Notice2022-24880
Proposed Collection; Comment Request; Extension: Rule 17a-14 and Form CRS
Primary source
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Published
November 16, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 220 (Wednesday, November 16, 2022)</title>
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[Federal Register Volume 87, Number 220 (Wednesday, November 16, 2022)]
[Notices]
[Page 68755]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24880]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-809, OMB Control No. 3235-0766]
Proposed Collection; Comment Request; Extension: Rule 17a-14 and
Form CRS
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-14 [17 CFR 240.17a-
14] and Form CRS [17 CFR 249.640], 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-14 and Form CRS require a broker-dealer that offers
services to retail investors to prepare and file with the Commission
through WebCRD, post to the broker-dealer's website (if it has one),
and deliver to retail investors a relationship summary. The
relationship summary can assist retail investors in making an informed
choice about whether to hire or retain a broker-dealer, as well as what
types of accounts and services are appropriate for their needs.
The information that must be collected pursuant to Rule 17a-14 and
Form CRS is necessary to provide broker-dealer retail customers,
prospective retail customers, and the Commission with information about
the relationships and services the firm offers to retail investors,
fees and costs that the retail investor will pay, specific conflicts of
interest and standards of conduct, legal or disciplinary history, and
how to obtain additional information about the firm. The Commission
uses the information to manage its regulatory and examination programs.
Clients can use the information required in the relationship summary to
determine whether to hire or retain a broker-dealer, as well as what
types of accounts and services are appropriate for their needs. The
information will therefore help establish a framework that protects
investors and promotes efficiency, competition, and capital formation.
The aggregate annual hour burden for all respondents to comply with
the information collection requirements of Rule 17a-14 and Form CRS is
estimated to be approximately 6,098,916 hours per year. Under Rule 17a-
14 and Form CRS, respondents will also incur cost burdens. The
aggregate annual cost burden for all respondents is estimated to be
approximately $181,194 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 will
have practical utility; (b) the accuracy of the Commission's estimate
of the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information 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 in writing by January
17, 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#144446554b59757d78767b6c546771773a737b62"><span class="__cf_email__" data-cfemail="07575546584a666e6b65687f4774626429606871">[email protected]</span></a>.
Dated: November 9, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-24880 Filed 11-15-22; 8:45 am]
BILLING CODE 8011-01-P
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