[Federal Register Volume 80, Number 124 (Monday, June 29, 2015)]
[Notices]
[Pages 37031-37032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15814]
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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 FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension:
Rules 17h-1T and 17h-2T.
SEC File No. 270-359, OMB Control No. 3235-0410.
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'') 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 Rules
17h-1T and 17h-2T (17 CFR 240.17h-1T and 17 CFR 240.17h-2T), under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
Rule 17h-1T requires a covered broker-dealer to maintain and
preserve records and other information concerning certain entities that
are associated with the broker-dealer. This requirement extends to the
financial and securities activities of the holding company, affiliates
and subsidiaries of the broker-dealer that are reasonably likely to
have a material impact on the financial or operational condition of the
broker-dealer. Rule 17h-2T requires a covered broker-dealer to file
with the Commission quarterly reports and a cumulative year-end report
concerning the information required to be maintained and preserved
under Rule 17h-1T.
The collection of information required by Rules 17h-1T and 17h-2T,
collectively referred to as the ``risk assessment rules'', is necessary
to enable the Commission to monitor the activities of a broker-dealer
affiliate whose business activities are reasonably likely to have a
material impact on the financial or operational condition of the
broker-dealer. Without this information, the Commission would be unable
to assess the potentially damaging impact of the affiliate's activities
on the broker-dealer.
There are currently 306 respondents that must comply with Rules
17h-1T and 17h-2T. Each of these 306 respondents are estimated to
require 10 hours per year to maintain the records required under Rule
17h-1T, for an aggregate estimated annual burden of 3,060 hours (306
respondents x 10 hours). In addition, each of these 306 respondents
must make five annual responses under Rule 17h-2T. These five responses
are estimated to require 14 hours per respondent per year for an
aggregate estimated annual burden of 4,284 hours (306 respondents x 14
hours).
In addition, new respondents must draft an organizational chart
required under Rule 17h-1T and establish a system for complying with
the risk assessment rules. The staff estimates that drafting the
required organizational chart requires one hour and establishing a
system for complying with the risk assessment rules requires three
hours. Based on the unchanged number of filers in recent years, the
staff estimates there will be zero new respondents, and thus, a
corresponding estimated burden of zero hours for new respondents. Thus,
the total compliance burden per year is approximately 7,344 burden
hours (3,060 hours + 4,284 hours).
The retention period for the recordkeeping requirement under Rule
17h-1T is not less than two years following the date the notice is
submitted. There is no specific retention period or recordkeeping
requirement for Rule 17h-2T. The collection of information is
mandatory. All information obtained by the Commission pursuant to the
provisions of Rules 17h-1T and 17h-2T from a broker or dealer
concerning a material associated person is deemed confidential
information for the purposes of section 24(b) of the Exchange Act.
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) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon,
[[Page 37032]]
100 F Street NE., Washington, DC 20549, or by sending an email to:
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
Dated: June 23, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-15814 Filed 6-26-15; 8:45 am]
BILLING CODE 8011-01-P