Submission for OMB Review; Comment Request, 32434-32435 [2020-11592]

Download as PDF 32434 Federal Register / Vol. 85, No. 104 / Friday, May 29, 2020 / Notices 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’’) is soliciting comments on the existing collection of information provided for in Rule 17a–5 (17 CFR 240.17a–5), under the Securities Exchange Act of 1934 (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 17a–5 is the basic financial reporting rule for brokers and dealers.1 The rule requires the filing of Form X– 17A–5, the Financial and Operational Combined Uniform Single Report (‘‘FOCUS Report’’), which was the result of years of study and comments by representatives of the securities industry through advisory committees and through the normal rule proposal methods. The FOCUS Report was designed to eliminate the overlapping regulatory reports required by various self-regulatory organizations and the Commission and to reduce reporting burdens as much as possible. The rule also requires the filing of an annual audited report of financial statements. The FOCUS Report consists of: (1) Part I, which is a monthly report that must be filed by brokers or dealers that clear transactions or carry customer securities; (2) one of three alternative quarterly reports: Part II, which must be filed by brokers or dealers that clear transactions or carry customer securities; Part IIA, which must be filed by brokers or dealers that do not clear transactions or carry customer securities; and Part IIB, which must be filed by specialized broker-dealers registered with the Commission as OTC derivatives dealers; 2 (3) supplemental schedules, which must be filed annually; and (4) a facing page, which must be filed with the annual audited report of financial statements. Under the rule, a broker or dealer that computes certain of its capital charges in accordance with Appendix E to Exchange Act Rule 15c3–1 must file additional monthly, quarterly, and annual reports with the Commission. The Commission estimates that the total hour burden under Rule 17a–5 is approximately 328,746 hours per year when annualized, and the total cost burden under Rule 17a–5 is approximately $35,287,127 per year. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s estimate of the burden of the proposed 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. 1 Rule 17a–5(c) requires a broker or dealer to furnish certain of its financial information to customers and is subject to a separate PRA filing (OMB Control Number 3235–0199). 2 Part IIB of Form X–17A–5 must be filed by OTC derivatives dealers under Exchange Act Rule 17a– 12 and is subject to a separate PRA filing (OMB control number 3235–0498). (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. 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: May 26, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–11596 Filed 5–28–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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 jbell on DSKJLSW7X2PROD with NOTICES Extension: Rule 17a–5, SEC File No. 270–155, OMB Control No. 3235–0123 VerDate Sep<11>2014 17:06 May 28, 2020 Jkt 250001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 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: May 26, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–11593 Filed 5–28–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting; Cancellation FEDERAL REGISTER CITATION OF PREVIOUS ANNOUNCEMENT: 85 FR 31564, May 26, 2020. PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, May 27, 2020 at 2:00 p.m. The Closed Meeting scheduled for Wednesday, May 27, 2020 at 2:00 p.m., has been cancelled. CONTACT PERSON FOR MORE INFORMATION: For further information; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. CHANGES IN THE MEETING: Dated: May 27, 2020. Vanessa A. Countryman, Secretary. [FR Doc. 2020–11714 Filed 5–27–20; 4:15 pm] 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 E:\FR\FM\29MYN1.SGM 29MYN1 Federal Register / Vol. 85, No. 104 / Friday, May 29, 2020 / Notices 32435 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 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 Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/ PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/ o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Percent jbell on DSKJLSW7X2PROD with NOTICES 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 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. 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 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. VerDate Sep<11>2014 17:06 May 28, 2020 Jkt 250001 Dated: May 26, 2020. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–11592 Filed 5–28–20; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #16469 and #16470; Pennsylvania Disaster Number PA–00105 Administrative Declaration of a Disaster for the Commonwealth of Pennsylvania U.S. Small Business Administration. ACTION: Notice. AGENCY: Economic Injury (EIDL) Loan Application Deadline Date: 02/22/2021. 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, U.S. Small Business Administration, 409 3rd Street SW, Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: Notice is hereby given that as a result of the Administrator’s disaster declaration, 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: Primary Counties: Huntingdon Contiguous Counties: Pennsylvania—Bedford, Blair, Centre, Franklin, Fulton, Juniata, Mifflin. The Interest Rates are: 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 ..... 2.500 1.250 6.000 3.000 2.750 2.750 3.000 2.750 This is a notice of an Administrative declaration of a disaster for the Commonwealth of Pennsylvania dated 05/22/2020. Incident: Apartment Complex Fire. Incident Period: 05/12/2020. DATES: Issued on 05/22/2020. Physical Loan Application Deadline Date: 07/21/2020. The number assigned to this disaster for physical damage is 16469 5 and for economic injury is 16470 0. The State which received an EIDL Declaration # is Pennsylvania. 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. [FR Doc. 2020–11550 Filed 5–28–20; 8:45 am] SUMMARY: PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 (Catalog of Federal Domestic Assistance Number 59008) Jovita Carranza, Administrator. BILLING CODE 8026–03–P STATE JUSTICE INSTITUTE SJI Board of Directors Meeting, Notice State Justice Institute. Notice of meeting. AGENCY: ACTION: E:\FR\FM\29MYN1.SGM 29MYN1

Agencies

[Federal Register Volume 85, Number 104 (Friday, May 29, 2020)]
[Notices]
[Pages 32434-32435]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11592]


-----------------------------------------------------------------------

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

[[Page 32435]]

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.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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 website: www.reginfo.gov Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: May 26, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-11592 Filed 5-28-20; 8:45 am]
 BILLING CODE 8011-01-P
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