

[Federal Register: June 11, 2007 (Volume 72, Number 111)]
[Notices]               
[Page 32149-32150]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11jn07-88]                         

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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 15c2-3, SEC File No. 270-539, OMB Control No. 3235-0599

    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'') has submitted to the Office of Management 
and Budget (``OMB'') a request for extension of the previously approved 
collection of information discussed below.
    Proposed rule 15c2-3 (17 CFR 240.15c2-3) under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.) would require brokers, 
dealers and municipal securities dealers to provide point of sale 
disclosure to investors prior to effecting transactions in mutual fund 
shares, UIT interests and college savings plan interests. The 
disclosure would provide investors with targeted material information 
about distribution-related costs and remuneration that lead to 
conflicts of interest for their brokers, dealers or municipal 
securities dealers. The collection of information under proposed rule 
15c2-3 would require some of the disclosure that is also required under 
rule 15c2-2. However, in contrast to the confirmation disclosure 
required under proposed rule 15c2-2, which a customer will not receive 
in writing until after a

[[Page 32150]]

transaction has been effected, the point of sale disclosure that would 
be required under rule 15c2-3 would specifically require that investors 
be provided with information that they can use at the time they 
determine whether to enter into a transaction to purchase one of the 
covered securities.
    In addition, the Commission, the self-regulatory organizations, and 
other securities regulatory authorities would be able to use records of 
point of sale disclosure delivered pursuant to proposed rule 15c2-3 in 
the course of examinations, and investigations, as well as enforcement 
proceedings against brokers, dealers and municipal securities dealers. 
However, no governmental agency would regularly receive any of the 
information described above.
    Proposed rule 15c2-2 potentially would apply to all of the 
approximately 5,338 brokers, dealers and municipal securities dealers 
that are registered with the Commission and that are members of NASD. 
It would also potentially apply to approximately 62 additional 
municipal securities dealers. It is important to note, however, that 
the confirmation is a customary document used by the industry.
    The Commission staff estimates that the annual burden for complying 
with the requirements of proposed rule 15c2-3 would be 18.7 million 
hours and that the annual costs of complying with the requirements of 
proposed rule 15c2-3, including call center services, and recordkeeping 
and compliance costs, would be $40 million.
    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 send 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.

    Dated: June 4, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-11163 Filed 6-8-07; 8:45 am]

BILLING CODE 8010-01-P
