
[Federal Register: June 16, 2008 (Volume 73, Number 116)]
[Notices]               
[Page 34060]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16jn08-108]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; 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 609 and Form SIP; OMB Control No. 3235-0043; SEC File No. 
270-23.

    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 a request for approval of extension of the existing 
collection of information provided for the following rule: Rule 609 (17 
CFR 249.609) (formerly Rule 11Ab2-1) and Form SIP (17 CFR 249.1001).
    On September 23, 1975, the Commission adopted Rule 11Ab2-1,\1\ 
which under Regulation NMS has been redesignated as Rule 609 and Form 
SIP under the Securities Exchange Act of 1934 (``Act'') (15 U.S.C. 78a 
et seq.) to establish the procedures by which Securities Information 
Processor (``SIP'') files and amends their SIP registration 
statements.\2\ The information filed with the Commission pursuant to 
Rule 609 and Form SIP is designed to provide the Commission with the 
information necessary to make the required findings under the Act 
before granting the SIP's application for registration. In addition, 
the requirement that a SIP file an amendment to correct any inaccurate 
information is designed to assure that the Commission has current, 
accurate information with respect to the SIP. This information is also 
made available to members of the public.
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    \1\ See Securities Exchange Act Release No. 11673 (September 23, 
1975), 40 FR 45422 (October 2, 1975).
    \2\ See Securities Exchange Act Release No. 51808 (June 9, 
2005), 70 FR 37496 (June 29, 2005).
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    Only exclusive SIPs are required to register with the Commission. 
An exclusive SIP is a SIP that engages on an exclusive basis on behalf 
of any national securities exchange or registered securities 
association, or any national securities exchange or registered 
securities association which engages on an exclusive basis on its own 
behalf, in collecting, processing, or preparing for distribution or 
publication, any information with respect to (i) transactions or 
quotations on or effected or made by means of any facility of such 
exchange or (ii) quotations distributed or published by means of any 
electronic quotation system operated by such association. The federal 
securities laws require that before the Commission may approve the 
registration of an exclusive SIP, it must make certain mandatory 
findings. It takes a SIP applicant approximately 400 hours to prepare 
documents which include sufficient information to enable the Commission 
to make those findings. Currently, there are only two exclusive SIPs 
registered with the Commission; The Securities Information Automation 
Corporation (``SIAC'') and The Nasdaq Stock Market, Inc. (``Nasdaq''). 
SIAC and Nasdaq are required to keep the information on file with the 
Commission current, which entails filing a form SIP annually to update 
information. Accordingly, the annual reporting and recordkeeping burden 
for Rule 609 and Form SIP is 400 hours. This annual reporting and 
recordkeeping burden does not include the burden hours or cost of 
amending a Form SIP because the Commission has already overstated the 
compliance burdens by assuming that the Commission will receive one 
initial registration pursuant to Rule 609 on Form SIP a year.
    Rule 609 and Form SIP do not impose a retention period for any 
recordkeeping requirements. Completing and filing Form SIP is mandatory 
before an entity may become an exclusive SIP. Except in cases where 
confidential treatment is requested by an applicant and granted by the 
Commission pursuant to the Freedom of Information Act and the rules of 
the Commission thereunder, information provided in the Form SIP will be 
routinely available for public inspection. 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.
    Comments should be directed 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: Alexander_
T._Hunt@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 within 30 
days of this notice.

    Dated: June 9, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-13427 Filed 6-13-08; 8:45 am]

BILLING CODE 8010-01-P
