Document ID: SEC-2006-0167-0002
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2006-04-17T04:00Z

[Federal Register: April 17, 2006 (Volume 71, Number 73)]
[Notices]               
[Page 19762]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17ap06-107]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; Comment Requested

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

Extension:
    Rule 15g-6, SEC File No. 270-349 and 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'') has submitted to the Office of Management 
and Budget requests for extension of the previously approved collection 
of information discussed below.

Rule 15g-6--Account Statements for Penny Stock Customers

    Rule 15g-6 (17 CFR 240.15g-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/60 minutes = 90 hours), and the estimated 
average total burden would equal 21,600 hours (90 hours x 240).
    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 regarding the above information 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 10102, New Executive Office 
Building, Washington, DC 20503 or by sending an e-mail to: 
David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief 

Information Officer, Securities and Exchange Commission, c/o Shirley 
Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send 
an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to the 
Office of Management and Budget within 30 days of this notice.

    Dated: April 6, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-5684 Filed 4-14-06; 8:45 am]

BILLING CODE 8010-01-P