Notice2026-00791
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15c2-5
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 16, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 11 (Friday, January 16, 2026)</title>
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[Federal Register Volume 91, Number 11 (Friday, January 16, 2026)]
[Notices]
[Page 2227]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00791]
[[Page 2227]]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0198]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 15c2-5
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. 3501 et seq.), the Securities and Exchange
Commission (``SEC'' or ``Commission'') is soliciting comments on the
proposed collection of information provided for in Rule 15c2-5 (17 CFR
240.15c2-5) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (``Exchange Act'').
Rule 15c2-5 prohibits a broker-dealer from arranging or extending
certain loans to persons in connection with the offer or sale of
securities unless, before any element of the transaction is entered
into, the broker-dealer: (1) delivers to the person a written statement
containing the exact nature and extent of the person's obligations
under the loan arrangement; the risks and disadvantages of the loan
arrangement; and all commissions, discounts, and other remuneration
received and to be received in connection with the transaction by the
broker-dealer or certain related persons (unless the person receives
certain materials from the lender or broker-dealer which contain the
required information); and (2) obtains from the person information on
the person's financial situation and needs, reasonably determines that
the transaction is suitable for the person, and retains on file and
makes available to the person on request a written statement setting
forth the broker-dealer's basis for determining that the transaction
was suitable. The collection of information required by Rule 15c2-5 is
necessary to execute the Commission's mandate under the Exchange Act to
prevent fraudulent, manipulative, and deceptive acts and practices by
broker-dealers.
The Commission estimates that there are approximately 50
respondents that require an aggregate total of 600 hours to comply with
Rule 15c2-5.\1\ Each of these approximately 50 registered broker-
dealers makes an estimated six annual responses, for an aggregate total
of 300 responses per year.\2\ Each response takes approximately two
hours to complete. Thus, the total hour burden per year is
approximately 600 hours.\3\ The approximate internal compliance cost
per hour is $89.00 for clerical labor,\4\ resulting in a total internal
compliance cost of approximately $53,400 per year.\5\ These reflect
internal labor costs; there are no external labor, capital, or start-up
costs.
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\1\ 50 respondents x 6 responses per year x 2 hours per response
= 600 hours per year.
\2\ 50 respondents x 6 responses per year = 300 responses per
year.
\3\ 300 responses per year x 2 hours per response = 600 hours
per year.
\4\ Cost per hour for a Compliance Clerk is from SIFMA's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff to account for an 1800-hour work-year
and to account for bonuses, firm size, employee benefits, and
overhead, and adjusted for inflation.
\5\ 600 hours per year x $89.00 per hour = $53,400 per year.
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Although Rule 15c2-5 does not specify a retention period or record-
keeping requirement under the rule, broker-dealers are required to
preserve the records for a period no less than six years pursuant to
Rule 17a-4(c). The information required under Rule 15c2-5 is necessary
for broker-dealers to engage in the lending activities prescribed in
the Rule. Rule 15c2-5 does not assure confidentiality for the
information retained under the rule.\6\
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\6\ The records required by Rule 15c2-5 would be available only
for examination purposes of the Commission staff, state securities
authorities, and the self-regulatory organizations. Subject to the
provisions of the Freedom of Information Act, 5 U.S.C. 552, and the
Commission's rules thereunder (17 CFR 200.80(b)(4)(iii)), the
Commission does not generally publish or make available information
contained in any reports, summaries, analyses, letters, or memoranda
arising out of, in anticipation of, or in connection with an
examination or inspection of the books and records of any person or
any other investigation.
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An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid Office of Management and Budget (OMB) Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (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,
electronic 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#97c7f6e7f2e5e0f8e5fcc5f2f3e2f4e3fef8f9d6f4e3d7e4f2f4b9f0f8e1"><span class="__cf_email__" data-cfemail="0c5c6d7c697e7b637e675e6968796f786563624d6f784c7f696f226b637a">[email protected]</span></a> by March 17, 2026. There will be a second
opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: January 13, 2026.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-00791 Filed 1-15-26; 8:45 am]
BILLING CODE 8011-01-P
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