Notice2022-15128
Submission for OMB Review; Comment Request Extension: Rule 17a-7
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
July 15, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 135 (Friday, July 15, 2022)</title>
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[Federal Register Volume 87, Number 135 (Friday, July 15, 2022)]
[Notices]
[Page 42515]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15128]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-147, OMB Control No. 3235-0131]
Submission for OMB Review; Comment Request Extension: Rule 17a-7
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'') 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-
7 (17 CFR 240.17a-7) under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17a-7 requires a non-resident broker-dealer (generally, a
broker-dealer with its principal place of business in a place not
subject to the jurisdiction of the United States) registered or
applying for registration pursuant to Section 15 of the Exchange Act to
maintain--in the United States--complete and current copies of books
and records required to be maintained under any rule adopted under the
Exchange Act and furnish to the Commission a written notice specifying
the address where the copies are located. Alternatively, Rule 17a-7
provides that non-resident broker-dealers may file with the Commission
a written undertaking to furnish the requisite books and records to the
Commission upon demand within 14 days of the demand.
The Commission estimates that there are approximately 30 non-
resident broker-dealers. Based on the Commission's experience, the
Commission estimates that the average amount of time necessary to
comply with Rule 17a-7 is one hour per year per respondent.
Accordingly, the Commission estimates that the total industry-wide
reporting burden is approximately 30 hours per year. Assuming an
average cost per hour of approximately $319 for a compliance manager,
the total internal cost of compliance for the respondents is
approximately $9,570 per year.\1\
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\1\ $319 per hour for a compliance manager is from SIFMA's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff for an 1800-hour work-year, multiplied
by 5.35 to account for bonuses, firm size, employee benefits, and
overhead, and adjusted for inflation.
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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 by August 15, 2022 to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> 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:
<a href="/cdn-cgi/l/email-protection#08585a4957456961646a6770487b6d6b266f677e"><span class="__cf_email__" data-cfemail="de8e8c9f8193bfb7b2bcb1a69eadbbbdf0b9b1a8">[email protected]</span></a>.
Dated: July 11, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-15128 Filed 7-14-22; 8:45 am]
BILLING CODE 8011-01-P
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