Proposed Collection; Comment Request, 53609 [E7-18392]
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Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Notices
(Authority: 39 U.S.C. 3691)
Steven W. Williams,
Secretary.
[FR Doc. E7–18382 Filed 9–18–07; 8:45 am]
BILLING CODE 7719–FW–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
rwilkins on PROD1PC63 with NOTICES
Extension: Rule 17a–4(b)(11); SEC File No.
270–449; OMB Control No. 3235–0506.
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 collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 17a–4(b)(11) (17 CFR 240.17a–
4(b)(11)) under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.)
describes the record preservation
requirements for those records required
to be kept pursuant to Rule 17a–3(a)(16),
including how such records should be
kept and for how long, to be used in
monitoring compliance with the
Commission’s financial responsibility
program and antifraud and
antimanipulative rules as well as other
rules and regulations of the Commission
and the self-regulatory organizations. It
is estimated that approximately 105
active broker-dealer respondents
registered with the Commission incur
an average burden of 315 hours per year
(105 respondents multiplied by 3
burden hours per respondent equals 315
total burden hours) to comply with this
rule.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
VerDate Aug<31>2005
17:49 Sep 18, 2007
Jkt 211001
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Comments regarding the above
information should be directed to: R.
Corey Booth, Director/Chief Information
Officer, Securities and Exchange
Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria,
VA 22312 or by sending an e-mail to:
PRA_Mailbox@sec.gov. Comments must
be submitted within 60 days of this
notice.
Dated: September 13, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7–18392 Filed 9–18–07; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Request for Public Comment
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension: Rule 15c3–3; SEC File No. 270–
087; OMB Control No. 3235–0078.
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’’) intends to submit to
the Office of Management and Budget a
request for extension of the previously
approved collections of information
discussed below. The Code of Federal
Regulations citation to this collection of
information is: 17 CFR 240.15c3–3
Customer Protection—Reserves and
Custody of Securities.
Rule 15c3–3 under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) requires that a broker-dealer that
holds customer securities obtain and
maintain possession and control of
fully-paid and excess margin securities
they hold for customers. In addition, the
Rule requires that a broker-dealer that
holds customer funds make either a
weekly or monthly computation to
determine whether certain customer
funds need to be segregated in a special
reserve bank account for the exclusive
benefit of the firm’s customers. It also
requires that a broker-dealer maintain a
written notification from each bank
where a Special Reserve Bank Account
is held acknowledging that all assets in
the account are for the exclusive benefit
of the broker-dealer’s customers, and to
provide written notification to the
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53609
Commission (and its designated
examining authority) under certain,
specified circumstances. Finally, Rule
15c3–3 was amended in 2001 to add
paragraph (o), which only applies to
broker-dealers that sell securities futures
products to customers. Paragraph (o)
requires that such broker-dealers
provide certain notifications to
customers, and to make a record of any
changes of account type.
There are approximately 344 brokerdealers fully subject to the Rule (i.e.,
broker-dealers that can not claim any of
the exemptions enumerated at
paragraph (k)), of which approximately
9 make daily, 245 make weekly, and 90
make monthly, reserve computations.
On average, each of these respondents
require approximately 2.5 hours to
complete a computation. Accordingly,
Commission staff estimates that the
resulting burden totals 45,960 hours
annually ((2.5 hours × 240 computations
× 9 respondents that calculate daily) +
(2.5 hours × 52 computations × 245
respondents that calculate weekly) +
(2.5 hours × 12 computations × 90
respondents that calculate monthly)).
A broker-dealer required to maintain
the Special Reserve Bank Account
prescribed by Rule 15c3–3 must obtain
and retain a written notification from
each bank in which it has a Special
Reserve Bank Account to evidence
bank’s acknowledgement that assets
deposited in the Account are being held
by the bank for the exclusive benefit of
the broker-dealer’s customers. As stated
previously, 344 broker-dealers are
presently fully-subject to Rule 15c3–3.
In addition, 140 broker-dealers operate
in accordance with the exemption
provided in paragraph (k)(2)(i) which
also requires that a broker-dealer
maintain a Special Reserve Bank
Account. The staff estimates that of the
total broker-dealers that must comply
with this rule, only 25%, or 121 ((344
+ 140) × .25) must obtain 1 new letter
each year (either because the brokerdealer changed the type of business it
does and became subject to either
paragraph (e)(3) or (k)(2)(i) or simply
because the broker-dealer established a
new Special Reserve Bank Account).
The staff estimates that it would take a
broker-dealer approximately 1 hour to
obtain this written notification from a
bank regarding a Special Reserve Bank
Account because the language in these
letters is largely standardized.
Therefore, Commission staff estimates
that broker-dealers will spend
approximately 121 hours each year to
obtain these written notifications.
In addition, a broker-dealer must
immediately notify the Commission and
its designated examining authority if it
E:\FR\FM\19SEN1.SGM
19SEN1
]]>Agencies
[Federal Register Volume 72, Number 181 (Wednesday, September 19, 2007)]
[Notices]
[Page 53609]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18392]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension: Rule 17a-4(b)(11); SEC File No. 270-449; OMB Control No.
3235-0506.
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 collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
Rule 17a-4(b)(11) (17 CFR 240.17a-4(b)(11)) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.) describes the record
preservation requirements for those records required to be kept
pursuant to Rule 17a-3(a)(16), including how such records should be
kept and for how long, to be used in monitoring compliance with the
Commission's financial responsibility program and antifraud and
antimanipulative rules as well as other rules and regulations of the
Commission and the self-regulatory organizations. It is estimated that
approximately 105 active broker-dealer respondents registered with the
Commission incur an average burden of 315 hours per year (105
respondents multiplied by 3 burden hours per respondent equals 315
total burden hours) to comply with this rule.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in
writing within 60 days of this publication.
Comments regarding the above information should be directed to: R.
Corey Booth, Director/Chief Information Officer, Securities and
Exchange Commission, C/O Shirley Martinson, 6432 General Green Way,
Alexandria, VA 22312 or by sending an e-mail to: PRA--Mailbox@sec.gov.
Comments must be submitted within 60 days of this notice.
Dated: September 13, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-18392 Filed 9-18-07; 8:45 am]
BILLING CODE 8010-01-P
