Submission for OMB Review; Comment Request Extension: Rule 17a-5(c)

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Published

November 8, 2024

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Securities and Exchange Commission

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<title>Federal Register, Volume 89 Issue 217 (Friday, November 8, 2024)</title>
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[Federal Register Volume 89, Number 217 (Friday, November 8, 2024)]
[Notices]
[Page 88841]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25921]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-199, OMB Control No. 3235-0199]


Submission for OMB Review; 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 (``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 17a-
5(c), (17 CFR 240.17a-5(c)), under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.).
    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.
    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 within 30 days of publication of this notice 
by December 9, 2024 to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> or 
<a href="/cdn-cgi/l/email-protection#b0fdf2e89efffdf29efff9e2f19ee3f5f3efd4d5c3dbefdfd6d6d9d3d5c2f0dfddd29ed5dfc09ed7dfc6"><span class="__cf_email__" data-cfemail="470a051f69080a0569080e150669140204182322342c182821212e24223507282a256922283769202831">[email&#160;protected]</span></a>, and (ii) Austin Gerig, 
Director/Chief Data Officer, Securities and Exchange Commission, c/o 
Tanya Ruttenberg, 100 F Street NE, Washington, DC 20549, or by sending 
an email to: <a href="/cdn-cgi/l/email-protection#83d3d1c2dccee2eaefe1ecfbc3f0e6e0ade4ecf5"><span class="__cf_email__" data-cfemail="aefefceff1e3cfc7c2ccc1d6eeddcbcd80c9c1d8">[email&#160;protected]</span></a>.

    Dated: November 4, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-25921 Filed 11-7-24; 8:45 am]
BILLING CODE 8011-01-P


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