Submission for OMB Review; Comment Request, 34192 [2018-15382]
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34192
Federal Register / Vol. 83, No. 139 / Thursday, July 19, 2018 / Notices
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–5(c), (17 CFR 240.17a–5(c)),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 17a–5(c) generally requires
broker-dealers who carry customer
accounts to provide statements of the
broker-dealer’s financial condition to
their customers. Paragraph (c)(5) of Rule
17a–5 provides a conditional exemption
from this requirement. A broker-dealer
that elects to take advantage of the
exemption must publish its statements
on its website in a prescribed manner,
and must maintain a toll-free number
that customers can call to request a copy
of the statements.
The purpose of the Rule is to ensure
that customers of broker-dealers are
provided with information concerning
the financial condition of the firm that
may be holding the customers’ cash and
securities. The Commission, when
adopting the Rule in 1972, stated that
the goal was to ‘‘directly’’ send a
customer essential information so that
the customer could ‘‘judge whether his
broker or dealer is financially sound.’’
The Commission adopted the Rule in
response to the failure of several brokerdealers holding customer funds and
securities in the period between 1968
and 1971.
The Commission estimates that
approximately 162 broker-dealer
respondents carrying approximately 132
million public customer accounts incur
a burden of approximately 161,037
hours per year to comply with the Rule.
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 website:
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 Candace Kenner, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: PRA_Mailbox@
VerDate Sep<11>2014
17:34 Jul 18, 2018
Jkt 244001
sec.gov. Comments must be submitted to
OMB within 30 days of this notice.
Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–15375 Filed 7–18–18; 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 6c–7; SEC File No. 270–269, OMB
Control No. 3235–0276.
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 (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 6c–7 (17 CFR 270.6c–7) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (‘‘1940 Act’’)
provides exemption from certain
provisions of Sections 22(e) and 27 of
the 1940 Act for registered separate
accounts offering variable annuity
contracts to certain employees of Texas
institutions of higher education
participating in the Texas Optional
Retirement Program. There are
approximately 50 registrants governed
by Rule 6c–7. The burden of compliance
with Rule 6c–7, in connection with the
registrants obtaining from a purchaser,
prior to or at the time of purchase, a
signed document acknowledging the
restrictions on redeem ability imposed
by Texas law, is estimated to be
approximately 3 minutes per response
for each of approximately 2300
purchasers annually (at an estimated
$66 per hour),1 for a total annual burden
1 $66/hour figure for a Compliance Clerk is based
on the Commission’s estimates concerning the
allocation of burden hours and the relevant wage
rates from the Commission’s consultations with
industry representatives and on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association’s Office Salaries in the Securities
Industry 2013. The estimated wage figures are
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,
overhead, and adjusted to account for the effects of
inflation. See Securities Industry and Financial
Markets Association, Report on Management &
PO 00000
Frm 00095
Fmt 4703
Sfmt 9990
of 115 hours (at a total annual cost of
$7,590).
Rule 6c–7 requires that the separate
account’s registration statement under
the Securities Act of 1933 (15 U.S.C. 77a
et seq.) include a representation that
Rule 6c–7 is being relied upon and is
being complied with. This requirement
enhances the Commission’s ability to
monitor utilization of and compliance
with the rule. There are no
recordkeeping requirements with
respect to Rule 6c–7.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules or forms. The
Commission does not include in the
estimate of average burden hours the
time preparing registration statements
and sales literature disclosure regarding
the restrictions on redeem ability
imposed by Texas law. The estimate of
burden hours for completing the
relevant registration statements are
reported on the separate PRA
submissions for those statements. (See
the separate PRA submissions for Form
N–3 (17 CFR 274.11b) and Form N–4 (17
CFR 274.11c).
Complying with the collection of
information requirements of the rules is
necessary to obtain a benefit. 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.
The public may view the background
documentation for this information
collection at the following website,
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 Candace Kenner, 100 F
Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov. Comments must be submitted to
OMB within 30 days of this notice.
Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–15382 Filed 7–18–18; 8:45 am]
BILLING CODE 8011–01–P
Professional Earnings in the Securities Industry
2013.
E:\FR\FM\19JYN1.SGM
19JYN1
]]>Agencies
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Page 34192]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15382]
-----------------------------------------------------------------------
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 6c-7; SEC File No. 270-269, OMB Control No. 3235-0276.
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 (the ``Commission'') has submitted to the Office of
Management and Budget a request for extension of the previously
approved collection of information discussed below.
Rule 6c-7 (17 CFR 270.6c-7) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``1940 Act'') provides exemption from
certain provisions of Sections 22(e) and 27 of the 1940 Act for
registered separate accounts offering variable annuity contracts to
certain employees of Texas institutions of higher education
participating in the Texas Optional Retirement Program. There are
approximately 50 registrants governed by Rule 6c-7. The burden of
compliance with Rule 6c-7, in connection with the registrants obtaining
from a purchaser, prior to or at the time of purchase, a signed
document acknowledging the restrictions on redeem ability imposed by
Texas law, is estimated to be approximately 3 minutes per response for
each of approximately 2300 purchasers annually (at an estimated $66 per
hour),\1\ for a total annual burden of 115 hours (at a total annual
cost of $7,590).
---------------------------------------------------------------------------
\1\ $66/hour figure for a Compliance Clerk is based on the
Commission's estimates concerning the allocation of burden hours and
the relevant wage rates from the Commission's consultations with
industry representatives and on salary information for the
securities industry compiled by the Securities Industry and
Financial Markets Association's Office Salaries in the Securities
Industry 2013. The estimated wage figures are 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, overhead, and
adjusted to account for the effects of inflation. See Securities
Industry and Financial Markets Association, Report on Management &
Professional Earnings in the Securities Industry 2013.
---------------------------------------------------------------------------
Rule 6c-7 requires that the separate account's registration
statement under the Securities Act of 1933 (15 U.S.C. 77a et seq.)
include a representation that Rule 6c-7 is being relied upon and is
being complied with. This requirement enhances the Commission's ability
to monitor utilization of and compliance with the rule. There are no
recordkeeping requirements with respect to Rule 6c-7.
The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules or forms. The Commission does not include in the
estimate of average burden hours the time preparing registration
statements and sales literature disclosure regarding the restrictions
on redeem ability imposed by Texas law. The estimate of burden hours
for completing the relevant registration statements are reported on the
separate PRA submissions for those statements. (See the separate PRA
submissions for Form N-3 (17 CFR 274.11b) and Form N-4 (17 CFR
274.11c).
Complying with the collection of information requirements of the
rules is necessary to obtain a benefit. 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.
The public may view the background documentation for this
information collection at the following website, 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:
[email protected]; and (ii) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington, DC 20549 or send an email to:
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15382 Filed 7-18-18; 8:45 am]
BILLING CODE 8011-01-P
