Notice2022-23570
Submission for OMB Review; Comment Request; Extension: Regulation S-AM
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 31, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 209 (Monday, October 31, 2022)</title>
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[Federal Register Volume 87, Number 209 (Monday, October 31, 2022)]
[Notices]
[Page 65628]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-23570]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-548, OMB Control No. 3235-0609]
Submission for OMB Review; Comment Request; Extension: Regulation
S-AM
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
Regulation S-AM (17 CFR part 248, subpart B), under the Fair Credit
Reporting Act (15 U.S.C. 1681 et seq.) (``FCRA''), the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Investment Company
Act of 1940 (15 U.S.C. 80a-1 et seq.), and the Investment Advisers Act
of 1940 (15 U.S.C. 80b-1 et seq.).
Regulation S-AM implements the requirements of Section 624 of the
FCRA (15 U.S.C. 1681s-3) with respect to investment advisers and
transfer agents registered with the Commission, as well as brokers,
dealers and investment companies (collectively, ``Covered Persons'').
Section 624 and Regulation S-AM limit a Covered Person's use of certain
consumer financial information received from an affiliate to solicit a
consumer for marketing purposes, unless the consumer was given notice
and a reasonable opportunity and a reasonable and simple method to opt
out of such solicitations. Regulation S-AM potentially applies to all
of the approximately 21,896 Covered Persons registered with the
Commission, although only approximately 12,262 of them have one or more
corporate affiliates, and the regulation requires only approximately
2,190 to provide consumers with an affiliate marketing notice and an
opt-out opportunity.
The Commission staff estimates that there are approximately 12,262
Covered Persons having one or more affiliates, and that they each spend
an average of 0.20 hours per year to review affiliate marketing
practices, for, collectively, an estimated annual time burden of
approximately 2,452 hours at an annual internal compliance cost of
approximately $1,444,228. The staff also estimates that approximately
2,190 Covered Persons provide notice and opt-out opportunities to
consumers, and that they each spend an average of 7.6 hours per year
creating notices, providing notices and opt-out opportunities,
monitoring the opt-out notice process, making and updating records of
opt-out elections, and addressing consumer questions and concerns about
opt-out notices, for, collectively, an estimated annual time burden of
approximately 16,644 hours at an annual internal compliance cost of
approximately $3,599,484. Thus, the staff estimates that the collection
of information requires a total of approximately 12,262 respondents to
incur an estimated total annual time burden of approximately 19,096
hours at a total annual internal cost of compliance of approximately
$5,043,712.
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 November 30, 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#d6868497899bb7bfbab4b9ae96a5b3b5f8b1b9a0"><span class="__cf_email__" data-cfemail="441416051b09252d28262b3c043721276a232b32">[email protected]</span></a>.
Dated: October 25, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-23570 Filed 10-28-22; 8:45 am]
BILLING CODE 8011-01-P
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