Exchange Act Rule 9b-1 (17 CFR 240.9b-1): Options Disclosure Document

Forms and Documents

Document Name	Status
2008 9b-1 Justification v 2.DOC Supporting Statement A	2008-12-09

IC Document Collections

IC ID	Document Title	Status
35213	Exchange Act Rule 9b-1 (17 CFR 240.9b-1): Options Disclosure Document	Modified

ICR Details

OMB Control No: 3235-0480	ICR Reference No: 200812-3235-008
Status: Historical Active	Previous ICR Reference No: 200604-3235-010
Agency/Subagency: SEC	Agency Tracking No: 270-429
Title: Exchange Act Rule 9b-1 (17 CFR 240.9b-1): Options Disclosure Document
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/27/2009
	Date Received in OIRA: 01/26/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2012	36 Months From Approved	06/30/2009
Responses	234,018	0	160
Time Burden (Hours)	2,094	0	2,648
Cost Burden (Dollars)	0	0	0

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Abstract: An options disclosure document ("ODD") contains information concerning standardized options and options trading. An options market must file the ODD with the Commission prior to furnishing the ODD to customers, and must file amendments to the ODD if the information becomes materially inaccurate or incomplete. In addition, Rule 9b-1 requires a broker-dealer to furnish to each customer, and keep current, an ODD, prior to accepting an order to purchase or sell an option on behalf of that customer.

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Authorizing Statute(s): US Code: 15 USC 78i, 78o, 78w(a) Name of Law: Sections 9, 15, and 23(a) of the Securities Exchange Act of 1934
   US Code: 15 USC 77b, 77g, 77j, 77s(a) Name of Law: Sections 2, 7, 10 and 19(a) of the Securities Act of 1933
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 69682	11/19/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 4484	01/26/2009
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Exchange Act Rule 9b-1 (17 CFR 240.9b-1): Options Disclosure Document

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ICR Summary of Burden

	Total Approved	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	234,018	160	0	0	233,858	0
Annual Time Burden (Hours)	2,094	2,648	0	0	-554	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The revisions to the estimate are due to market changes over time and changes in market participant salaries. Specifically, the revised estimate is based on a revised estimated number of respondents, a revised estimated number of amendments to the ODD per year, and a revised hourly cost of compliance. First, the estimated number of ODD amendments prepared by the options markets per year increased from one to three. It is estimated that each options market will spend approximately eight hours on the preparation and filing of each amendment. Thus, the previous compliance burden estimate was 48 hours (6 options markets x 8 hours per amendment x 1 amendment per year). This compliance burden has increased by 96 hours for a total compliance burden of 144 hours (6 options markets x 8 hours per amendment x 3 amendments per year). In addition, there are currently approximately 1,500 broker-dealers and 6 options markets that must comply with the rule. This figure represents a decrease of 500 respondents who must comply with the rule, specifically a decrease of 500 broker-dealers. It is estimated that each of these broker-dealer respondents will process an average of three new customers for options each week and therefore have to furnish approximately 156 ODDs per year. The delivery of the ODD takes respondents no more than 30 seconds to complete for an annual compliance burden of 1.3 hours per broker-dealer. These figures remain unchanged, but as a result of a decrease in the estimated number of broker-dealer respondents, the annual estimated total compliance burden decreased by 650, equaling a total compliance burden of 1,950 hours per year. Thus, the current estimated total compliance burden for all respondents under this rule (both options markets and broker-dealers), is 2,094 hours per year (144 + 1,950). This estimated total compliance burden has decreased by 554 hours (2,648 hours – 2,094).

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Annual Cost to Federal Government: $8,250

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)? No

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: 01/26/2009

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