Notice2021-28429
Submission for OMB Review; Comment Request; Extension: Rule 17a-5(c)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 3, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 1 (Monday, January 3, 2022)</title>
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[Federal Register Volume 87, Number 1 (Monday, January 3, 2022)]
[Notices]
[Page 133]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-28429]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-199, OMB Control No. 3235-0199]
Submission for OMB Review; Comment Request; Extension: Rule 17a-
5(c)
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'') 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 broker-dealers holding customer funds and securities
in the period between 1968 and 1971.
The Commission estimates that approximately 163 broker-dealer
respondents carrying approximately 186 million public customer accounts
incur a burden of approximately 228,024 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: ><a href="http://www.reginfo.gov">www.reginfo.gov</a><. 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) ><a href="/cdn-cgi/l/email-protection#c38e819bed8c8e81ed8c8a9182ed9086809ca7a6b0a89caca5a5aaa0a6b183acaea1eda6acb3eda4acb5"><span class="__cf_email__" data-cfemail="bbf6f9e395f4f6f995f4f2e9fa95e8fef8e4dfdec8d0e4d4ddddd2d8dec9fbd4d6d995ded4cb95dcd4cd">[email protected]</span></a> < and (ii) David
Bottom, Director/Chief Information Officer, Securities and Exchange
Commission, c/o John R. Pezzullo, 100 F Street NE, Washington, DC
20549, or by sending an email to: <a href="/cdn-cgi/l/email-protection#2a7a786b75674b43464845526a594f49044d455c"><span class="__cf_email__" data-cfemail="4d1d1f0c12002c24212f22350d3e282e632a223b">[email protected]</span></a>.
Dated: December 28, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-28429 Filed 12-30-21; 8:45 am]
BILLING CODE 8011-01-P
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