[Federal Register Volume 82, Number 64 (Wednesday, April 5, 2017)]
[Notices]
[Pages 16637-16638]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06695]
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SECURITIES AND EXCHANGE COMMISSION
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:
Rule 17a-5; SEC File No. 270-155, OMB Control No. 3235-0123.
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 Rule 17a-5 (17 CFR 240.17a-
5), under the Securities
[[Page 16638]]
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.
Rule 17a-5 is the basic financial reporting rule for brokers and
dealers.\1\ The rule requires the filing of Form X-17A-5, the Financial
and Operational Combined Uniform Single Report (``FOCUS Report''),
which was the result of years of study and comments by representatives
of the securities industry through advisory committees and through the
normal rule proposal methods. The FOCUS Report was designed to
eliminate the overlapping regulatory reports required by various self-
regulatory organizations and the Commission and to reduce reporting
burdens as much as possible. The rule also requires the filing of an
annual audited report of financial statements.
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\1\ Rule 17a-5(c) requires a broker or dealer to furnish certain
of its financial information to customers and is subject to a
separate PRA filing (OMB Control Number 3235-0199).
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The FOCUS Report consists of: (1) Part I, which is a monthly report
that must be filed by brokers or dealers that clear transactions or
carry customer securities; (2) one of three alternative quarterly
reports: Part II, which must be filed by brokers or dealers that clear
transactions or carry customer securities; Part IIA, which must be
filed by brokers or dealers that do not clear transactions or carry
customer securities; and Part IIB, which must be filed by specialized
broker-dealers registered with the Commission as OTC derivatives
dealers; \2\ (3) supplemental schedules, which must be filed annually;
and (4) a facing page, which must be filed with the annual audited
report of financial statements. Under the rule, a broker or dealer that
computes certain of its capital charges in accordance with Appendix E
to Exchange Act Rule 15c3-1 must file additional monthly, quarterly,
and annual reports with the Commission.
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\2\ Part IIB of Form X-17A-5 must be filed by OTC derivatives
dealers under Exchange Act Rule 17a-12 and is subject to a separate
PRA filing (OMB control number 3235-0498).
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The Commission estimates that the total hours burden under Rule
17a-5 is approximately 356,020 hours per year when annualized, and the
total cost burden under Rule 17a-5 is approximately $45,133,148 per
year.
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
estimate 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.
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.
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: March 30, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-06695 Filed 4-4-17; 8:45 am]
BILLING CODE 8011-01-P