Submission for OMB Review; Comment Request, 40612-40613 [2017-18073]

Download as PDF 40612 Federal Register / Vol. 82, No. 164 / Friday, August 25, 2017 / Notices that the proposed rule change would not impose any additional costs on the industry. As noted above, the proposed rule change does not change the text to Rule 11140(b). Instead, the proposed rule change interprets the application of the rule solely to refrain from designating September 5, 2017 as an exdividend date for ‘‘regular’’ or ‘‘large’’ distributions. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. sradovich on DSK3GMQ082PROD with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 21 and Rule 19b–4(f)(6) thereunder.22 A proposed rule change filed under Rule 19b–4(f)(6) 23 normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b–4(f)(6)(iii),24 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. FINRA has asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. FINRA has stated that the purpose of the proposed rule change is to minimize confusion about proper settlement that may arise during the transition to the T+2 settlement cycle on September 5, 2017. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest to avoid the confusion that could arise in connection with the transition to the T+2 settlement cycle on September 5, 2017, if normal or large September 4, 2017) and trades that occur on September 5, 2017 (under T+2). 21 15 U.S.C. 78s(b)(3)(A). 22 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires FINRA to give the Commission written notice of FINRA’s intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. FINRA has satisfied this requirement. 23 17 CFR 240.19b–4(f)(6). 24 17 CFR 240.19b–4(f)(6)(iii). VerDate Sep<11>2014 17:40 Aug 24, 2017 Jkt 241001 distributions were to be ex-dividend on that date. Accordingly, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing.25 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– FINRA–2017–026 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–FINRA–2017–026. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and 25 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 printing in the Commission’s Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of FINRA. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–FINRA– 2017–026, and should be submitted on or before September 15, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.26 Robert W. Errett, Deputy Secretary. [FR Doc. 2017–18000 Filed 8–24–17; 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. Extension: Rule 15c2–5, SEC File No. 270–195; OMB Control No. 3235–0198 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 15c2–5 (17 CFR 240.15c2–5), under the Securities Exchange Act of 1934 (15 U.S.C. 78 et seq.) (‘‘Exchange Act’’). Rule 15c2–5 prohibits a broker-dealer from arranging or extending certain loans to persons in connection with the offer or sale of securities unless, before any element of the transaction is entered into, the broker-dealer: (1) Delivers to the person a written statement containing the exact nature and extent of the person’s obligations under the loan arrangement; the risks and disadvantages of the loan arrangement; and all commissions, discounts, and other remuneration received and to be received in connection with the 26 17 E:\FR\FM\25AUN1.SGM CFR 200.30–3(a)(12). 25AUN1 Federal Register / Vol. 82, No. 164 / Friday, August 25, 2017 / Notices sradovich on DSK3GMQ082PROD with NOTICES transaction by the broker-dealer or certain related persons (unless the person receives certain materials from the lender or broker-dealer which contain the required information); and (2) obtains from the person information on the person’s financial situation and needs, reasonably determines that the transaction is suitable for the person, and retains on file and makes available to the person on request a written statement setting forth the brokerdealer’s basis for determining that the transaction was suitable. The collection of information required by Rule 15c2–5 is necessary to execute the Commission’s mandate under the Exchange Act to prevent fraudulent, manipulative, and deceptive acts and practices by broker-dealers. The Commission estimates that there are approximately 50 respondents that require an aggregate total of 600 hours to comply with Rule 15c2–5.1 Each of these approximately 50 registered broker-dealers makes an estimated six annual responses, for an aggregate total of 300 responses per year.2 Each response takes approximately two hours to complete. Thus, the total compliance burden per year is 600 burden hours.3 The approximate internal compliance cost per hour is $57.00 for clerical labor,4 resulting in a total internal compliance cost of $34,200.5 These reflect internal labor costs; there are no external labor, capital, or start-up costs. Although Rule 15c2–5 does not specify a retention period or recordkeeping requirement under the rule, broker-dealers are required to preserve the records for a period no less than six years pursuant to Rule 17a–4(c). The information required under Rule 15c2– 5 is necessary for broker-dealers to engage in the lending activities prescribed in the Rule. Rule 15c2–5 does not assure confidentiality for the information retained under the rule.6 1 50 respondents × 6 responses per year × 2 hours per response = 600 hours per year. 2 50 respondents × 6 responses per year = 300 responses per year. 3 300 responses per year × 2 hours per response = 600 hours per year. 4 Cost per hour for a clerk is from SIFMA’s Office Salaries in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead. 5 600 hours per year × $57.00 per hour = $34,200 per year. 6 The records required by Rule 15c2–5 would be available only for examination purposes of the Commission staff, state securities authorities, and the self-regulatory organizations. Subject to the provisions of the Freedom of Information Act, 5 U.S.C. 552, 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, VerDate Sep<11>2014 17:40 Aug 24, 2017 Jkt 241001 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: August 22, 2017. Eduardo A. Aleman, Assistant Secretary. 40613 U.S. Small Business Administration, 409 3rd Street SW., Suite 6050, Washington, DC 20416, (202) 205–6734. Notice is hereby given that as a result of the President’s major disaster declaration on 08/18/2017, applications for disaster loans may be filed at the address listed above or other locally announced locations. The following areas have been determined to be adversely affected by the disaster: SUPPLEMENTARY INFORMATION: Primary Counties (Physical Damage and Economic Injury Loans): Harrison, Marion, Marshall, Wetzel Contiguous Counties (Economic Injury Loans Only): West Virginia: Barbour, Doddridge, Lewis, Monongalia, Ohio, Taylor, Tyler, Upshur. Ohio: Belmont, Monroe Pennsylvania: Greene, Washington The Interest Rates are: Percent [FR Doc. 2017–18073 Filed 8–24–17; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #15255 and #15256; WEST VIRGINIA Disaster Number WV– 00046] Presidential Declaration of a Major Disaster for the State of West Virginia U.S. Small Business Administration. ACTION: Notice. AGENCY: This is a Notice of the Presidential declaration of a major disaster for the State of West Virginia (FEMA–4331–DR), dated 08/18/2017. Incident: Severe Storms, Flooding, Landslides, and Mudslides. Incident Period: 07/28/2017 through 07/29/2017. DATES: Issued on 08/18/2017. Physical Loan Application Deadline Date: 10/17/2017. Economic Injury (EIDL) Loan Application Deadline Date: 05/18/2018. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, SUMMARY: For Physical Damage: Homeowners with Credit Available Elsewhere ...................... Homeowners without Credit Available Elsewhere .............. Businesses with Credit Available Elsewhere ...................... Businesses without Credit Available Elsewhere .............. Non-Profit Organizations with Credit Available Elsewhere ... Non-Profit Organizations without Credit Available Elsewhere ..................................... For Economic Injury: Businesses & Small Agricultural Cooperatives without Credit Available Elsewhere .............. Non-Profit Organizations Without Credit Available Elsewhere ..................................... The number assigned to this disaster for physical damage is 152556 and for economic injury is 152560.. (Catalog of Federal Domestic Assistance Number 59008) James E. Rivera, Associate Administrator for Disaster Assistance. [FR Doc. 2017–18039 Filed 8–24–17; 8:45 am] BILLING CODE 8025–01–P 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. PO 00000 Frm 00076 Fmt 4703 Sfmt 9990 E:\FR\FM\25AUN1.SGM 25AUN1 3.500 1.750 6.610 3.305 2.500 2.500 3.305 2.500

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 164 (Friday, August 25, 2017)]
[Notices]
[Pages 40612-40613]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18073]


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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:
    Rule 15c2-5, SEC File No. 270-195; OMB Control No. 3235-0198

    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 
15c2-5 (17 CFR 240.15c2-5), under the Securities Exchange Act of 1934 
(15 U.S.C. 78 et seq.) (``Exchange Act'').
    Rule 15c2-5 prohibits a broker-dealer from arranging or extending 
certain loans to persons in connection with the offer or sale of 
securities unless, before any element of the transaction is entered 
into, the broker-dealer: (1) Delivers to the person a written statement 
containing the exact nature and extent of the person's obligations 
under the loan arrangement; the risks and disadvantages of the loan 
arrangement; and all commissions, discounts, and other remuneration 
received and to be received in connection with the

[[Page 40613]]

transaction by the broker-dealer or certain related persons (unless the 
person receives certain materials from the lender or broker-dealer 
which contain the required information); and (2) obtains from the 
person information on the person's financial situation and needs, 
reasonably determines that the transaction is suitable for the person, 
and retains on file and makes available to the person on request a 
written statement setting forth the broker-dealer's basis for 
determining that the transaction was suitable. The collection of 
information required by Rule 15c2-5 is necessary to execute the 
Commission's mandate under the Exchange Act to prevent fraudulent, 
manipulative, and deceptive acts and practices by broker-dealers.
    The Commission estimates that there are approximately 50 
respondents that require an aggregate total of 600 hours to comply with 
Rule 15c2-5.\1\ Each of these approximately 50 registered broker-
dealers makes an estimated six annual responses, for an aggregate total 
of 300 responses per year.\2\ Each response takes approximately two 
hours to complete. Thus, the total compliance burden per year is 600 
burden hours.\3\ The approximate internal compliance cost per hour is 
$57.00 for clerical labor,\4\ resulting in a total internal compliance 
cost of $34,200.\5\ These reflect internal labor costs; there are no 
external labor, capital, or start-up costs.
---------------------------------------------------------------------------

    \1\ 50 respondents x 6 responses per year x 2 hours per response 
= 600 hours per year.
    \2\ 50 respondents x 6 responses per year = 300 responses per 
year.
    \3\ 300 responses per year x 2 hours per response = 600 hours 
per year.
    \4\ Cost per hour for a clerk is from SIFMA's Office Salaries in 
the Securities Industry 2013, modified by Commission staff to 
account for an 1800-hour work-year and multiplied by 2.93 to account 
for bonuses, firm size, employee benefits and overhead.
    \5\ 600 hours per year x $57.00 per hour = $34,200 per year.
---------------------------------------------------------------------------

    Although Rule 15c2-5 does not specify a retention period or record-
keeping requirement under the rule, broker-dealers are required to 
preserve the records for a period no less than six years pursuant to 
Rule 17a-4(c). The information required under Rule 15c2-5 is necessary 
for broker-dealers to engage in the lending activities prescribed in 
the Rule. Rule 15c2-5 does not assure confidentiality for the 
information retained under the rule.\6\
---------------------------------------------------------------------------

    \6\ The records required by Rule 15c2-5 would be available only 
for examination purposes of the Commission staff, state securities 
authorities, and the self-regulatory organizations. Subject to the 
provisions of the Freedom of Information Act, 5 U.S.C. 552, 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: August 22, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-18073 Filed 8-24-17; 8:45 am]
 BILLING CODE 8011-01-P

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