Notice2026-05552
Agency Information Collection Activities; Submission for OMB Review; 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
March 23, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 55 (Monday, March 23, 2026)</title>
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[Federal Register Volume 91, Number 55 (Monday, March 23, 2026)]
[Notices]
[Page 13907]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05552]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0198]
Agency Information Collection Activities; Submission for OMB
Review; 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 submitting to the Office of
Management and Budget (``OMB'') this request for extension of 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. 78
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 OMB Control Number.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202601-3235-005">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202601-3235-005</a> or email comment to
<a href="/cdn-cgi/l/email-protection#f3beb1abddbcbeb1ddbcbaa1b2dda0b6b0ac97968098ac9c95959a909681b39c9e91dd969c83dd949c85"><span class="__cf_email__" data-cfemail="0548475d2b4a48472b4a4c57442b5640465a6160766e5a6a63636c666077456a68672b606a752b626a73">[email protected]</span></a> within 30 days of the day
after publication of this notice, by April 23, 2026.
Dated: March 18, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-05552 Filed 3-20-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on March 23, 2026.
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