 to key employees of NFG or

any of its 80% or more owned

subsidiaries. Under the Plan, 1.9 million

shares of NFG common stock are

available for grants. Awards covering no

more than 300,000 shares of Common

Stock may be granted to any participant

in any fiscal year.

NFG’s Board of Directors (‘‘Board’’)

may suspend or terminate the Plan at

any time and may also amend the Plan

at any time, provided however, that any

such amendment may be subject to

shareholder approval (1) at the

discretion of the Board and (2) to the

extent that shareholder approval may be

required by law.

The following types of awards may be

available under the Plan: (1) Stock

options, including incentive stock

options; (2) stock appreciation rights

(‘‘SARs’’), the right to receive a payment

equal to the appreciation in market

value of a stated number of shares of

common stock from the SARs’ exercise

price to the market value on the date of

exercise; (3) common stock of NFG,

including restricted stock; (4) common

stock units; (5) performance shares; (6)

performance units; and (7) any award

established by the Committee which is

consistent with the Plan’s purpose, as

described in the Plan.

The Plan provides for the forfeiture of

awards in the event of termination of

employment for a reason other than

death, disability, retirement, or any

approved reason, unless the award

provides otherwise. Forfeiture is also

required if, in the Committee’s opinion,

the participant competes with NFG

without its written consent, or if the

participant acts in a manner inimical to

NFG’s best interests.

The Committee may unilaterally

amend any award if, in the Committee’s

opinion, such amendment is not adverse

to the participant. NFG may deduct

from any payment under the Plan the

amount of any applicable income and

employment taxes, or may require the

participant to pay such taxes as a

condition to making such payment. The

Committee may also allow the

participant to satisfy this obligation by

withholding from any payment of

common stock due, or by delivering to

NFG, shares of common stock with a fair

market value equal to the amount of

applicable taxes.

NFG proposes to solicit proxies from

its common shareholders to approve the

Plan at NFG’s Annual Meeting of

Stockholders on or about February 20,

1997. Accordingly, NFG request that an

order authorizing the solicitation of

proxies be issued as soon as practicable

pursuant to rule 62(d).

It appearing to the Commission that

NFG’s declaration regarding the

proposed solicitation of proxies should

be permitted to become effective

forthwith:

It is ordered, that the declaration

regarding the proposed solicitation of

proxies be, and it hereby is, permitted

to become effective forthwith, pursuant

to rule 62 and subject to the terms and

conditions prescribed in rule 24 under

the Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–18 Filed 1–2–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38085; File No. SR–CBOE–

96–70]

Self-Regulatory Organizations;

Chicago Board Options Exchange,

Inc.; Notice of Filing of Proposed Rule

Change Relating to Reporting

Requirements for Securities Accounts

and Orders of Market-Makers and Joint

Account Provisions

December 24, 1996.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’,1 notice is hereby given that on

November 20, 1996, the Chicago Board

Options Exchange, Inc. (‘‘CBOE’’ or

‘‘Exchange’’) filed with the Securities

and Exchange Commission

(‘‘Commission’’) the proposed rule

change as described in Items I, II, and

III below, which items have been

prepared primarily by CBOE. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

CBOE is proposing to amend Rule 8.9

regarding certain reporting requirements