Document ID: SEC-2008-0125-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2008-01-24T05:00Z

[Federal Register: January 24, 2008 (Volume 73, Number 16)]
[Notices]               
[Page 4290-4291]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24ja08-114]                         

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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 19b-7 and Form 19b-7; OMB Control No. 3235-0553; SEC 
File No. 270-495.

    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 19b-7 (17 CFR 240.19b-7) and Form 19b-7 (17 CFR 
249.822)--Filings with respect to proposed rule changes submitted 
pursuant to Section 19(b)(7) of the Act.
    The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
(``Exchange Act'') provides a framework for self-regulation under which 
various entities involved in the securities business, including 
national securities exchanges and national securities associations 
(collectively, self-regulatory organizations or ``SROs''), have primary 
responsibility for regulating their members or participants. The role 
of the Commission in this framework is primarily one of oversight: the 
Exchange Act charges the Commission with supervising the SROs and 
assuring that each complies with and advances the policies of the 
Exchange Act.
    The Exchange Act was amended by the Commodity Futures Modernization 
Act of 2000 (``CFMA''). Prior to the CFMA, federal law did not allow 
the trading of futures on individual stocks or on narrow-based stock 
indexes (collectively, ``security futures products''). The CFMA removed 
this restriction and provides that trading in security futures products 
would be regulated jointly by the Commission and the Commodity Futures 
Trading Commission.
    The Exchange Act requires all SROs to submit to the SEC any 
proposals to amend, add, or delete any of their rules. Certain entities 
(Security Futures Product Exchanges) would be national securities 
exchanges only because they trade security futures products. Similarly, 
certain entities (Limited Purpose National Securities Associations) 
would be national securities associations only because their members 
trade security futures products. The Exchange Act, as amended by the 
CFMA, established a procedure for Security Futures Product Exchanges 
and Limited Purpose National Securities Associations to provide notice 
of proposed rule changes relating to certain matters.\1\ Rule 19b-7 and 
Form 19b-7 implemented this procedure.
    The collection of information is designed to provide the Commission 
with the information necessary to determine, as required by the 
Exchange Act, whether the proposed rule change is consistent with the 
Exchange Act and the rules thereunder. The information is used to 
determine if the proposed rule change should remain in affect or 
abrogated.
    The respondents to the collection of information are SROs. Five 
respondents file an average total of 12 responses per year. Each 
response takes approximately 17.25 hours to complete, which corresponds 
to an estimated annual response burden of 207 (12 responses x 17.25 
hours) hours. The average cost per response is $4,607.25 (17.25 hours 
multiplied by an average hourly rate of $267.09). The resultant total 
related cost of compliance for these respondents is approximately 
$55,287 per year (12 responses x $4,607.25 per response).
    Compliance with Rule 19b-7 is mandatory. Information received in 
response to Rule 19b-7 shall not be kept confidential; the information 
collected is public information.
    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

[[Page 4291]]

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: 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 within 
60 days of this notice.

    Dated: January 15, 2008.
Florence E. Harmon,
Deputy Secretary.
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    \1\ These matters are higher margin levels, fraud or 
manipulation, recordkeeping, reporting, listing standards, or 
decimal pricing for security futures products; sales practices for 
security futures products for persons who effect transactions in 
security futures products; or rules effectuating the obligation of 
Security Futures Product Exchanges and Limited Purpose National 
Securities Associations to enforce the securities laws. See 15 
U.S.C. 78s(b)(7)(A).
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[FR Doc. E8-1157 Filed 1-23-08; 8:45 am]

BILLING CODE 8011-01-P