[Federal Register Volume 74, Number 115 (Wednesday, June 17, 2009)]
[Notices]
[Page 28735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-14176]
[[Page 28735]]
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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:
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 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission
(``Commission'') has submitted to the Office of Management and Budget
requests for extension of the previously approved collections of
information discussed below. The Code of Federal Regulation citations
to this collection of information are the following rules: 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.) (the ``Act'').
Rule 17h-1T requires a 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 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
is necessary to enable the Commission to monitor the activities of a
broker-dealer affiliate whose business activities is reasonably likely
to have a material impact on the financial and 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 148 respondents that must comply with Rules
17h-1T and 17h-2T. Each of these 148 respondents require approximately
10 hours per year, or 2.5 hours per quarter, to maintain the records
required under Rule 17h-1T, for an aggregate annual burden of 1,480
hours (148 respondents x 10 hours). In addition, each of these 148
respondents must make five annual responses under Rule 17h-2T. These
five responses require approximately 14 hours per respondent per year,
or 3.5 hours per quarter, for an aggregate annual burden of 2,072 hours
(148 respondents x 14 hours). In addition, there are approximately five
new respondents per year \1\ that must draft an organizational chart
required under Rule 17h-1T and establish a system for complying with
the Rules. The staff estimates that drafting the required
organizational chart requires one hour and establishing a system for
complying with the Rules requires three hours, thus requiring an
aggregate of 20 hours (5 new respondents x 4 hours). Thus, the total
compliance burden per year is approximately 3,572 burden hours (1,480 +
2,072 + 20).
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\1\ However, the staff further estimates that the number of
respondents decreases by at least that many firms per year as a
result of mergers and other business factors.
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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 agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the 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.
Comments should be directed to Charles Boucher, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send
an e-mail to: [email protected].
Dated: June 10, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-14176 Filed 6-16-09; 8:45 am]
BILLING CODE 8010-01-P