Temporary Rule 204T

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Forms and supporting documents for this ICR

Document	Type	Status	Availability

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Information collection document groups

IC ID	Collection	Type	Status	Form
186911	Exchange Act Temporary Rule 204T		New

ICR Details

OMB Control No: 3235-0647	ICR Reference No: 200810-3235-005
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: SEC	Agency Tracking No: 270-586
Title: Temporary Rule 204T
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 10/14/2008
OIRA Conclusion Action: Preapproved	Conclusion Date: 10/14/2008
	Date Received in OIRA: 10/14/2008
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2009	6 Months From Approved
Responses	13,264,252	0	0
Time Burden (Hours)	2,122,280	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

Emergency Justfication: 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).

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Authorizing Statute(s): 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
  

Citations for New Statutory Requirements: 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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK22	Final or interim final rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Exchange Act Temporary Rule 204T

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ICR Summary of Burden

table that charts list of burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	13,264,252	0	0	13,264,252	0	0
Annual Time Burden (Hours)	2,122,280	0	0	2,122,280	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 10/14/2008

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