Notice2022-13807
Proposed Collection; Comment Request; Extension: Customer Account Statements
Primary source
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Published
June 29, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 124 (Wednesday, June 29, 2022)</title>
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[Federal Register Volume 87, Number 124 (Wednesday, June 29, 2022)]
[Notices]
[Page 38807]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-13807]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-382, OMB Control No. 3235-0435]
Proposed Collection; Comment Request; Extension: Customer Account
Statements
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 (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 607 (17 CFR 242.607)
under the Securities Exchange Act of 1934 (17 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 607 requires disclosure on each new account and on a yearly
basis thereafter, on the annual statement, the firm's policies
regarding receipt of payment for order flow from any market makers,
exchanges or exchange members to which it routes customers' order in
national market system securities for execution; and information
regarding the aggregate amount of monetary payments, discounts, rebates
or reduction in fees received by the firm over the past year.
The information collected pursuant to Rule 607 is necessary to
facilitate the establishment of a national market system for
securities. The purpose of the rule is to ensure that customers are
adequately apprised of the broker-dealer's order routing practices with
respect to the customer's order, in furtherance of the Commission's
statutory mandate to protect investors.
The Commission estimates that approximately 3,643 respondents will
make the third-party disclosures required in the collection of
information requirements to 183,511,801 customer accounts each year.
The Commission estimates that the average number of hours necessary for
each respondent to comply with Rule 607 per year is 39.714 hours, which
results in an average aggregated annual burden of 144,678.102 hours.
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
estimates 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 by August 29, 2022.
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:
<a href="/cdn-cgi/l/email-protection#4f1f1d0e10022e26232d20370f3c2a2c61282039"><span class="__cf_email__" data-cfemail="3d6d6f7c62705c54515f52457d4e585e135a524b">[email protected]</span></a>.
Dated: June 23, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-13807 Filed 6-28-22; 8:45 am]
BILLING CODE 8011-01-P
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