[Federal Register Volume 78, Number 165 (Monday, August 26, 2013)]
[Notices]
[Page 52809]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-20680]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 17f-1(g), SEC File No. 270-30, OMB Control No. 3235-0290.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501et seq.) (``PRA''), 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
17f-1(g) (17 CFR 240.17f-1(g)), under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 17f-1(g) requires that all reporting institutions (i.e., every
national securities exchange, member thereof, registered securities
association, broker, dealer, municipal securities dealer, registered
transfer agent, registered clearing agency, participant therein, member
of the Federal Reserve System, and bank insured by the FDIC) maintain
and preserve a number of documents related to their participation in
the Lost and Stolen Securities Program (``Program'') under Rule 17f-1.
The following documents must be kept in an easily accessible place for
three years, according to paragraph (g): (1) Copies of all reports of
theft or loss (Form X-17F-1A) filed with the Commission's designee: (2)
all agreements between reporting institutions regarding registration in
the Program or other aspects of Rule 17f-1; and (3) all confirmations
or other information received from the Commission or its designee as a
result of inquiry.
Reporting institutions utilize these records and reports (a) to
report missing, lost, stolen or counterfeit securities to the database,
(b) to confirm inquiry of the database, and (c) to demonstrate
compliance with Rule 17f-1. The Commission and the reporting
institutions' examining authorities utilize these records to monitor
the incidence of thefts and losses incurred by reporting institutions
and to determine compliance with Rule 17f-1. If such records were not
retained by reporting institutions, compliance with Rule 17f-1 could
not be monitored effectively.
The Commission estimates that there are approximately 24,969
reporting institutions (respondents) and, on average, each respondent
would need to retain 33 records annually, with each retention requiring
approximately 1 minute (a total of 33 minutes or 0.55 hours per
respondent per year). Thus, the total estimated annual time burden for
all respondents is 13,733 hours (24,969 x 0.55 hours = 13,733).
Assuming an average hourly cost for clerical work of $50.00, the
average total yearly record retention cost of compliance for each
respondent would be $27.50 ($50 x 0.55 hours). Based on these
estimates, the total annual compliance cost for the estimated 24,969
reporting institutions would be approximately $686,647 (24,969 x
$27.50).
Rule 17f-1(g) does not require periodic collection, but it does
require retention of records generated as a result of compliance with
Rule 17f-1. Under Section 17(b) and (f) of the Act, the information
required by Rule 17f-1(g) is available to the Commission and Federal
bank regulators for examinations or collection purposes. Rule 0-4 of
the Securities Exchange Act deems such information to be confidential.
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 Web site: www.reginfo.gov. Comments should
be directed to (i) Desk Officer for the Securities and Exchange
Commission, Office of Information and Regulatory Affairs, Office of
Management and Budget, Room 10102, New Executive Office Building,
Washington, DC 20503 or by sending an email to: [email protected]; and (ii) Thomas Bayer, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100
F Street NE., Washington, DC 20549 or send an email to: [email protected]. Comments must be submitted within 30 days of this
notice.
Dated: August 20, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20680 Filed 8-23-13; 8:45 am]
BILLING CODE 8011-01-P