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U.S. Securities and Exchange Commission

Proposed Rule:
Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934 Extension of Comment Period


17 CFR Part 240

(Release No. 34-40643; File No. S7-26-98)

RIN 3235-AH04

Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934

AGENCY: Securities and Exchange Commission

ACTION: Reproposed rule; extension of comment period.

SUMMARY: The Securities and Exchange Commission is extending the comment period for a release reproposing books and records requirements for broker-dealers under the Securities Exchange Act of 1934 (Release No. 34-40518) which was published in the Federal Register on October 9, 1998 (63 FR 54404). The comment period for Release No. 34-40518, is being extended to December 9, 1998.

DATES: Comments must be received on or before December 9, 1998.

ADDRESSES: Comments should be submitted in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission ("Commission"), 450 Fifth Street, N.W., Mail Stop 6-9, Washington, D.C. 20549. Comments also may be submitted electronically at the following E-mail address: rulecomments@sec.gov. Comment letters should refer to File No. S7-26-98; this file number should be included on the subject line if E-mail is used. All comments received will be available for public inspection and copying at the Commission's Public Reference Room, 450 Fifth Street, N.W., Washington, D.C. 20549. Electronically submitted comment letters will be posted on the Commission's Internet web site (http://www.sec.gov).

FOR FURTHER INFORMATION CONTACT: Michael A. Macchiaroli, Associate Director, (202) 942-0131; Thomas K. McGowan, Assistant Director, (202) 942-4886; or Deana A. La Barbera, Attorney, (202) 942-0734, Division of Market Regulation, Securities and Exchange Commission, 450 Fifth Street, N.W., Mail Stop 10-1, Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION: On October 2, 1998, the Commission issued for comment Release No. 34-40518 soliciting comment on reproposed amendments to the Commission’s books and records rules, Rules 17a-3 and 17a-4 under the Securities Exchange Act of 1934. Specifically, the reproposed amendments are designed to clarify and expand recordkeeping requirements with respect to purchase and sale documents, customer records, associated person records, customer complaints, and certain other matters. The reproposed amendments also specify the books and records that broker-dealers would have to make available at their local offices. The reproposed books and records rules are specifically designed to assist securities regulators when conducting sales practice examinations.

The Commission originally requested that comments on this reproposal be received by November 9, 1998. The Commission has recently received requests to extend the comment period and believes that extending the comment period is appropriate in order to give the public additional time to comment on the matters

addressed by the release. Therefore, the Commission is extending to December 9, 1998 the comment period for Release No. 34-40518 (Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934).

By the Commission.

Jonathan G. Katz


Dated: November 5, 1998