

[Federal Register: October 26, 2006 (Volume 71, Number 207)]
[Notices]               
[Page 62631]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26oc06-74]                         

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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:
    Rule 15c2-12; SEC File No. 270-330; OMB Control No. 3235-0372.

    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 15c2-12 Disclosure Requirements for Municipal Securities

    Rule 15c2-12 (17 CFR 240.15c2-12) under the Securities Exchange Act 
of 1934 (15 U.S.C. 78 et. seq.) requires underwriters of municipal 
securities: (1) To obtain and review a copy of an official statement 
deemed final by an issuer of the securities, except for the omission of 
specified information; (2) in non-competitively bid offerings, to make 
available, upon request, the most recent preliminary official 
statement, if any; (3) to contract with the issuer of the securities, 
or its agent, to receive, within specified time periods, sufficient 
copies of the issuer's final official statement to comply both with 
this rule and any rules of the MSRB; (4) to provide, for a specified 
period of time, copies of the final official statement to any potential 
customer upon request; (5) before purchasing or selling municipal 
securities in connection with an offering, to reasonably determine that 
the issuer or other specified person has undertaken, in a written 
agreement or contract, for the benefit of holders of such municipal 
securities, to provide certain information about the issue or issuer on 
a continuing basis to a nationally recognized municipal securities 
information repository; and (6) to review the information the issuer of 
the municipal security has undertaken to provide prior to recommending 
a transaction in the municipal security.
    These disclosure and recordkeeping requirements will ensure that 
investors have adequate access to official disclosure documents that 
contain details about the value and risks of particular municipal 
securities at the time of issuance while the existence of compulsory 
repositories will ensure that investors have continued access to terms 
and provisions relating to certain static features of those municipal 
securities. The provisions of Rule 15c2-12 regarding an issuer's 
continuing disclosure requirements assist investors by ensuring that 
information about an issue or issuer remains available after the 
issuance.
    Municipal offerings of less than $1 million are exempt from the 
rule, as are offerings of municipal securities issued in large 
denominations that are sold to no more than 35 sophisticated investors, 
have short-term maturities, or have short-term tender or put features. 
It is estimated that approximately 12,000 brokers, dealers, municipal 
securities dealers, issuers of municipal securities, and nationally 
recognized municipal securities information repositories will spend a 
total of 123,850 hours per year complying with Rule 15c2-12.
    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.
    The recordkeeping requirement is mandatory to ensure that investors 
have access to information about the issuer and particular issues of 
municipal securities. This rule does not involve the collection of 
confidential information. Please note that 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.
    Please direct your written comments to (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.oep.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 OMB 
within 60 days of this notice.

    October 16, 2006.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-17929 Filed 10-25-06; 8:45 am]

BILLING CODE 8011-01-P
