Notice2025-11517
Proposed Collection; Comment Request; Extension: Rule 17a-7
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
June 24, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 119 (Tuesday, June 24, 2025)</title>
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[Federal Register Volume 90, Number 119 (Tuesday, June 24, 2025)]
[Notices]
[Page 26897]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11517]
[[Page 26897]]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0131]
Proposed Collection; Comment Request; Extension: Rule 17a-7
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 proposed
collection of information provided for in Rule 17a-7 (17 CFR 240.17a-7)
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (the
``Exchange Act'').
Rule 17a-7 requires a non-resident broker-dealer (generally, a
broker-dealer with its principal place of business in a place not
subject to the jurisdiction of the United States) registered or
applying for registration pursuant to Section 15 of the Exchange Act to
maintain--in the United States--complete and current copies of books
and records required to be maintained under any rule adopted under the
Exchange Act and furnish to the Commission a written notice specifying
the address where the copies are located. Alternatively, Rule 17a-7
provides that non-resident broker-dealers may file with the Commission
a written undertaking to furnish the requisite books and records to the
Commission upon demand within 14 days of the demand.
The Commission estimates that there are approximately 53 non-
resident broker-dealers. Based on the Commission's experience, the
Commission estimates that the average amount of time necessary to
comply with Rule 17a-7 is one hour per year per respondent.
Accordingly, the Commission estimates that the total industry-wide
reporting burden is approximately 53 hours per year. Assuming an
average cost per hour of approximately $344 for a compliance manager,
the total internal cost of compliance for the respondents is
approximately $18,232 per year.\1\
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\1\ $344 per hour for a compliance manager is from SIFMA's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff for an 1800-hour work-year, multiplied
by 5.35 to account for bonuses, firm size, employee benefits, and
overhead, and adjusted for inflation.
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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.
Written comments are invited on: (a) whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information shall 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 to be 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.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#104071607562677f627b427574657364797f7e517364506375733e777f66"><span class="__cf_email__" data-cfemail="9fcffeeffaede8f0edf4cdfafbeafcebf6f0f1defcebdfecfafcb1f8f0e9">[email protected]</span></a> by August 25, 2025. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: June 18, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-11517 Filed 6-23-25; 8:45 am]
BILLING CODE 8011-01-P
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