Proposed Collection; Comment Request; Extension: Rule 15c2-5, 4276 [2023-01249]

Download as PDF tkelley on DSK125TN23PROD with NOTICES 4276 Federal Register / Vol. 88, No. 15 / Tuesday, January 24, 2023 / Notices SECURITIES AND EXCHANGE COMMISSION Dated: January 18, 2023. Sherry R. Haywood, Assistant Secretary. [SEC File No. 270–115, OMB Control No. 3235–0132] [FR Doc. 2023–01246 Filed 1–23–23; 8:45 am] BILLING CODE 8011–01–P Submission for OMB Review; Comment Request; Extension: Trust Indenture Act Rules 7a–15 Through 7a–37 SECURITIES AND EXCHANGE COMMISSION Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Proposed Collection; Comment Request; Extension: Rule 15c2–5 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 (‘‘Commission’’) has submitted to the Office of Management and Budget this request for extension of the previously approved collection of information discussed below. Rules 7a–15 through 7a–37 (17 CFR 260.7a–15—260.7a–37) under the Trust Indenture Act of 1939 (15 U.S.C. 77aaa et seq.) set forth the general requirements as to form and content of applications, statements and reports that must be filed under the Trust Indenture Act. The respondents are persons and entities subject to the requirements of the Trust Indenture Act. Trust Indenture Act Rules 7a–15 through 7a–37 are disclosure guidelines and do not directly result in any collection of information. The rules are assigned only one burden hour for administrative convenience. 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 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 by February 23, 2023 to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. VerDate Sep<11>2014 19:17 Jan 23, 2023 Jkt 259001 [SEC File No. 270–195, OMB Control No. 3235–0198] Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 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 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. PO 00000 Frm 00126 Fmt 4703 Sfmt 9990 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 hour burden per year is approximately 600 hours.3 The approximate internal compliance cost per hour is $66.00 for clerical labor,4 resulting in a total internal compliance cost of approximately $39,600 per year.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 by March 27, 2023. 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 John Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_ Mailbox@sec.gov. Dated: January 18, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–01249 Filed 1–23–23; 8:45 am] BILLING CODE 8011–01–P 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 × $66.00 per hour = $39,600 per year. E:\FR\FM\24JAN1.SGM 24JAN1

Agencies

[Federal Register Volume 88, Number 15 (Tuesday, January 24, 2023)]
[Notices]
[Page 4276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01249]


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SECURITIES AND EXCHANGE COMMISSION

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


Proposed Collection; Comment Request; Extension: Rule 15c2-5

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

    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 hour burden per year is 
approximately 600 hours.\3\ The approximate internal compliance cost 
per hour is $66.00 for clerical labor,\4\ resulting in a total internal 
compliance cost of approximately $39,600 per year.\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 $66.00 per hour = $39,600 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 by March 27, 2023.
    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 John 
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to: 
[email protected].

    Dated: January 18, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-01249 Filed 1-23-23; 8:45 am]
BILLING CODE 8011-01-P
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