[Federal Register Volume 77, Number 246 (Friday, December 21, 2012)]
[Notices]
[Pages 75679-75680]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-30791]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Appendix F to Rule 15c3-1; SEC File No. 270-440; OMB Control No.
3235-0496.
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Appendix F to Rule 15c3-1
(``Appendix F'' or ``Rule 15c3-1f'') (17 CFR 240.15c3-1f) 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.
[[Page 75680]]
Appendix F requires a broker-dealer choosing to register, upon
Commission approval, as an OTC derivatives dealer to develop and
maintain an internal risk management system based on Value-at-Risk
(``VaR'') models. It is anticipated that a total of four (4) broker-
dealers registering as OTC derivatives dealers will spend 1,000 hours
on a one-time basis complying with the system development requirements
of Rule 15c3-1f, for an estimated one-time initial stratup burden of
approximately 4,000 hours. Appendix F also requires the OTC derivatives
dealer to maintain its system model according to certain prescribed
standards. It is anticipated that a total of eight (8) broker-dealers
will spend 1,000 hours per year maintaining the system model required
by Rule 15c3-1f, for an estimated recurring annual burden of
approximately 8,000 hours. Thus, the total industry-wide burden is
estimated to be approximately 12,000 hours (4,000 hours + 8,000 hours)
for the first year and 8,000 hours for each subsequent year.\1\
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\1\ The Commission estimates that a total of eight entities will
be registered as OTC derivatives dealers at the end of the next
three years, consisting of the four current OTC derivatives dealers
and four anticipated registrants. This is in contrast with the prior
estimate of five OTC derivatives dealers, consisting of four current
OTC derivatives dealers and one anticipated registrant.
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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 in
writing within 60 days of this publication.
The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid OMB control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
valid OMB control number.
Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or
send an email to: [email protected].
Dated: December 17, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30791 Filed 12-20-12; 8:45 am]
BILLING CODE 8011-01-P