[Federal Register Volume 63, Number 175 (Thursday, September 10, 1998)]
[Notices]
[Page 48535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-24204]
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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 Filings and Information Services, Washington,
DC 20549.
Extension:
Rule 17a-5, Form X-17A-5--SEC File No. 270-155--OMB Control No.
3235-0123
Rule 17a-5(c)--SEC File No. 270-199--OMB Control No. 3235-0199
Rule 17a-7--SEC File No. 270-147--OMB Control No. 3235-0131
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. Sec. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for extension of the previously approved
collection of information discussed below.
Rule 17a-5 under the Securities Exchange Act of 1934 (``Exchange
Act'') (``Act'') is the basic reporting rule for brokers and dealers,
and Form X-17A-5, the Financial and Operational Combined Uniform Single
Report, is the basic document for reporting the financial and
operational condition of securities brokers and dealers.
The staff estimates that approximately 7,765 respondents respond to
this collection of information 39,895 times annually, with a total
burden of 12 hours for each response, based upon past submissions. The
staff estimates that the average number of hours necessary to comply
with the requirements of Rule 17a-5 is 478,740 hours. The average cost
per hour is $100. Therefore, the total cost of compliance for the
respondents is $47,874,000.
Rule 17a-5 does not contain record retention requirements.
Compliance with the rule is mandatory. Responses are kept confidential
pursuant to paragraph 17a-5(a)(3).
Rule 17a-5(c) under the Exchange act requires certain brokers and
dealers to provide statements of financial condition to their
customers. It is estimated that approximately 750 broker and dealer
respondents incur an average burden of 294,444 hours per year to comply
with this rule.
Rule 17a-5(c) does not contain record retention requirements.
Compliance with the rule is mandatory. Responses are not confidential.
Rule 17a-7 under the Exchange Act requires non-resident brokers or
dealers to maintain in the United States complete and current copies of
books and records required to be maintained under any rule adopted
under the Act. Alternatively, Rule 17a-7 provides that the non-resident
broker or dealer may sign a written undertaking to furnish the
requisite books and records to the Commission upon demand.
There are approximately 86 non-resident brokers and dealers. Based
on the Commission's experience in this area, it is estimated that the
average amount of time necessary to preserve the books and records in
the United States as required by Rule 17a-7 is one hour per year.
Accordingly, the total burden is 86 hours per year.
There are no individual record retention periods in Rule 17a-7.
Compliance with the rule is mandatory, however, non-resident brokers
and dealers may opt to provide the information upon request rather than
store it in the United States.
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 control number.
General comments regarding the estimated burden hours should be
directed to the following persons: (i) Desk Officer for the Securities
and Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10202, New Executive Office
Building, Washington, DC 20549; and (ii) Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.
Comments must be submitted to OMB within 30 days of this notice.
Dated: September 2, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-24204 Filed 9-9-98; 8:45 am]
BILLING CODE 8010-01-M
