Notice2022-24109
Proposed Collection; Comment Request; Extension: Rule 17f-1(g)
Primary source
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Published
November 4, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 213 (Friday, November 4, 2022)</title>
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[Federal Register Volume 87, Number 213 (Friday, November 4, 2022)]
[Notices]
[Pages 66763-66764]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24109]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-030, OMB Control No. 3235-0290]
Proposed Collection; Comment Request; Extension: Rule 17f-1(g)
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 17f-1(g) (17 CFR
240.17f-1(g)), 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.
Paragraph (g) of Rule 17f-1 requires that all reporting
institutions (i.e., every national securities exchange, member thereof,
registered securities association, broker, dealer, municipal securities
dealer, registered transfer agent, registered clearing agency,
participant therein, member of the Federal Reserve System and bank
insured by the FDIC) maintain and preserve a number of documents
related to their participation in the Lost and Stolen Securities
Program (``Program'') under Rule 17f-1. The following documents must be
kept in an easily accessible place for three years, according to
paragraph (g): (1) copies of all reports of theft or loss (Form X-17F-
1A) filed with the Commission's designee: (2) all agreements between
reporting institutions regarding registration in the Program or other
aspects of Rule 17f-1; and (3) all confirmations or other information
received from the Commission or its designee as a result of inquiry.
Reporting institutions utilize these records and reports (a) to
report missing, lost, stolen or counterfeit securities to the database;
(b) to confirm inquiry of the database; and (c) to demonstrate
compliance with Rule 17f-1. The Commission and the reporting
institutions' examining authorities utilize these records to monitor
the incidence of thefts and losses incurred by reporting institutions
and to determine compliance with Rule 17f-1. If such records were not
retained by reporting institutions, compliance with Rule 17f-1 could
not be monitored effectively.
The Commission estimates that there are approximately 10,018
reporting institutions (respondents) and, on average, each respondent
would need to retain 33 records annually, with each retention requiring
approximately 1 minute (a total of 33 minutes or 0.5511 hours per
respondent per year). Thus, the total estimated annual time burden for
all respondents is 5,521 hours (10,018 x 0.5511 hours = 5,521).
Assuming an average hourly cost for clerical work of $50.00, the
average total yearly record retention internal cost of compliance for
each respondent would be $27.56 ($50 x 0.5511 hours). Based on these
estimates, the total annual internal compliance cost for the estimated
10,018 reporting institutions would be approximately $276,096 (10,018 x
$27.56).
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
[[Page 66764]]
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
January 3, 2023.
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#f2a2a0b3adbf939b9e909d8ab2819791dc959d84"><span class="__cf_email__" data-cfemail="4e1e1c0f11032f27222c21360e3d2b2d60292138">[email protected]</span></a>.
Dated: November 1, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-24109 Filed 11-3-22; 8:45 am]
BILLING CODE 8011-01-P
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