[Federal Register Volume 63, Number 145 (Wednesday, July 29, 1998)]
[Notices]
[Pages 40567-40568]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20247]


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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 17f-1(g)--SEC File No. 270-30--OMB Control No. 3235-
0290

    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.
    <bullet> Rule 17f-1(g) Requirements for reporting and inquiry with 
respect to missing, lost, counterfeit or stolen securities.
    Rule 17f-1(g), under the Securities Exchange Act of 1934 (``Act''), 
requires that all reporting institutions (i.e., every national 
securities exchange, member thereof, registered securities association, 
broker, dealer, municipal securities dealer, registered transfer agent, 
registered clearing agency, participant therein, member of the Federal 
Reserve System and bank insured by the FDIC) maintain and preserve a 
number of documents related to their participation in the Lost and 
Stolen Securities Program (``Program'') under Rule 17f-1. The following 
documents must be kept in an easily accessible place for three years, 
according to paragraph (g): (a) copies or all reports of theft or loss 
(Form X-17F-1A) filed with the Commission's designee: (b) all 
agreements between reporting institutions regarding registration in the 
Program or other aspects of Rule 17f-1; and (c) all confirmations or 
other information received from the Commission or its designee as a 
result of inquiry.
    Reporting institutions utilize these records and reports (a) to 
report missing, lost, stolen or counterfeit securities to the data 
base, (b) to confirm inquiry of the data base, and (c) to demonstrate 
compliance with Rule 17f-1. The Commission and the reporting 
institutions' examining authorities

[[Page 40568]]

utilize these records to monitor the incidence of thefts and losses 
incurred by reporting institutions and to determine compliance with 
Rule 17f-1. If such records were not retained by reporting 
institutions, compliance with Rule 17f-1 could not be monitored 
effectively.
    The Commission estimates that there are 24,518 reporting 
institutions (respondents) and, on average, each respondent would need 
to retain 33 records annually, with each retention requiring 
approximately 1 minute (33 minutes or .55 hours). The total estimated 
annual burden is 13,484.9 hours (24,518 x .55 hours=13,484.9). Assuming 
an average hourly cost for clerical work of $10, the average total 
yearly record retention cost for each respondent would be $5.50. Based 
on these estimates, the total annual cost for the estimated 24,518 
reporting institutions would be approximately $134,849.
    Rule 17f-1(g) does not require periodic collection, but does 
require retention of records generated as a result of compliance with 
Rule 17f-1. Under Section 17 (b) and (f) of the Act, the information 
required by Rule 17f-1(g) is available to the Commission and Federal 
bank regulators for examinations or collection purposes. Rule 0-4 of 
the Act deems such information to be confidential. Please note that 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.
    General Comments regarding the estimated burden hours 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 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 5th Street, NW Washington, DC 20549. Comments 
must be submitted to OMB within 30 days of this notice.

    Dated: July 22, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-20247 Filed 7-28-98; 8:45 am]
BILLING CODE 8010-01-M