

[Federal Register: January 12, 2007 (Volume 72, Number 8)]
[Notices]               
[Page 1566]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12ja07-112]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; 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.
    There is no specific retention period applied by Rule 15c2-12 for 
the recordkeeping requirement contained in Rule 15c2-12. The retention 
period is determined by private agreement between a nationally 
recognized municipal securities information repository and the issuer.
    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.
    General Comments regarding the estimated burden hours 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, VA 22312 or send an e-
mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    January 3, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-302 Filed 1-11-07; 8:45 am]

BILLING CODE 8011-01-P
