[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