Notice2023-00218
Submission for OMB Review; Comment Request; Extension: Rule 17f-1(g)
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
January 10, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 6 (Tuesday, January 10, 2023)</title>
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[Federal Register Volume 88, Number 6 (Tuesday, January 10, 2023)]
[Notices]
[Pages 1443-1444]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-00218]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-030, OMB Control No. 3235-0290]
Submission for OMB Review; 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 (44 U.S.C. 3501et seq.) (``PRA''), 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 Rule
17f-1(g) (17 CFR 240.17f-1(g)), under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 17f-1(g) 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
[[Page 1444]]
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).
Rule 17f-1(g) does not require periodic collection, but it does
require retention of records generated as a result of compliance with
Rule 17f-1. Under Section 17(b) and (f) of the Act, the information
required by Rule 17f-1(g) is available to the Commission and Federal
bank regulators for examinations or collection purposes. Rule 0-4 of
the Securities Exchange Act deems such information to be confidential.
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 February 9, 2023 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#c59597849a88a4aca9a7aabd85b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="1b4b495a44567a72777974635b687e78357c746d">[email protected]</span></a>.
Dated: January 4, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-00218 Filed 1-9-23; 8:45 am]
BILLING CODE 8011-01-P
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