Notice2024-18917
Proposed Collection; Comment Request; Extension: Rule 17a-5(c)
Primary source
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Published
August 23, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 164 (Friday, August 23, 2024)</title>
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[Federal Register Volume 89, Number 164 (Friday, August 23, 2024)]
[Notices]
[Pages 68225-68226]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-18917]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-199, OMB Control No. 3235-0199]
Proposed Collection; Comment Request; Extension: Rule 17a-5(c)
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
[[Page 68226]]
(``Commission'') is soliciting comments on the existing collection of
information provided for in Rule 17a-5(c) (17 CFR 240.17a-5(c)), 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-5(c) generally requires broker-dealers who carry customer
accounts to provide statements of the broker-dealer's financial
condition to their customers. Paragraph (c)(5) of Rule 17a-5 provides a
conditional exemption from this requirement. A broker-dealer that
elects to take advantage of the exemption must publish its statements
on its website in a prescribed manner, and must maintain a toll-free
number that customers can call to request a copy of the statements.
The purpose of the Rule is to ensure that customers of broker-
dealers are provided with information concerning the financial
condition of the firm that may be holding the customers' cash and
securities. The Commission, when adopting the Rule in 1972, stated that
the goal was to ``directly'' send a customer essential information so
that the customer could ``judge whether his broker or dealer is
financially sound.'' The Commission adopted the Rule in response to the
failure of several broker-dealers holding customer funds and securities
in the period between 1968 and 1971.
The Commission estimates that approximately 153 broker-dealer
respondents carrying approximately 272 million public customer accounts
incur a burden of approximately 327,444 hours per year to comply with
the Rule.
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 22, 2024.
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: Austin Gerig, Director/
Chief Data Officer, Securities and Exchange Commission, c/o Oluwaseun
Ajayi, 100 F Street NE, Washington, DC 20549, or send an email to:
<a href="/cdn-cgi/l/email-protection#3a6a687b65775b53565855427a495f59145d554c"><span class="__cf_email__" data-cfemail="b9e9ebf8e6f4d8d0d5dbd6c1f9cadcda97ded6cf">[email protected]</span></a>.
Dated: August 19, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-18917 Filed 8-22-24; 8:45 am]
BILLING CODE 8011-01-P
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