Document ID: SEC-2009-0210-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2009-02-13T05:00Z

[Federal Register: February 13, 2009 (Volume 74, Number 29)]
[Notices]               
[Page 7275-7276]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13fe09-87]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
Rule 15c2-8, OMB Control No. 3235-0481, SEC File No. 270-421.

    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 15c2-8 (17 CFR 240.15c2-8)--Delivery of Prospectus

    Rule 15c2-8 of the Securities Exchange Act of 1934 (``Exchange 
Act'') requires broker-dealers to deliver preliminary and/or final 
prospectuses to certain people under certain circumstances. In 
connection with securities offerings generally, including initial 
public offerings (IPOs), the rule requires broker-dealers to take 
reasonable steps to distribute copies of the preliminary or final 
prospectus to anyone who makes a written request, as well as any 
broker-dealer who is expected to solicit purchases of the security and 
who makes a request. In connection with IPOs, the rule requires a 
broker-dealer to send a copy of the preliminary prospectus to any 
person who is expected to receive a confirmation of sale (generally, 
this means any person who is expected actually to purchase the security 
in the offering) at least 48 hours prior to the sending of such 
confirmation. This requirement is sometimes referred to as the ``48 
hour rule.''
    Additionally, managing underwriters are required to take reasonable 
steps to ensure that all broker-dealers participating in the 
distribution of or trading in the security have sufficient copies of 
the preliminary or final prospectus, as requested by them, to enable 
such broker-dealer to satisfy their respective prospectus delivery 
obligations pursuant to Rule 15c2-8, as well as Section 5 of the 
Securities Act of 1933.
    Rule 15c2-8 implicitly requires that broker-dealers collect 
information, as such collection facilitates compliance with the rule. 
There is no requirement to submit information collected to the 
Commission. In order to comply with

[[Page 7276]]

the rule, broker-dealers participating in a securities offering must 
keep accurate records of persons who have indicated interest in an IPO 
or requested a prospectus, so that they know to whom they must send a 
prospectus.
    The Commission estimates that broker-dealers will spend a total of 
78,800 hours complying with the collection of information required by 
the rule. The Commission estimates that the total number of responses 
required by the rule is 7,764. The Commission estimates that the total 
annualized cost burden (copying and postage costs) is $157,600,000.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission'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.
    Comments should be directed to: Charles Boucher, 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 within 
60 days of this notice.

    Dated: February 9, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-3097 Filed 2-12-09; 8:45 am]

BILLING CODE 8011-01-P