Proposed Collection; Comment Request, 16719 [2020-06109]

Download as PDF Federal Register / Vol. 85, No. 57 / Tuesday, March 24, 2020 / Notices cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–CboeEDGA–2020–008 and should be submitted on or before April 14, 2020. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.30 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–06117 Filed 3–23–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–195; OMB Control No. 3235–0198] Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 lotter on DSKBCFDHB2PROD with NOTICES Extension: Rule 15c2–5. 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’’) is soliciting comments on the existing 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. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. 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 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 30 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:34 Mar 23, 2020 Jkt 250001 (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 $63.00 for clerical labor,4 resulting in a total internal compliance cost of $37,800.5 These reflect internal labor costs; there are no external labor, capital, or start-up costs. 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 will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information 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. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information 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, multiplied by 2.93 to account for bonuses, firm size, employee benefits and overhead, and adjusted by a factor of 1.0965 to account for inflation. 5 600 hours per year × $63.00 per hour = $37,800 per year. PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 16719 under the PRA unless it displays a currently valid OMB control number. Please direct your written comments to: David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: March 18, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–06109 Filed 3–23–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–455, OMB Control No. 3235–0514] Proposed Collection; 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 8c–1. 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’’) is soliciting comments on the existing collection of information provided for in Rule 8c–1 (17 CFR 240.8c–1), under the Securities Exchange Act of 1934 (‘‘Exchange Act’’) (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (‘‘OMB’’) for extension and approval. Rule 8c–1 generally prohibits a broker-dealer from using its customers’ securities as collateral to finance its own trading, speculating, or underwriting transactions. More specifically, Rule 8c– 1 states three main principles: (1) A broker-dealer is prohibited from commingling the securities of different customers as collateral for a loan without the consent of each customer; (2) a broker-dealer cannot commingle customers’ securities with its own securities under the same pledge; and (3) a broker-dealer can only pledge its customers’ securities to the extent that customers are in debt to the brokerdealer. Additionally, Rule 8c–1 requires broker-dealers to make certain written notifications to pledgees in connection E:\FR\FM\24MRN1.SGM 24MRN1

Agencies

[Federal Register Volume 85, Number 57 (Tuesday, March 24, 2020)]
[Notices]
[Page 16719]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06109]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-195; OMB Control No. 3235-0198]


Proposed Collection; 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.

    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'') is soliciting comments on the existing 
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. 78a et seq.) 
(``Exchange Act''). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    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 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 
$63.00 for clerical labor,\4\ resulting in a total internal compliance 
cost of $37,800.\5\ These reflect internal labor costs; there are no 
external labor, capital, or start-up costs.
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    \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, multiplied by 2.93 to account 
for bonuses, firm size, employee benefits and overhead, and adjusted 
by a factor of 1.0965 to account for inflation.
    \5\ 600 hours per year x $63.00 per hour = $37,800 per year.
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    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 will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information 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.
    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.
    Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email 
to: [email protected].

    Dated: March 18, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-06109 Filed 3-23-20; 8:45 am]
BILLING CODE 8011-01-P
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