Document ID: SEC-2006-0167-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2006-02-10T05:00Z

[Federal Register: February 10, 2006 (Volume 71, Number 28)]
[Notices]               
[Page 7079-7080]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10fe06-119]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549

Extension:

[[Page 7080]]

    Rule 15g-6, SEC File No. 270-349, OMB Control No. 3235-0395

    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 extension and approval.
     (Rule 15g-6--Account statements for penny stock customers.
    Rule 15g-6 under the Securities Exchange Act of 1934 requires 
brokers and dealers that sell penny stocks to their customers to 
provide monthly account statements containing information with regard 
to the penny stocks held in customer accounts. The information is 
required to be provided to customers of broker-dealers that effect 
penny stock transactions in order to provide those customers with 
information that is not now publicly available. Without this 
information, investors would be less able to protect themselves from 
fraud and to make informed investment decisions.
    The staff estimates that there are approximately 240 broker-dealers 
that are subject to the rule. The staff estimates that the firms 
affected by the rule will, at any one time, have approximately 150 new 
customers with whom they have effected transactions in penny stocks, 
each of whom would receive a maximum of 12 account statements per year, 
for a total of 1,800 account statements annually for each firm (150 
customers x 12 account statements/customer). The staff estimates that a 
broker-dealer would expend approximately three minutes in processing 
the information required for each account statement. Accordingly, the 
estimated average annual burden would equal 90 hours (1,800 account 
statements x 3 minutes/account statement / 1 hour/60 minutes), and the 
estimated average total burden would equal 21,600 hours (90 hours x 
240).
    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 estimates 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.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: February 1, 2006.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-1831 Filed 2-9-06; 8:45 am]

BILLING CODE 8010-01-P