30958 Federal Register / Vol. 66, No. 111 / Friday, June 8, 2001 / Notices

the Commission’s experience in this

area, it is estimated that the average

amount of time necessary to preserve

the books and records required by Rule

17a–7 is one hour per year. Accordingly,

the total burden is 72 hours per year.

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.

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.

Direct your written comments to

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 5th Street, NW.,

Washington, DC 20549.

Dated: June 4, 2001.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–14458 Filed 6–7–01; 8:45 am]

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Proposed Collection; Comment

Request

Upon Written Request, Copies Available

From: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549.

Extension

Rule 8c–1; SEC File No. 270–455; OMB

Control No. 3235–0514.

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 for approval.

Rule 8c–1 generally prohibits a

broker-dealer from using its customers’

securities as collateral to finance its own

trading, speculating, or underwriting

transactions. More specifically, the rule

states three main principles: First, that

a broker-dealer is prohibited from

commingling the securities of different

customers as collateral for a loan

without the consent of each customer;

second, that a broker-dealer cannot

commingle customers’ securities with

its own securities under the same

pledge; and third, that a broker-dealer

can only pledge its customers’ securities

to the extent that customers are in debt

to the broker-dealer. See Securities

Exchange Act Release No. 2690

(November 15, 1940); Securities

Exchange Act Release No. 9428

(December 29, 1971). Pursuant to Rule

8c–1, respondents must collect

information necessary to prevent the

hypothecation of customer accounts in

contravention of the rule, issue and

retain copies of notices to the pledgee of

hypothecation of customer accounts in

accordance with the rule, and collect

written consents from customers in

accordance with the rule. The

information is necessary to ensure

compliance with the rule, and to advise

customers of the rule’s protections.

There are approximately 231

respondents per year (i.e., brokerdealers that conducted business with

the public, filed Part II of the FOCUS

Report, did not claim an exemption

from the Reserve Formula computation,

and reported that they had a bank loan

during at least one quarter of the current

year) that require an aggregate total of

5,198 hours to comply with the rule.

Each of these approximately 231

registered broker-dealers makes an

estimated 45 annual responses, for an

aggregate total of 10,395 responses per

year. Each response takes approximately

0.5 hours to complete. Thus, the total

compliance burden per year is 5,198

burden hours. The approximate cost per

hour is $20, resulting in a total cost of

compliance for the respondents of

$103,960 (5,198 hours @ $20 per hour).

Written comments are invited one: (a)

Whether the 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.

Direct your written comments to

Michael E. Bartell, Associate Executive

Director, Office of Information

Technology, Securities and Exchange

Commission, 450 5th Street, NW.,

Washington, DC 20549.

Dated: May 31, 2001.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–14459 Filed 6–7–01; 8:45 am]

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Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of June 11, 2001.

A closed meeting will be held on

Tuesday, June 12, 2001, at 10 a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c)(5), (7), (9)(A), 9(B), and

(10) and 17 CFR 200.402(a)(5), (7), (9)(i),

(9)(ii) and (10), permit consideration of

the scheduled matters at the closed

meeting.

The subject matters of the closed

meeting scheduled for Tuesday, June 12,

2001 will be: institution and settlement

of injunctive actions; and institution

and settlement of administrative

proceedings of an enforcement nature.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact:

The Office of the Secretary at (202)

942–7070.

Dated: June 5, 2001.

Jonathan G. Katz,

Secretary.

[FR Doc. 01–14574 Filed 6–6–01; 11:06 am]

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