[Federal Register Volume 63, Number 124 (Monday, June 29, 1998)]
[Notices]
[Page 35298]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17235]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; 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. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension and approval.
    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(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-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 
brokers or dealers 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 annually.
    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 shall 
have practical utility; (b) the accuracy of the agency's estimate 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.
    Direct your written comments to Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 5th Street, NW Washington, DC 20549.

    Dated: June 22, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-17235 Filed 6-26-98; 8:45 am]
BILLING CODE 8010-01-M