[Federal Register Volume 63, Number 95 (Monday, May 18, 1998)]
[Notices]
[Pages 27335-27336]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13097]


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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 19d-1, SEC File No. 270-242, OMB Control No. 3235-0206
    Rule 19d-3, SEC File No. 270-245, OMB Control No. 3235-0204
    Rule 19h-1, SEC File No. 270-247, OMB Control No. 3235-0259

    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 collections of 
information discussed below.

    Rule 19d-1  Notices by Self-Regulatory Organizations Of Final 
Disciplinary Actions, Denials, Bars, Or Limitations Respecting 
Membership, Association, Participation, Or Access To Services, And 
Summary Suspensions.

    Rule 19d-1 under the Securities Exchange Act of 1934 (the ``Act'') 
prescribes the form and content of notices to be filed with the 
Commission by self-regulatory organizations (``SROs'') for which the 
Commission is the appropriate regulatory agency concerning the 
following final SRO actions: (1) disciplinary sanctions (including 
summary suspensions); (2) denials of membership, participation or 
association with a member; and (3) prohibitions or limitations on 
access to SRO services. The rule enables the Commission to obtain 
reports from the SROs containing information regarding SRO 
determinations to discipline members or associated persons of members, 
deny membership or participation or association with a member, and 
similar adjudicated findings. The rule requires that such actions be 
promptly reported to the Commission. The rule also requires that the 
reports and notices supply sufficient information regarding the 
background, factual basis and issues involved in the proceeding to 
enable the Commission (1) to determine whether the matter should be 
called up for review on the Commission's own motion and (2) to 
ascertain generally whether the SRO has adequately carried out its 
responsibilities under the Act.
    It is estimated that 10 respondents will utilize this application 
procedure annually, with a total burden of 2,750 hours, based upon past 
submissions. The staff estimates that the average number of hours 
necessary to comply with the requirements of Rule 19d-1 is 2.5 hours. 
The average cost per hour is approximately $60. Therefore, the total 
cost of compliance for the respondents is $165,000.
    A respondent is required to keep the information not less than five 
years. The filing of notices pursuant to the rule is mandatory for SROs 
but does not involve the collection of confidential information.

    Rule 19d-3  Applications For Review Of Final Disciplinary 
Sanction, Denials Of Membership, Participation, Or Limitations Of 
Access To Service Imposed By Self-Regulatory Organizations.

    Rule 19d-3 under the Act prescribes the form and content of 
applications to the Commission for review of final disciplinary 
sanctions, denials of membership, participation or association with a 
member or prohibitions or limitations of access to services that are 
imposed by SROs. The Commission uses the information provided in the 
application filed pursuant to Rule 19d-3 to review final actions taken 
by SROs including: (1) disciplinary sanctions; (2) denials of 
membership, participation or association with a member; and (3) 
prohibitions on or limitations of access to SRO services.
    It is estimated that approximately 50 respondents will utilize this 
application procedure annually, with a total burden of 2,750 hours, 
based upon past submissions. The staff estimates that the average 
number of hours necessary to comply with the requirements of Rule

[[Page 27336]]

19d-1 is 2.5 hours. The average cost per hour is approximately $60. 
Therefore, the total cost of compliance for the respondents is 
$165,000.
    A respondent is not required to retain the Rule 19d-3 submission 
for any specified period of time. The filing of a motion seeking review 
of a final action is mandatory only if the respondent wants Commission 
review. The submission does not involve the collection of confidential 
information.

    Rule 19h-1/Notice by a Self-Regulatory Organization of a 
Proposed Admission to or Continuance In Membership or Participation 
or Association With a Member of Any Person Subject to a Statutory 
Disqualification, and Applications to the Commission for Relief 
Therefrom.

    Rule 19h-1 under the Act prescribes the form and content of notices 
and applications by SROs regarding proposed admissions to, or 
continuances in, membership, participation or association with a member 
of any person subject to a statutory disqualification.
    The Commission uses the information provided in the submissions 
filed pursuant to Rule 19h-1 to review decisions of SROs to permit the 
entry into or continuance in the securities business of persons who 
have committee serious misconduct. The filings submitted pursuant to 
the rule also permit inclusion of an application to the Commission for 
consent to associate with a member of an SRO notwithstanding a 
Commission order barring such association.
    The Commission reviews filings made pursuant to the rule to 
ascertain whether it is in the public interest to permit the employment 
in the securities business of persons subject to statutory 
disqualification. The filings contain information that is essential to 
the staff's review and ultimate determination on whether an association 
or employment is in the public interest and consistent with investor 
protection.
    It is estimated that approximately 5 respondents will make 
submissions pursuant to this rule annually, with a total burden of 225 
hours, based upon past submissions. The staff estimates that the 
average number of hours necessary to comply with the requirements of 
Rule 19h-1 is 4.5 hours. The average cost per hour is approximately 
$60. Therefore, the total cost of compliance for the respondents is 
$13,500.
    A respondent is required to keep the information not less than five 
years. The filing of notices is mandatory but does not involve the 
collection of confidential information.
    Please note that an agency may not conduct or sponsor, and a person 
not required to respond to, a collection of information unless it 
displays a currently valid control number.
    General comments regarding the above information should be directed 
to the following persons: (1) 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, 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 on or before June 17, 1998.

    Dated: May 11, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-13097 Filed 5-15-98; 8:45 am]
BILLING CODE 8010-01-M