Rules and Regulations. SECURITIES AND EXCHANGE COMMISSION
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/register/2003/11/19/03-28889·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8010-01-P 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: Rule 11Ac1-3, SEC File No. 270-382, OMB Control No. 3235-0435. 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 11Ac1-3 Customer account statements Rule 11Ac1-3, 17 CFR 240.11Ac1-3, under the Securities Exchange Act of 1934 requires disclosure on each new account and on a yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order flow from any market makers, exchanges or exchange members to which it routes customers' order in national market system securities for execution; and information regarding the aggregate amount of monetary payments, discounts, rebates or reduction in fees received by the firm over the past year.
It is estimated that there are approximately 6,752 registered broker-dealers. 1 The staff estimates that the average number of hours necessary for each broker-dealer to comply with Rule 11Ac1-3 is fourteen hours annually. Thus, the total burden is 94,528 hours annually. The average cost per hour is approximately $85. Therefore, the total cost of compliance for broker-dealers is $8,034,880. 1 This estimate is based on FYE 2002 Focus Reports received by the Commission. 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 Kenneth A. Fogash, Acting Associate Executive Director/CIO, Office of Information Technology, Securities and Exchange Commission, 450 5th Street, NW, Washington, DC 20549. Dated: November 13, 2003. Margaret H. McFarland, Deputy Secretary. [FR Doc. 03-28889 Filed 11-18-03; 8:45 am]
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