Temporary Rule 204T is intended to
substantially restrict the practice of naked short selling in all
equity securities by strengthening the delivery requirements for
such securities. The information collected will assist the
Commission and self-regulatory organizations in monitoring whether
or not participants of a registered clearing agency, and the
broker-dealers from which they receive trades for clearance and
settlement, are complying with the close-out and borrowing
requirements of the temporary rule.
STATEMENT SUPPORTING
NEED FOR EMERGENCY CONSIDERATION The Securities and Exchange
Commission (Commission) is requesting emergency consideration of
one collection of information pursuant to 44 U.S.C. § 3507(j) and 5
C.F.R. § 1320.13. The title for this collection of information is
Temporary Rule 204T. In connection with this request, the
Commission has determined: 1. The collection of information is
needed prior to the time periods established under the Paperwork
Reduction Act of 1995, 44 U.S.C. § 3501 et seq. (PRA) and
applicable regulations, 5 C.F.R. 1320.1 et seq. 2. The collection
of information is essential to the mission of the Commission. 3.
The Commission cannot reasonably comply with the normal clearance
requirement of the PRA and applicable regulations because: a.
public harm is reasonably likely to result if normal clearance
procedures are followed; b. an unanticipated event has occurred;
and c. the use of normal clearance procedures is reasonably likely
to prevent or disrupt the collection of information. 4. The
Commission requests that OMB approve or disapprove the collection
of information by October 14, 2008. 5. The Commission has been
coordinating extensively with other financial regulators to address
the current threats to fair and orderly securities markets. Due to
the exigent circumstances, the Commission is unable to solicit
prior public comment on the collection and estimated burden. 6. The
Commission requests that OMB waive the notice requirement set forth
in 5 C.F.R. § 1320.5(a)(1)(iv).
US Code: 15 USC 78b, 78c(b), 78f, 78i(h), 78j
Name of Law: Sections 2, 3(b), 6, 9(h), 10 of the Securities
Exchange Act of 1934
US Code: 15 USC 78k-1, 78o, 78o-3, 78q, 78q-1 Name of Law: Sections
11A, 15, 15A, 17, 17A of the Securities Exchange Act of 1934
US Code: 15 USC 78s and 78w(a) Name of Law: Sections 19 and 23(a)
of the Securities Exchange Act of 1934
Temporary Rule 204T is intended
to substantially restrict the practice of naked short selling in
all equity securities by strengthening the delivery requirements
for such securities. The information collected will assist the
Commission and self-regulatory organizations in monitoring whether
or not participants of a registered clearing agency, and the
broker-dealers from which they receive trades for clearance and
settlement, are complying with the close-out and borrowing
requirements of the temporary rule.
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Joan Collopy 202
942-0772
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Exchange Act Temporary Rule 204T