
[Federal Register: October 14, 2008 (Volume 73, Number 199)]
[Notices]               
[Page 60732-60733]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14oc08-94]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; 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 12a-5; OMB Control No. 3235-0079; SEC File No. 270-85.

    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 existing 
collection of information provided for in: Rule 12a-5 (Temporary 
exemption of substituted or additional securities) (17 CFR 240.12a-5) 
and Form 26 (for notification of the admission to trading of a 
substituted or additional class of security under Rule 12a-5) (17 CFR 
249.26) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) (``Exchange Act''). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    Section 12(a) of the Exchange Act generally makes it unlawful for 
any security to be traded on a national securities exchange unless such 
security is registered on the exchange in accordance with the 
provisions of the Exchange Act and the rules and regulations 
thereunder.
    Rule 12a-5 (the ``Rule'') under the Exchange Act and Form 26 (the 
``Form'') were adopted by the Commission in 1936 and 1955, 
respectively, pursuant to Sections 3(a)(12), 10(b), and 23(a) of the 
Exchange Act. Subject to certain conditions, Rule 12a-5 affords a 
temporary exemption (generally for up to 120 days) from the 
registration requirements of Section 12(a) of the Exchange Act for a 
new security when the holders of a security admitted to trading on a 
national securities exchange obtain the right (by operation of law or 
otherwise) to acquire all or any part of a class of another or 
substitute security of the same or another issuer, or an additional 
amount of the original security. The purpose of the exemption is to 
avoid an interruption of exchange trading to afford time for the issuer 
of the new security to list and register it, or for the exchange to 
apply for unlisted trading privileges.
    Under paragraph (d) of Rule 12a-5, after an exchange has taken 
action to admit any security to trading pursuant to the provisions of 
the Rule, the exchange is required to file with the Commission a 
notification on Form 26. Form 26 provides the Commission with certain 
information regarding a security admitted to trading on an exchange 
pursuant to Rule 12a-5, including: (1) The name of the exchange, (2) 
the name of the issuer, (3) a description of the security, (4) the 
date(s) on which the security was or will be admitted to when-issued 
and/or regular trading, and (5) a brief description of the transaction 
pursuant to which the security was or will be issued.
    The Commission generally oversees the national securities 
exchanges. This mission requires that, under Section

[[Page 60733]]

12(a) of the Exchange Act specifically, the Commission receive 
notification of any securities that are permitted to trade on an 
exchange pursuant to the temporary exemption under Rule 12a-5. Without 
the Rule and the Form, the Commission would be unable fully to 
implement these statutory responsibilities.
    There are currently eleven national securities exchanges subject to 
Rule 12a-5. The Commission staff estimates that there could be one Form 
26 filed every five years. The reporting burdens are not typically 
spread evenly among the exchanges. For purposes of this analysis of 
burden, however, the Commission staff has assumed that each exchange 
files an equal number of Form 26 notifications. Each notification 
requires approximately 20 minutes to complete. Accordingly, the 
Commission staff estimates the annual aggregate compliance burden for 
all respondents in a given year would be approximately 4 minutes (20 
minutes/report x .2 reports/year = 4 minutes), and for each respondent 
the annual compliance burden would be approximately .36 minutes (4 
minutes/respondent / 11 respondents = .36 minutes), or .006 hours.
    Based on the most recent available information, the Commission 
staff estimates that the cost to respondents of completing a 
notification on Form 26 is, on average, $43.23 per response. Therefore, 
the Commission staff estimates that the total annual related reporting 
cost per respondent is $.86 (.02 responses/respondent/year x $43.23 
cost/response), for a total annual related cost to all respondents of 
$9.46 ($.86 cost/respondent x 11 respondents).
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission'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.
    Comments should be directed to Lewis W. Walker, Acting 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.

    Dated: October 6, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-24235 Filed 10-10-08; 8:45 am]

BILLING CODE 8011-01-P
