[Federal Register Volume 61, Number 100 (Wednesday, May 22, 1996)]
[Notices]
[Pages 25721-25722]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12778]



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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.

Proposed New Collections

Rule 101........................  SEC File No. 270-   OMB Control No.   
                                   408.                3235-new.        
Rule 102........................  SEC File No. 270-   OMB Control No.   
                                   409.                3235-new.        
Rule 103........................  SEC File No. 270-   OMB Control No.   
                                   410.                3235-new.        
Rule 104........................  SEC File No. 270-   OMB Control No.   
                                   411.                3235-new.        
                                                                        

Proposed Revisions

Rule 17a-2......................  SEC File No. 270-   OMB Control No.   
                                   189.                3235-0201.       
Regulation S-K..................  SEC File No. 270-2  OMB Control No.   
                                                       3235-0071.       
Regulation S-B..................  SEC File No. 270-   OMB Control No.   
                                   370.                3235-0417.       
Form S-1........................  SEC File No. 270-   OMB Control No.   
                                   58.                 3235-0065.       
Form S-2........................  SEC File No. 270-   OMB Control No.   
                                   60.                 3235-0072.       
Form S-3........................  SEC File No. 270-   OMB Control No.   
                                   61.                 3235-0073.       
Form S-11.......................  SEC File No. 270-   OMB Control No.   
                                   64.                 3235-0067.       
Form SB-1.......................  SEC File No. 270-   OMB Control No.   
                                   374.                3235-0423.       
Form SB-2.......................  SEC File No. 270-   OMB Control No.   
                                   366.                3235-0418.       
Form F-1........................  SEC File No. 270-   OMB Control No.   
                                   249.                3235-0258.       
Form F-2........................  SEC File No. 270-   OMB Control No.   
                                   250.                3235-0257.       
Form F-3........................  SEC File No. 270-   OMB Control No.   
                                   251.                3235-0256.       
                                                                        

    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 proposed new collections and 
proposed revisions on the following rules and forms:
    Rules 101 and 102 would prohibit distribution participants form 
purchasing activities during a distribution of securities. These 
covered persons may seek to use an exception to this rule that would 
require such persons to calculate the average daily trading volume of 
the securities in distribution, maintain and audit a policy regarding 
information barriers between their affiliates, and maintain a written 
policy regarding general compliance with Regulation M. The Commission 
estimates that 1,597 respondents would collect information under Rule 
101 and that approximately 43,522 hours would be required annually for 
these collections. In addition, the Commission estimates that 577 
respondents would collect information under Rule 102 and that 
approximately 577 hours would be required for these collections.
    Rule 103 provides an exception to Rule 101 for passive market 
making in Nasdaq securities. A distribution participant that seeks use 
of this exception would be required to disclose to third parties its 
intention to engage in passive market making. The Commission estimates 
that 375 respondents would collect information under Rule 103 and that 
approximately 375 hours would be required annually for these 
collections.
    Rule 104 would permit stabilizing by a distribution participant 
during a distribution so long as the distribution participant discloses 
information to the market and investors. This rule requires disclosure 
in offering materials of the potential stabilizing transactions and to 
inform the market when a stabilizing bid is made. It also requires the 
distribution participants (i.e., the syndicate manager) to maintain 
information regarding syndicate covering transactions and penalty bids. 
The Commission estimates that 522 respondents would collect information 
under Rule 104 and that approximately 522 hours would be required 
annually for these collections.
    Rule 17a-2 requires underwriters to maintain information regarding 
stabilizing activities. This rule would be amended to reflect the new 
records required under proposed Rule 104. The Commission estimates that 
522 respondents would collect information under Rule 17a-2 and that 
approximately 2,610 hours would be required annually for these 
collections.
    Item 502(d) of Regulation S-K and Regulation S-B requires 
disclosure in offering materials of stabilization and passive market 
making. These provisions would be amended to require new wording of the 
legends already required. Item 508 of Regulation S-K and Regulation S-B 
requires disclosure in offering materials regarding underwriting 
activities. These provisions would be amended to require that potential 
stabilizing activities be described more fully. These amendments would 
affect the information required in Forms S-1, S-2, S-3, S-11, SB-1, SB-
2, F-1, F-2, and F-3, which incorporate Items 502(d) and 508. The 
Commission estimates that each form would incur an additional .5 burden 
hour to comply with these revisions.

[[Page 25722]]

    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: May 6, 1996.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-12778 Filed 5-21-96; 8:45 am]
BILLING CODE 8010-01-M