[Federal Register Volume 80, Number 159 (Tuesday, August 18, 2015)]
[Notices]
[Pages 50056-50057]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-20324]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-562, OMB Control No. 3235-0624]
Proposed Collection; 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:
Regulation R, Rule 701.
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'') is soliciting comments on the
existing collection of information provided for in Regulation R, Rule
701 (17 CFR 247.701) 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.
Regulation R, Rule 701 requires a broker or dealer (as part of a
written agreement between the bank and the broker or dealer) to notify
the bank if the broker or dealer makes certain
[[Page 50057]]
determinations regarding the financial status of the customer, a bank
employee's statutory disqualification status, and compliance with
suitability or sophistication standards.
The Commission estimates that brokers or dealers would, on average,
notify 1,000 banks approximately two times annually about a
determination regarding a customer's high net worth or institutional
status or suitability or sophistication standing as well as a bank
employee's statutory disqualification status. Based on these estimates,
the Commission anticipates that Regulation R, Rule 701 would result in
brokers or dealers making approximately 2,000 notifications to banks
per year. The Commission further estimates (based on the level of
difficulty and complexity of the applicable activities) that a broker
or dealer would spend approximately 15 minutes per notice to a bank.
Therefore, the estimated total annual third party disclosure burden for
the requirements in Regulation R, Rule 701 is 500 \1\ hours for brokers
or dealers.
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\1\ (2000 notices x 15 minutes) = 30,000 minutes/60 minutes =
500 hours.
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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 to
be 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.
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.
Please direct your written comments to: Pamela Dyson, 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].
Dated: August 13, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-20324 Filed 8-17-15; 8:45 am]
BILLING CODE 8011-01-P