Submission for OMB Review; Comment Request, 65550-65551 [E6-18803]
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Federal Register / Vol. 71, No. 216 / Wednesday, November 8, 2006 / Notices
preserved for a period of not less than
three years.9 The collection of
information is mandatory and the
information required to be provided to
the Commission pursuant to this Rule is
deemed confidential pursuant to
Section 17(j) of the Exchange Act and
Section 552(b)(3)(B) of the Freedom of
Information Act,10 notwithstanding any
other provision of law. In addition,
paragraph 17i–6(h) specifies that all
reports and statements filed by an
SIBHC in accordance with Rule 17i–6
shall be accorded confidential
treatment.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Comments should be directed to:
(i) The 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 e-mail to:
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Shirley Martinson,
6432 General Green Way, Alexandria,
VA 22312 or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
October 23, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–18794 Filed 11–7–06; 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 Filings and
Information Services, Washington, DC
20549.
cprice-sewell on PRODPC62 with NOTICES
Extension:
Rule 17i–3; SEC File No. 270–529; OMB
Control No. 3235–0593.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
9 17
CFR 240.17i–5(b)(3).
10 5 U.S.C. 552(b)(3)(B).
VerDate Aug<31>2005
15:11 Nov 07, 2006
Jkt 211001
approved collection of information
discussed below. The Code of Federal
Regulation citation to this collection of
information is the following rule:
Section 231 of the Gramm-LeachBliley Act of 1999 1 (the ‘‘GLBA’’)
amended Section 17 of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (the ‘‘Exchange Act’’) to create a
regulatory framework under which a
holding company of a broker-dealer
(‘‘investment bank holding company’’ or
‘‘IBHC’’) may voluntarily be supervised
by the Commission as a supervised
investment bank holding company (or
‘‘SIBHC’’).2 In 2004, the Commission
promulgated rules, including Rule 17i–
3, (17 CFR 240.17i–3.) to create a
framework for the Commission to
supervise SIBHCs.3 This framework
includes qualification criteria for
SIBHCs, as well as recordkeeping and
reporting requirements. Among other
things, this regulatory framework for
SIBHCs is intended to provide a basis
for non-U.S. financial regulators to treat
the Commission as the principal U.S.
consolidated home-country supervisor
for SIBHCs and their affiliated brokerdealers.4
Rule 17i–3 permits an SIBHC to
withdraw from Commission supervision
by filing a notice of withdrawal with the
Commission. The Rule requires that an
SIBHC include in its notice of
withdrawal a statement that it is in
compliance with Rule 17i–2(c)
regarding amendments to its Notice of
Intention to help to assure that the
Commission has updated information
when considering the SIBHC’s
withdrawal request.
The collection of information required
by Rule 17i–3 is necessary to enable the
Commission to evaluate whether it is
necessary and appropriate in the
furtherance of Section 17 of the
Exchange Act for the Commission to
allow an SIBHC to withdraw from
supervision. Without this information,
the Commission would be unable to
make this evaluation.
We estimate, for Paperwork Reduction
Act purposes only, that one SIBHC may
wish to withdraw from Commission
supervision as an SIBHC over a ten-year
period. Each SIBHC that withdraws
from Commission supervision as an
SIBHC will require approximately 24
hours to draft a withdrawal notice and
submit it to the Commission. An SIBHC
likely would have an attorney perform
1 Pub.
L. 106–102, 113 Stat. 1338 (1999).
15 U.S.C. 78q(i).
3 See Exchange Act Release No. 49831 (Jun. 8,
2004), 69 FR 34472 (Jun. 21, 2004).
4 See H.R. Conf. Rep. No. 106–434, 165 (1999).
See also Exchange Act Release No. 49831, at 6 (Jun.
8, 2004), 69 FR 34472, at 34473 (Jun. 21, 2004).
2 See
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
this task. Further, an SIBHC likely will
have a senior attorney or executive
officer review the notice of withdrawal
before submitting it to the Commission,
which will take approximately eight
hours. Thus, we estimate that the
annual, aggregate burden of
withdrawing from Commission
supervision as an SIBHC will be
approximately 3.2 hours each year.5
The collection of information is
mandatory and the information required
to be provided to the Commission
pursuant to this Rule is deemed
confidential pursuant to section 17(j) of
the Exchange Act and Section
552(b)(3)(B) of the Freedom of
Information Act,6 notwithstanding any
other provision of law.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Comments should be directed to: (i)
The 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
send an e-mail to
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Shirley Martinson,
6432 General Green Way, Alexandria,
VA 22312 or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
October 23, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–18795 Filed 11–7–06; 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 Filings and
Information Services, Washington, DC
20549.
Extension:
Rule 17i–5; SEC File No. 270–531; OMB
Control No. 3235–0590.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
5 (1 SIBHC/every 10 years) × (24 hours to draft +
8 hours to review) = 3.2 hours.
6 5 U.S.C. 552(b)(3)(B).
E:\FR\FM\08NON1.SGM
08NON1
Federal Register / Vol. 71, No. 216 / Wednesday, November 8, 2006 / Notices
cprice-sewell on PRODPC62 with NOTICES
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Section 231 of the Gramm-LeachBliley Act of 1999 1 (the ‘‘GLBA’’)
amended Section 17 of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (the ‘‘Exchange Act’’ or the ‘‘Act’’)
to create a regulatory framework under
which a holding company of a brokerdealer (‘‘investment bank holding
company’’ or ‘‘IBHC’’) may voluntarily
be supervised by the Commission as a
supervised investment bank holding
company (or ‘‘SIBHC’’).2 In 2004, the
Commission promulgated rules,
including Rule 17i–5, (17 CFR 240.17i–
5) to create a framework for the
Commission to supervise SIBHCs.3 This
framework includes qualification
criteria for SIBHCs, as well as
recordkeeping and reporting
requirements. Among other things, this
regulatory framework for SIBHCs is
intended to provide a basis for non-U.S.
financial regulators to treat the
Commission as the principal U.S.
consolidated, home-country supervisor
for SIBHCs and their affiliated brokerdealers.4
Pursuant to Section 17(i)(3)(A) of the
Exchange Act, an SIBHC would be
required to make and keep records,
furnish copies thereof, and make such
reports as the Commission may require
by rule.5 Rule 17i–5 requires that an
SIBHC make and keep current certain
records relating to its business. In
addition, it requires that an SIBHC
preserve those and other records for at
least three years.
The collections of information
required pursuant to Rule 17i–5 are
necessary so that the Commission can
adequately supervise the activities of
these SIBHCs. In addition, these
collections of information are needed to
allow the Commission to effectively
determine whether supervision of an
IBHC as an SIBHC is necessary or
appropriate in furtherance of the
purposes of section 17 of the Act. Rule
17i–5 also enhances the Commission’s
supervision of the SIBHCs’ subsidiary
broker-dealers through collection of
additional information and inspections
of affiliates of those broker-dealers.
Without this information and
L. No. 106–102, 113 Stat. 1338 (1999).
15 U.S.C. 78q(i).
3 See Exchange Act Release No. 49831 (Jun. 8,
2004), 69 FR 34472 (Jun. 21, 2004).
4 See H.R. Conf. Rep. No. 106–434, 165 (1999).
See also Exchange Act Release No. 49831, at 6 (Jun.
8, 2004), 69 FR 34472, at 34473 (Jun. 21, 2004).
5 15 U.S.C. 78q(i)(3)(A).
documentation, the Commission would
be unable to adequately supervise an
SIBHC, nor would it be able to
determine whether continued
supervision of an IBHC as an SIBHC
were necessary and appropriate in
furtherance of the purposes of section
17 of the Act.
We estimate that three IBHCs will file
Notices of Intention with the
Commission to be supervised by the
Commission as SIBHCs. An SIBHC will
require, on average, approximately 64
hours each quarter to create a record
regarding stress tests, or approximately
256 hours each year. In addition, an
SIBHC will generally require about 40
hours to create and document a
contingency plan regarding funding and
liquidity of the affiliate group. Further,
an SIBHC will establish approximately
20 new counterparty arrangements each
year, and will take, on average, about 30
minutes to create a record regarding the
basis for credit risk weights for each
such counterparty.6 Finally, an SIBHC
will generally require about 24 hours
per year to maintain the specified
records.
We believe that an IBHC likely will
upgrade its information technology
(‘‘IT’’) systems in order to more
efficiently comply with certain of the
SIBHC framework rules (including
Rules 17i–4, 17i–5, 17i–6 and 17i–7),
and that this would be a one-time cost.
Depending on the state of development
of the IBHC’s IT systems, it would cost
an IBHC between $1 million and $10
million to upgrade its IT systems to
comply with the SIBHC framework of
rules. Thus, on average, it would cost
each of the three IBHCs about $5.5
million to upgrade their IT systems, or
approximately $16.5 million in total. It
is impossible to determine what
percentage of the IT systems costs
would be attributable to each Rule, so
we allocated the total estimated upgrade
costs equally (at 25% for each of the
above-mentioned Rules), with
$4,125,000 attributable to Rule 17i–5.
The collection of information is
mandatory and the information required
to be provided to the Commission
pursuant to this Rule is deemed
confidential pursuant to section 17(j) of
the Exchange Act and Section
552(b)(3)(B) of the Freedom of
Information Act,7 notwithstanding any
other provision of law.
1 Pub.
2 See
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15:11 Nov 07, 2006
Jkt 211001
6 On average, each firm presently maintains
relationships with approximately 1,000
counterparties. Further, firms generally already
maintain documentation regarding their credit
decisions, including their determination of credit
risk weights, for those counterparties.
7 5 U.S.C. 552(b)(3)(B).
PO 00000
Frm 00101
Fmt 4703
Sfmt 4703
65551
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
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 e-mail to:
David_Rostker@omb.eop.gov; and (ii) R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Shirley Martinson,
6432 General Green Way, Alexandria,
VA 22312 or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: October 23, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6–18803 Filed 11–7–06; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collections; Comment
Request
Upon written request, copies available
from: Securities and Exchange
Commission, Office of Filings and
Information Services, Washington, DC
20549.
Extensions:
Industry Guides; OMB Control No. 3235–
0069; SEC File No. 270–069. Notice of
Exempt Roll-Up Preliminary
Communication; OMB Control No. 3235–
0452; SEC File No. 270–396.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget for
approval.
Industry Guides are used by
registrants in certain specified
industries as disclosure guidelines to be
followed in disclosing information to
investors in Securities Act (15 U.S.C.
77a et seq.) and Exchange Act (15 U.S.C.
78a et seq.) registration statements and
certain other Exchange Act filings. The
Commission estimates for
administrative purposes only that the
total annual burden with respect to the
Industry Guides is one hour. The
E:\FR\FM\08NON1.SGM
08NON1
]]>Agencies
[Federal Register Volume 71, Number 216 (Wednesday, November 8, 2006)]
[Notices]
[Pages 65550-65551]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-18803]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon written request, copies available from: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 17i-5; SEC File No. 270-531; OMB Control No. 3235-0590.
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) the Securities
[[Page 65551]]
and Exchange Commission (``Commission'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
Section 231 of the Gramm-Leach-Bliley Act of 1999 \1\ (the
``GLBA'') amended Section 17 of the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (the ``Exchange Act'' or the ``Act'') to create a
regulatory framework under which a holding company of a broker-dealer
(``investment bank holding company'' or ``IBHC'') may voluntarily be
supervised by the Commission as a supervised investment bank holding
company (or ``SIBHC'').\2\ In 2004, the Commission promulgated rules,
including Rule 17i-5, (17 CFR 240.17i-5) to create a framework for the
Commission to supervise SIBHCs.\3\ This framework includes
qualification criteria for SIBHCs, as well as recordkeeping and
reporting requirements. Among other things, this regulatory framework
for SIBHCs is intended to provide a basis for non-U.S. financial
regulators to treat the Commission as the principal U.S. consolidated,
home-country supervisor for SIBHCs and their affiliated broker-
dealers.\4\
---------------------------------------------------------------------------
\1\ Pub. L. No. 106-102, 113 Stat. 1338 (1999).
\2\ See 15 U.S.C. 78q(i).
\3\ See Exchange Act Release No. 49831 (Jun. 8, 2004), 69 FR
34472 (Jun. 21, 2004).
\4\ See H.R. Conf. Rep. No. 106-434, 165 (1999). See also
Exchange Act Release No. 49831, at 6 (Jun. 8, 2004), 69 FR 34472, at
34473 (Jun. 21, 2004).
---------------------------------------------------------------------------
Pursuant to Section 17(i)(3)(A) of the Exchange Act, an SIBHC would
be required to make and keep records, furnish copies thereof, and make
such reports as the Commission may require by rule.\5\ Rule 17i-5
requires that an SIBHC make and keep current certain records relating
to its business. In addition, it requires that an SIBHC preserve those
and other records for at least three years.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78q(i)(3)(A).
---------------------------------------------------------------------------
The collections of information required pursuant to Rule 17i-5 are
necessary so that the Commission can adequately supervise the
activities of these SIBHCs. In addition, these collections of
information are needed to allow the Commission to effectively determine
whether supervision of an IBHC as an SIBHC is necessary or appropriate
in furtherance of the purposes of section 17 of the Act. Rule 17i-5
also enhances the Commission's supervision of the SIBHCs' subsidiary
broker-dealers through collection of additional information and
inspections of affiliates of those broker-dealers. Without this
information and documentation, the Commission would be unable to
adequately supervise an SIBHC, nor would it be able to determine
whether continued supervision of an IBHC as an SIBHC were necessary and
appropriate in furtherance of the purposes of section 17 of the Act.
We estimate that three IBHCs will file Notices of Intention with
the Commission to be supervised by the Commission as SIBHCs. An SIBHC
will require, on average, approximately 64 hours each quarter to create
a record regarding stress tests, or approximately 256 hours each year.
In addition, an SIBHC will generally require about 40 hours to create
and document a contingency plan regarding funding and liquidity of the
affiliate group. Further, an SIBHC will establish approximately 20 new
counterparty arrangements each year, and will take, on average, about
30 minutes to create a record regarding the basis for credit risk
weights for each such counterparty.\6\ Finally, an SIBHC will generally
require about 24 hours per year to maintain the specified records.
---------------------------------------------------------------------------
\6\ On average, each firm presently maintains relationships with
approximately 1,000 counterparties. Further, firms generally already
maintain documentation regarding their credit decisions, including
their determination of credit risk weights, for those
counterparties.
---------------------------------------------------------------------------
We believe that an IBHC likely will upgrade its information
technology (``IT'') systems in order to more efficiently comply with
certain of the SIBHC framework rules (including Rules 17i-4, 17i-5,
17i-6 and 17i-7), and that this would be a one-time cost. Depending on
the state of development of the IBHC's IT systems, it would cost an
IBHC between $1 million and $10 million to upgrade its IT systems to
comply with the SIBHC framework of rules. Thus, on average, it would
cost each of the three IBHCs about $5.5 million to upgrade their IT
systems, or approximately $16.5 million in total. It is impossible to
determine what percentage of the IT systems costs would be attributable
to each Rule, so we allocated the total estimated upgrade costs equally
(at 25% for each of the above-mentioned Rules), with $4,125,000
attributable to Rule 17i-5.
The collection of information is mandatory and the information
required to be provided to the Commission pursuant to this Rule is
deemed confidential pursuant to section 17(j) of the Exchange Act and
Section 552(b)(3)(B) of the Freedom of Information Act,\7\
notwithstanding any other provision of law.
---------------------------------------------------------------------------
\7\ 5 U.S.C. 552(b)(3)(B).
---------------------------------------------------------------------------
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
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 e-mail to: David--
Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way, Alexandria, VA 22312 or send an e-
mail to: PRA--Mailbox@sec.gov. Comments must be submitted to OMB within
30 days of this notice.
Dated: October 23, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-18803 Filed 11-7-06; 8:45 am]
BILLING CODE 8011-01-P
