Submission for OMB Review; Comment Request, 37031-37032 [2015-15814]

Download as PDF Federal Register / Vol. 80, No. 124 / Monday, June 29, 2015 / Notices The Commission appoints Kenneth R. Moeller to serve as Public Representative in these dockets. III. Ordering Paragraphs It is ordered: 1. The Commission establishes Docket Nos. MC2015–57 and CP2015–85 to consider the matters raised in each docket. 2. Pursuant to 39 U.S.C. 505, Kenneth R. Moeller is appointed to serve as an officer of the Commission to represent the interests of the general public in these proceedings (Public Representative). 3. Comments are due no later than July 1, 2015. 4. The Secretary shall arrange for publication of this order in the Federal Register. By the Commission. Shoshana M. Grove, Secretary. [FR Doc. 2015–15909 Filed 6–26–15; 8:45 am] BILLING CODE 7710–FW–P PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD [Notice–PCLOB–2015–04; Docket No. 2015– 0002, Sequence No. 4] Closed Meeting on Executive Order 12333 Privacy and Civil Liberties Oversight Board. ACTION: Notice of closed meeting. AGENCY: On April 8, 2015, during an open Sunshine Act meeting, the Board voted to select two counterterrorismrelated activities governed by Executive Order 12333, and conduct focused indepth examinations of those activities. During this closed meeting, the Board members will discuss proposed topics for this in-depth examination. DATES: The closed meeting will be held on Wednesday, July 1, 2015 from 9:30 a.m. until 11:30 a.m. Eastern Standard Time (EST). ADDRESSES: 2100 K Street NW., Washington, DC 20427. FOR FURTHER INFORMATION CONTACT: Sharon Bradford Franklin, Executive Director, 202–331–1986. SUPPLEMENTARY INFORMATION: mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: Status Closed. Pursuant to 5 U.S.C. 552b(c)(1), it has been determined that this meeting will be closed to the public as the Board will be reviewing and discussing matters properly classified in accordance with Executive Order 13526. VerDate Sep<11>2014 17:13 Jun 26, 2015 Jkt 235001 Dated: June 23, 2015. Eric Broxmeyer, General Counsel, Privacy and Civil Liberties Oversight Board. [FR Doc. 2015–15824 Filed 6–26–15; 8:45 am] BILLING CODE 6820–b3–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Rules 17h–1T and 17h–2T. SEC File No. 270–359, OMB Control No. 3235–0410. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rules 17h–1T and 17h–2T (17 CFR 240.17h–1T and 17 CFR 240.17h–2T), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 17h–1T requires a covered broker-dealer to maintain and preserve records and other information concerning certain entities that are associated with the broker-dealer. This requirement extends to the financial and securities activities of the holding company, affiliates and subsidiaries of the broker-dealer that are reasonably likely to have a material impact on the financial or operational condition of the broker-dealer. Rule 17h–2T requires a covered broker-dealer to file with the Commission quarterly reports and a cumulative year-end report concerning the information required to be maintained and preserved under Rule 17h–1T. The collection of information required by Rules 17h–1T and 17h–2T, collectively referred to as the ‘‘risk assessment rules’’, is necessary to enable the Commission to monitor the activities of a broker-dealer affiliate whose business activities are reasonably likely to have a material impact on the financial or operational condition of the broker-dealer. Without this information, the Commission would be unable to assess the potentially damaging impact of the affiliate’s activities on the brokerdealer. PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 37031 There are currently 306 respondents that must comply with Rules 17h–1T and 17h–2T. Each of these 306 respondents are estimated to require 10 hours per year to maintain the records required under Rule 17h–1T, for an aggregate estimated annual burden of 3,060 hours (306 respondents × 10 hours). In addition, each of these 306 respondents must make five annual responses under Rule 17h–2T. These five responses are estimated to require 14 hours per respondent per year for an aggregate estimated annual burden of 4,284 hours (306 respondents × 14 hours). In addition, new respondents must draft an organizational chart required under Rule 17h–1T and establish a system for complying with the risk assessment rules. The staff estimates that drafting the required organizational chart requires one hour and establishing a system for complying with the risk assessment rules requires three hours. Based on the unchanged number of filers in recent years, the staff estimates there will be zero new respondents, and thus, a corresponding estimated burden of zero hours for new respondents. Thus, the total compliance burden per year is approximately 7,344 burden hours (3,060 hours + 4,284 hours). The retention period for the recordkeeping requirement under Rule 17h–1T is not less than two years following the date the notice is submitted. There is no specific retention period or recordkeeping requirement for Rule 17h–2T. The collection of information is mandatory. All information obtained by the Commission pursuant to the provisions of Rules 17h–1T and 17h–2T from a broker or dealer concerning a material associated person is deemed confidential information for the purposes of section 24(b) of the Exchange Act. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following Web site: www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, E:\FR\FM\29JNN1.SGM 29JNN1 37032 Federal Register / Vol. 80, No. 124 / Monday, June 29, 2015 / Notices 100 F Street NE., Washington, DC 20549, or by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: June 23, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–15814 Filed 6–26–15; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. mstockstill on DSK4VPTVN1PROD with NOTICES Extension: Regulation S–P; SEC File No. 270–480, OMB Control No. 3235–0537. Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in the privacy notice and opt out notice provisions of Regulation S–P—Privacy of Consumer Financial Information (17 CFR part 248, subpart A) under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). The privacy notice and opt out notice provisions of Regulation S–P (the ‘‘Rule’’) implement the privacy notice and opt out notice requirements of Title V of the Gramm-Leach-Bliley Act (‘‘GLBA’’), which include the requirement that, at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer of such financial institution’s policies and practices with respect to disclosing nonpublic personal information to affiliates and nonaffiliated third parties (‘‘privacy notice’’). Title V of the GLBA also provides that, unless an exception applies, a financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless the financial institution clearly and conspicuously discloses to the consumer that such information may be disclosed to such third party; the VerDate Sep<11>2014 17:13 Jun 26, 2015 Jkt 235001 consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party; and the consumer is given an explanation of how the consumer can exercise that nondisclosure option (‘‘opt out notice’’). The Rule applies to brokerdealers, investment advisers registered with the Commission, and investment companies (‘‘covered entities’’). Commission staff estimates that, as of December 31, 2014, the Rule’s information collection burden applies to approximately 19,876 covered entities (approximately 4,267 broker-dealers, 11,508 investment advisers registered with the Commission, and 4,101 investment companies). In view of (a) the minimal recordkeeping burden imposed by the Rule (since the Rule has no recordkeeping requirement and records relating to customer communications already must be made and retained pursuant to other SEC rules); (b) the summary fashion in which information must be provided to customers in the privacy and opt out notices required by the Rule (the model privacy form adopted by the SEC and the other agencies in 2009, designed to serve as both a privacy notice and an opt out notice, is only two pages); (c) the availability to covered entities of the model privacy form and online model privacy form builder; and (d) the experience of covered entities’ staff with the notices, SEC staff estimates that covered entities will each spend an average of approximately 12 hours per year complying with the Rule, for a total of approximately 238,512 annual burden-hours (12 × 19,876 = 238,512). SEC staff understands that the vast majority of covered entities deliver their privacy and opt out notices with other communications such as account opening documents and account statements. Because the other communications are already delivered to consumers, adding a brief privacy and opt out notice should not result in added costs for processing or for postage and materials. Also, privacy and opt out notices may be delivered electronically to consumers who have agreed to electronic communications, which further reduces the costs of delivery. Because SEC staff assumes that most paper copies of privacy and opt out notices are combined with other required mailings, the burden-hour estimates above are based on resources required to integrate the privacy and opt notices into another mailing, rather than on the resources required to create and send a separate mailing. SEC staff estimates that, of the estimated 12 PO 00000 Frm 00072 Fmt 4703 Sfmt 9990 annual burden-hours incurred, approximately 8 hours would be spent by administrative assistants at an hourly rate of $74, and approximately 4 hours would be spent by internal counsel at an hourly rate of $380, for a total annualized internal cost of compliance of $2,112 for each of the covered entities (8 × $74 = $592; 4 × $380 = $1,520; $592 + $1,520 = $2,112). Hourly cost of compliance estimates for administrative assistant time are derived from the Securities Industry and Financial Markets Association’s Office Salaries in the Securities Industry 2013, modified by SEC staff to account for an 1,800hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. Hourly cost of compliance estimates for internal counsel time are derived from the Securities Industry and Financial Markets Association’s Management & Professional Earnings in the Securities Industry 2013, modified by SEC staff to account for an 1,800-hour work-year and multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. Accordingly, SEC staff estimates that the total annualized internal cost of compliance for the estimated total hour burden for the approximately 19,876 covered entities subject to the Rule is approximately $41,978,112 ($2,112 × 19,876 = $41,978,112). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following Web site: www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission,c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or by sending an email to: PRA_ Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: June 23, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015–15816 Filed 6–26–15; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\29JNN1.SGM 29JNN1

Agencies

[Federal Register Volume 80, Number 124 (Monday, June 29, 2015)]
[Notices]
[Pages 37031-37032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15814]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736.

Extension:
    Rules 17h-1T and 17h-2T.
    SEC File No. 270-359, OMB Control No. 3235-0410.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rules 
17h-1T and 17h-2T (17 CFR 240.17h-1T and 17 CFR 240.17h-2T), under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
    Rule 17h-1T requires a covered broker-dealer to maintain and 
preserve records and other information concerning certain entities that 
are associated with the broker-dealer. This requirement extends to the 
financial and securities activities of the holding company, affiliates 
and subsidiaries of the broker-dealer that are reasonably likely to 
have a material impact on the financial or operational condition of the 
broker-dealer. Rule 17h-2T requires a covered broker-dealer to file 
with the Commission quarterly reports and a cumulative year-end report 
concerning the information required to be maintained and preserved 
under Rule 17h-1T.
    The collection of information required by Rules 17h-1T and 17h-2T, 
collectively referred to as the ``risk assessment rules'', is necessary 
to enable the Commission to monitor the activities of a broker-dealer 
affiliate whose business activities are reasonably likely to have a 
material impact on the financial or operational condition of the 
broker-dealer. Without this information, the Commission would be unable 
to assess the potentially damaging impact of the affiliate's activities 
on the broker-dealer.
    There are currently 306 respondents that must comply with Rules 
17h-1T and 17h-2T. Each of these 306 respondents are estimated to 
require 10 hours per year to maintain the records required under Rule 
17h-1T, for an aggregate estimated annual burden of 3,060 hours (306 
respondents x 10 hours). In addition, each of these 306 respondents 
must make five annual responses under Rule 17h-2T. These five responses 
are estimated to require 14 hours per respondent per year for an 
aggregate estimated annual burden of 4,284 hours (306 respondents x 14 
hours).
    In addition, new respondents must draft an organizational chart 
required under Rule 17h-1T and establish a system for complying with 
the risk assessment rules. The staff estimates that drafting the 
required organizational chart requires one hour and establishing a 
system for complying with the risk assessment rules requires three 
hours. Based on the unchanged number of filers in recent years, the 
staff estimates there will be zero new respondents, and thus, a 
corresponding estimated burden of zero hours for new respondents. Thus, 
the total compliance burden per year is approximately 7,344 burden 
hours (3,060 hours + 4,284 hours).
    The retention period for the recordkeeping requirement under Rule 
17h-1T is not less than two years following the date the notice is 
submitted. There is no specific retention period or recordkeeping 
requirement for Rule 17h-2T. The collection of information is 
mandatory. All information obtained by the Commission pursuant to the 
provisions of Rules 17h-1T and 17h-2T from a broker or dealer 
concerning a material associated person is deemed confidential 
information for the purposes of section 24(b) of the Exchange Act.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following Web site: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
Shagufta_Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon,

[[Page 37032]]

100 F Street NE., Washington, DC 20549, or by sending an email to: 
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: June 23, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-15814 Filed 6-26-15; 8:45 am]
 BILLING CODE 8011-01-P
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