Notice2022-21820
Submission for OMB Review; Comment Request; Extension: Rule 17a-3
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
October 7, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 194 (Friday, October 7, 2022)</title>
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[Federal Register Volume 87, Number 194 (Friday, October 7, 2022)]
[Notices]
[Page 61108]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-21820]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-026, OMB Control No. 3235-0033]
Submission for OMB Review; 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'') has submitted to the Office of Management
and Budget (``OMB'') a request for extension of the previously approved
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.).
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.
Rule 17a-3 does not contain record retention requirements.
Compliance with the rule is mandatory. The required records are
available only to the staffs of the Commission, self-regulatory
organizations of which the broker-dealer is a member, and the states
during examination, inspections and investigations.
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 the 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 November 7, 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#29797b6876644840454b4651695a4c4a074e465f"><span class="__cf_email__" data-cfemail="d08082918f9db1b9bcb2bfa890a3b5b3feb7bfa6">[email protected]</span></a>.
Dated: October 3, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-21820 Filed 10-6-22; 8:45 am]
BILLING CODE 8011-01-P
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