Submission for OMB Review; Comment Request, 30345 [2013-12148]

Download as PDF Federal Register / Vol. 78, No. 99 / Wednesday, May 22, 2013 / Notices SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. TKELLEY on DSK3SPTVN1PROD with NOTICES Extension: Rule 15a–6, SEC File No. 270–0329, OMB Control No. 3235–0371. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), 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 Rule 15a–6 (17 CFR 240.15a–6) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 15a–6 provides conditional exemptions from the requirement to register as a broker-dealer pursuant to Section 15 of the Exchange Act (15 U.S.C. 78o) for foreign broker-dealers that engage in certain specified activities involving U.S. persons. In particular, Rule 15a–6(a)(3) provides an exemption from broker-dealer registration for foreign broker-dealers that solicit and effect transactions with or for U.S. institutional investors or major U.S. institutional investors through a registered broker-dealer, provided that the U.S. broker-dealer, among other things, obtains certain information about, and consents to service of process from, the personnel of the foreign broker-dealer involved in such transactions, and maintains certain records in connection therewith. These requirements are intended to ensure (a) that the registered brokerdealer will receive notice of the identity of, and has reviewed the background of, foreign personnel who will contact U.S. investors, (b) that the foreign brokerdealer and its personnel effectively may be served with process in the event enforcement action is necessary, and (c) that the Commission has ready access to information concerning these persons and their U.S. securities activities. Commission staff estimates that approximately 2,000 U.S. registered broker-dealers will spend an average of two hours of clerical staff time and one hour of managerial staff time per year obtaining the information required by the rule, resulting in a total aggregate burden of 6,000 hours per year for complying with the rule. Assuming an VerDate Mar<15>2010 16:59 May 21, 2013 Jkt 229001 hourly cost of $63 1 for a compliance clerk and $269 2 for a compliance manager, the resultant total internal labor cost of compliance for the respondents is $790,000 per year (2,000 entities × ((2 hours/entity × $63/hour) + (1 hour per entity X $269/hour)) = $790,000). In general, the records to be maintained under Rule 15a–6 must be kept for the applicable time periods as set forth in Rule 17a–4 (17 CFR 240.17a–4) under the Exchange Act or, with respect to the consents to service of process, for a period of not less than six years after the applicable person ceases engaging in U.S. securities activities. Reliance on the exemption set forth in Rule 15a–6 is voluntary, but if a foreign broker-dealer elects to rely on such exemption, the collection of information described therein is mandatory. The collection does not involve confidential information. 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 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) Thomas Bayer, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: May 16, 2013. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2013–12148 Filed 5–21–13; 8:45 am] BILLING CODE 8011–01–P 1 The hourly rate used for a compliance clerk was from SIFMA’s Office Salaries in the Securities Industry 2012, modified by Commission staff to account for an 1,800 hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. 2 The hourly rate used for a compliance manager was from SIFMA’s Management & Professional Earnings in the Securities Industry 2012, modified by Commission 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. PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 30345 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–245, OMB Control No. 3235–0204] Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. Extension: Rule 19d–3. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), 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 Rule 19d–3 (17 CFR 240.19d–3) under the Securities Exchange Act of 1934 (17 U.S.C. 78a et seq.). Rule 19d–3 prescribes the form and content of applications to the Commission by persons seeking Commission review of final disciplinary actions against them taken by selfregulatory organizations (‘‘SROs’’) for which the Commission is the appropriate regulatory agency. The Commission uses the information provided in the application filed pursuant to Rule 19d–3 to review final actions taken by SROs including: (1) Final disciplinary sanctions; (2) denial or conditioning of membership, participation or association; and (3) prohibitions or limitations of access to services offered by a SRO or member thereof. It is estimated that approximately six respondents will utilize this application procedure annually, with a total burden of approximately 108 hours, for all respondents to complete all submissions. This figure is based upon past submissions. The Commission staff estimates that each respondent will submit approximately one response and the average number of hours necessary to comply with the requirements of Rule 19d–3 is approximately eighteen hours. The average cost per hour, to complete each submission, is approximately $101. Therefore, it is estimated the internal labor cost of compliance for all respondents is approximately $10,908 (6 submissions × 18 hours per response × $101 per hour). The filing of an application pursuant to Rule 19d–3 is voluntary and does not involve the collection of confidential information. Rule 19d–3 does not have E:\FR\FM\22MYN1.SGM 22MYN1

Agencies

[Federal Register Volume 78, Number 99 (Wednesday, May 22, 2013)]
[Notices]
[Page 30345]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-12148]



[[Page 30345]]

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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 Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 15a-6, SEC File No. 270-0329, OMB Control No. 3235-0371.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), 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 Rule 15a-
6 (17 CFR 240.15a-6) under the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.).
    Rule 15a-6 provides conditional exemptions from the requirement to 
register as a broker-dealer pursuant to Section 15 of the Exchange Act 
(15 U.S.C. 78o) for foreign broker-dealers that engage in certain 
specified activities involving U.S. persons. In particular, Rule 15a-
6(a)(3) provides an exemption from broker-dealer registration for 
foreign broker-dealers that solicit and effect transactions with or for 
U.S. institutional investors or major U.S. institutional investors 
through a registered broker-dealer, provided that the U.S. broker-
dealer, among other things, obtains certain information about, and 
consents to service of process from, the personnel of the foreign 
broker-dealer involved in such transactions, and maintains certain 
records in connection therewith.
    These requirements are intended to ensure (a) that the registered 
broker-dealer will receive notice of the identity of, and has reviewed 
the background of, foreign personnel who will contact U.S. investors, 
(b) that the foreign broker-dealer and its personnel effectively may be 
served with process in the event enforcement action is necessary, and 
(c) that the Commission has ready access to information concerning 
these persons and their U.S. securities activities. Commission staff 
estimates that approximately 2,000 U.S. registered broker-dealers will 
spend an average of two hours of clerical staff time and one hour of 
managerial staff time per year obtaining the information required by 
the rule, resulting in a total aggregate burden of 6,000 hours per year 
for complying with the rule. Assuming an hourly cost of $63 \1\ for a 
compliance clerk and $269 \2\ for a compliance manager, the resultant 
total internal labor cost of compliance for the respondents is $790,000 
per year (2,000 entities x ((2 hours/entity x $63/hour) + (1 hour per 
entity X $269/hour)) = $790,000).
---------------------------------------------------------------------------

    \1\ The hourly rate used for a compliance clerk was from SIFMA's 
Office Salaries in the Securities Industry 2012, modified by 
Commission staff to account for an 1,800 hour work-year and 
multiplied by 2.93 to account for bonuses, firm size, employee 
benefits and overhead.
    \2\ The hourly rate used for a compliance manager was from 
SIFMA's Management & Professional Earnings in the Securities 
Industry 2012, modified by Commission 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.
---------------------------------------------------------------------------

    In general, the records to be maintained under Rule 15a-6 must be 
kept for the applicable time periods as set forth in Rule 17a-4 (17 CFR 
240.17a-4) under the Exchange Act or, with respect to the consents to 
service of process, for a period of not less than six years after the 
applicable person ceases engaging in U.S. securities activities. 
Reliance on the exemption set forth in Rule 15a-6 is voluntary, but if 
a foreign broker-dealer elects to rely on such exemption, the 
collection of information described therein is mandatory. The 
collection does not involve confidential information.
    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 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) Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an 
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: May 16, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12148 Filed 5-21-13; 8:45 am]
BILLING CODE 8011-01-P
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