Notice2023-16861
Proposed Collection; Comment Request; Extension: Rule 17a-11
Primary source
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Published
August 8, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 151 (Tuesday, August 8, 2023)</title>
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[Federal Register Volume 88, Number 151 (Tuesday, August 8, 2023)]
[Notices]
[Page 53574]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16861]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-094, OMB Control No. 3235-0085]
Proposed Collection; Comment Request; Extension: Rule 17a-11
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-11, Notification
Provisions for Brokers and Dealers (17 CFR 240.17a-11), under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange
Act''). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
The Commission adopted Rule 17a-11 on July 11, 1971 in response to
an operational crisis in the securities industry between 1967 and 1970.
The rule requires broker-dealers that are experiencing financial or
operational difficulties to provide notice to the Commission, the
broker-dealer's designated examining authority (``DEA''), and the
Commodity Futures Trading Commission (``CFTC'') if the broker-dealer is
registered with the CFTC as a futures commission merchant. Rule 17a-11
is an integral part of the Commission's financial responsibility
program which enables the Commission, a broker-dealer's DEA, and the
CFTC to increase surveillance of a broker-dealer experiencing
difficulties and to obtain any additional information necessary to
gauge the broker-dealer's financial or operational condition.
Rule 17a-11 also requires over-the-counter derivatives dealers and
broker-dealers that are permitted to compute net capital pursuant to
Appendix E to Exchange Act Rule 15c3-1 to notify the Commission when
their tentative net capital drops below certain levels.
To ensure the provision of these types of notices to the
Commission, Rule 17a-11 requires every national securities exchange or
national securities association to notify the Commission when it learns
that a member broker-dealer has failed to send a notice or transmit a
report required under the Rule.
Compliance with the Rule is mandatory. The Commission will
generally not publish or make available to any person notices or
reports received pursuant to Rule 17a-11. The Commission believes that
information obtained under Rule 17a-11 relates to a condition report
prepared for the use of the Commission, other federal governmental
authorities, and securities industry self-regulatory organizations
responsible for the regulation or supervision of financial
institutions.
The Commission estimates that the total hour burden under Rule 17a-
11 is approximately 274 hours 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
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed 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 by
October 10, 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#e5b5b7a4baa8848c89878a9da5968086cb828a93"><span class="__cf_email__" data-cfemail="247476657b69454d48464b5c645741470a434b52">[email protected]</span></a>.
Dated: August 2, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-16861 Filed 8-7-23; 8:45 am]
BILLING CODE 8011-01-P
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