Submission for OMB Review; Comment Request, 11958 [2017-03772]

Download as PDF 11958 Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices statement information interactive data that is currently available only to investment companies and certain other entities. • The Commission will consider whether to propose amendments to Rule 15c2–12 under the Securities Exchange Act of 1934, which would amend the list of event notices that a broker, dealer, or municipal securities dealer acting as an underwriter in a primary offering of municipal securities, must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board. The proposed amendments would add two event notices relating to certain financial obligations incurred by issuers and obligated persons. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted, or postponed, please contact Brent J. Fields in the Office of the Secretary at (202) 551–5400. Dated: February 22, 2017. Brent J. Fields, Secretary. [FR Doc. 2017–03849 Filed 2–23–17; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: U.S. Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. mstockstill on DSK3G9T082PROD with NOTICES Extension: Rule 17a–13, SEC File No. 270- 27, OMB Control No. 3235–0035. 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 Rule 17a–13 (17 CFR 240.17a–13) under the Securities Exchange Act of 1934 (15 U.S. C. 78a et seq.) (‘‘Exchange Act’’). Rule 17a–13(b) (17 CFR 240.17a– 13(b)) generally requires that at least once each calendar quarter, all registered brokers-dealers physically examine and count all securities held, VerDate Sep<11>2014 20:23 Feb 24, 2017 Jkt 241001 and that they account for all other securities not in their possession, but subject to the broker-dealer’s control or direction. Any discrepancies between the broker-dealer’s securities count and the firm’s records must be noted and, within seven days, the unaccounted for difference must be recorded in the firm’s records. Rule 17a–13(c) (17 CFR 240.17a–13(c)) provides that under specified conditions, the count, examination, and verification of the broker-dealer’s entire list of securities may be conducted on a cyclical basis rather than on a certain date. Although Rule 17a–13 does not require brokerdealers to file a report with the Commission, discrepancies between a broker-dealer’s records and the securities counts may be required to be reported, for example, as a loss on Form X–17a–5 (17 CFR 248.617), which must be filed with the Commission under Exchange Act Rule 17a–5 (17 CFR 240.17a–5). Rule 17a–13 exempts broker-dealers that limit their business to the sale and redemption of securities of registered investment companies and interests or participation in an insurance company separate account and those who solicit accounts for federally insured savings and loan associations, provided that such persons promptly transmit all funds and securities and hold no customer funds and securities. Rule 17a–13 also does not apply to certain broker-dealers required to register only because they effect transactions in securities futures products. The information obtained from Rule 17a–13 is used as an inventory control device to monitor a broker-dealer’s ability to account for all securities held in transfer, in transit, pledged, loaned, borrowed, deposited, or otherwise subject to the firm’s control or direction. Discrepancies between the securities counts and the broker-dealer’s records alert the Commission and the selfregulatory organizations (‘‘SROs’’) to those firms experiencing back-office operational issues. Currently, there are approximately 4,067 broker-dealers registered with the Commission. However, given the variability in their businesses, it is difficult to quantify how many hours per year each broker-dealer spends complying with Rule 17a–13. As noted, Rule 17a–13 requires a broker-dealer to account for all securities in its possession or subject to its control or direction. Many broker-dealers hold few, if any, securities; while others hold large quantities. Therefore, the time burden of complying with Rule 17a–13 will depend on respondent-specific factors, including a broker-dealer’s size, PO 00000 Frm 00068 Fmt 4703 Sfmt 9990 number of customers, and proprietary trading activity. The staff estimates that the average time spent per respondent is 100 hours per year on an ongoing basis to maintain the records required under Rule 17a–13. This estimate takes into account the fact that more than half of the 4,067 respondents—according to financial reports filed with the Commission—may spend little or no time complying with Rule 17a–13, given that they do not do a public securities business or do not hold inventories of securities. For these reasons, the staff estimates that the total compliance burden per year is 406,700 hours (4,067 respondents x 100 hours/respondent). The records required to be made by Rule 17a–13 are available only to Commission examination staff, state securities authorities, and applicable SROs. Subject to the provisions of the Freedom of Information Act, 5 U.S.C. 522, and the Commission’s rules thereunder (17 CFR 200.80(b)(4)(iii)), the Commission does not generally publish or make available information contained in any reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an examination or inspection of the books and records of any person or any other investigation. 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: February 17, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–03772 Filed 2–24–17; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\27FEN1.SGM 27FEN1

Agencies

[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Notices]
[Page 11958]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03772]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

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

Extension:
    Rule 17a-13, SEC File No. 270- 27, OMB Control No. 3235-0035.

    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 Rule 
17a-13 (17 CFR 240.17a-13) under the Securities Exchange Act of 1934 
(15 U.S. C. 78a et seq.) (``Exchange Act'').
    Rule 17a-13(b) (17 CFR 240.17a-13(b)) generally requires that at 
least once each calendar quarter, all registered brokers-dealers 
physically examine and count all securities held, and that they account 
for all other securities not in their possession, but subject to the 
broker-dealer's control or direction. Any discrepancies between the 
broker-dealer's securities count and the firm's records must be noted 
and, within seven days, the unaccounted for difference must be recorded 
in the firm's records. Rule 17a-13(c) (17 CFR 240.17a-13(c)) provides 
that under specified conditions, the count, examination, and 
verification of the broker-dealer's entire list of securities may be 
conducted on a cyclical basis rather than on a certain date. Although 
Rule 17a-13 does not require broker-dealers to file a report with the 
Commission, discrepancies between a broker-dealer's records and the 
securities counts may be required to be reported, for example, as a 
loss on Form X-17a-5 (17 CFR 248.617), which must be filed with the 
Commission under Exchange Act Rule 17a-5 (17 CFR 240.17a-5). Rule 17a-
13 exempts broker-dealers that limit their business to the sale and 
redemption of securities of registered investment companies and 
interests or participation in an insurance company separate account and 
those who solicit accounts for federally insured savings and loan 
associations, provided that such persons promptly transmit all funds 
and securities and hold no customer funds and securities. Rule 17a-13 
also does not apply to certain broker-dealers required to register only 
because they effect transactions in securities futures products.
    The information obtained from Rule 17a-13 is used as an inventory 
control device to monitor a broker-dealer's ability to account for all 
securities held in transfer, in transit, pledged, loaned, borrowed, 
deposited, or otherwise subject to the firm's control or direction. 
Discrepancies between the securities counts and the broker-dealer's 
records alert the Commission and the self-regulatory organizations 
(``SROs'') to those firms experiencing back-office operational issues.
    Currently, there are approximately 4,067 broker-dealers registered 
with the Commission. However, given the variability in their 
businesses, it is difficult to quantify how many hours per year each 
broker-dealer spends complying with Rule 17a-13. As noted, Rule 17a-13 
requires a broker-dealer to account for all securities in its 
possession or subject to its control or direction. Many broker-dealers 
hold few, if any, securities; while others hold large quantities. 
Therefore, the time burden of complying with Rule 17a-13 will depend on 
respondent-specific factors, including a broker-dealer's size, number 
of customers, and proprietary trading activity. The staff estimates 
that the average time spent per respondent is 100 hours per year on an 
ongoing basis to maintain the records required under Rule 17a-13. This 
estimate takes into account the fact that more than half of the 4,067 
respondents--according to financial reports filed with the Commission--
may spend little or no time complying with Rule 17a-13, given that they 
do not do a public securities business or do not hold inventories of 
securities. For these reasons, the staff estimates that the total 
compliance burden per year is 406,700 hours (4,067 respondents x 100 
hours/respondent).
    The records required to be made by Rule 17a-13 are available only 
to Commission examination staff, state securities authorities, and 
applicable SROs. Subject to the provisions of the Freedom of 
Information Act, 5 U.S.C. 522, and the Commission's rules thereunder 
(17 CFR 200.80(b)(4)(iii)), the Commission does not generally publish 
or make available information contained in any reports, summaries, 
analyses, letters, or memoranda arising out of, in anticipation of, or 
in connection with an examination or inspection of the books and 
records of any person or any other investigation.
    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: February 17, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03772 Filed 2-24-17; 8:45 am]
 BILLING CODE 8011-01-P