Notice2022-16479
Proposed Collection; Comment Request; Extension: Rule 17a-3
Primary source
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Published
August 2, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 147 (Tuesday, August 2, 2022)</title>
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[Federal Register Volume 87, Number 147 (Tuesday, August 2, 2022)]
[Notices]
[Page 47238]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16479]
[[Page 47238]]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-026, OMB Control No. 3235-0033]
Proposed Collection; Comment Request; Extension: Rule 17a-3
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 17a-3 (17 CFR 240.17a-
3), 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-3 under the Securities Exchange Act of 1934 establishes
minimum standards with respect to business records that broker-dealers
registered with the Commission must make and keep current. These
records are maintained by the broker-dealer (in accordance with a
separate rule), so they can be used by the broker-dealer and reviewed
by Commission examiners, as well as other regulatory authority
examiners, during inspections of the broker-dealer.
The collections of information included in Rule 17a-3 are necessary
to enable Commission, self-regulatory organization (``SRO''), and state
examiners to conduct effective and efficient examinations to determine
whether broker-dealers are complying with relevant laws, rules, and
regulations. If broker-dealers were not required to create these
baseline, standardized records, Commission, SRO, and state examiners
could be unable to determine whether broker-dealers are in compliance
with the Commission's antifraud and anti-manipulation rules, financial
responsibility program, and other Commission, SRO, and State laws,
rules, and regulations.
As of December 31, 2021 there were 3,528 broker-dealers registered
with the Commission. The Commission estimates that these broker-dealer
respondents incur a total hour burden of approximately 8,342,195 hours
per year to comply with Rule 17a-3.
In addition, Rule 17a-3 contains ongoing operation and maintenance
costs for broker-dealers, including the cost of postage to provide
customers with account information, and costs for equipment and systems
development. The Commission estimates that the total cost burden
associated with Rule 17a-3 would be approximately $105,320,999 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 to
be 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
October 3, 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#a6f6f4e7f9ebc7cfcac4c9dee6d5c3c588c1c9d0"><span class="__cf_email__" data-cfemail="f0a0a2b1afbd91999c929f88b0839593de979f86">[email protected]</span></a>.
Dated: July 27, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16479 Filed 8-1-22; 8:45 am]
BILLING CODE 8011-01-P
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