[Federal Register Volume 78, Number 38 (Tuesday, February 26, 2013)]
[Notices]
[Page 13102]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-04367]
=======================================================================
-----------------------------------------------------------------------
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:
Appendix F to Rule 15c3-1; SEC File No. 270-440, OMB Control No.
3235-0496.
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'') 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
Appendix F to Rule 15c3-1 (``Appendix F'' or ``Rule 15c3-1f'') (17 CFR
240.15c3-1f) under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.).
Appendix F requires a broker-dealer choosing to register, upon
Commission approval, as an OTC derivatives dealer to develop and
maintain an internal risk management system based on Value-at-Risk
(``VaR'') models. It is anticipated that a total of four (4) broker-
dealers registering as OTC derivatives dealers will spend 1,000 hours
on a one-time basis complying with the system development requirements
of Rule 15c3-1f, for an estimated one-time initial startup burden of
approximately 4,000 hours. Appendix F also requires the OTC derivatives
dealer to maintain its system model according to certain prescribed
standards. It is anticipated that a total of eight (8) broker-dealers
will spend 1,000 hours per year maintaining the system model required
by Rule 15c3-1f, for an estimated recurring annual burden of
approximately 8,000 hours. Thus, the total industry-wide burden is
estimated to be approximately 12,000 hours (4,000 hours + 8,000 hours)
for the first year and 8,000 hours for each subsequent year.\1\
---------------------------------------------------------------------------
\1\ The Commission estimates that a total of eight entities will
be registered as OTC derivatives dealers at the end of the next
three years, consisting of the four current OTC derivatives dealers
and four anticipated registrants. This is in contrast with the prior
estimate of five OTC derivatives dealers, consisting of four current
OTC derivatives dealers and one anticipated registrant.
---------------------------------------------------------------------------
The records required to be kept pursuant to Appendix F and results
of periodic reviews conducted pursuant to Rule 15c3-4 generally must be
preserved under Rule 17a-4 of the Exchange Act (17 CFR 240.17a-4) for a
period of not less than three years, the first two years in an easily
accessible place. The Commission will not generally publish or make
available to any person notices or reports received pursuant to the
Rule. The statutory basis for the Commission's refusal to disclose such
information to the public is the exemption contained in Section (b)(4)
of the Freedom of Information Act (5 U.S.C. 552), which essentially
provides that the requirement of public dissemination does not apply to
commercial or financial information which is privileged or
confidential.
The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid OMB control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
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,
6432 General Green Way, Alexandria, Virginia 22312 or send an email to
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
Dated: February 20, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-04367 Filed 2-25-13; 8:45 am]
BILLING CODE 8011-01-P