[Federal Register Volume 69, Number 179 (Thursday, September 16, 2004)]
[Notices]
[Pages 55847-55848]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-2199]


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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-3, SEC File No. 270-026, OMB Control No. 3235-0033.


[[Page 55848]]


    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 this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    Rule 17a-3 [17 CFR 240.17a-3] under the Securities Exchange Act of 
1934 requires records to be made by certain exchange members, brokers, 
and dealers, to be used in monitoring compliance with the Commission's 
financial responsibility program and antifraud and antimanipulative 
rules as well as other rules and regulations of the Commission and the 
self-regulatory organizations. It is estimated that approximately 6,900 
active broker-dealer respondents registered with the Commission incur 
an average burden of 2,421,195 hours per year to comply with this rule. 
The Commission believes that requirements included in Rule 17a-3(a)(17) 
relating to new account data would be performed by clerical workers. 
The hourly wage of the average person who would be providing customers 
with account record information is $24 per hour.\1\ The hourly wage of 
the average person who would be updating account record information is 
$25 per hour.\2\ Thus the aggregate cost of these hours is about $16.86 
million ((601,753 hours x $24) \3\ + (96,742 hours x $25) \4\). The 
Commission believes that requirements contained in the rest of Rule 
17a-3 would be performed by individuals in a broker-dealer's compliance 
department at $82 per hour.\5\ Thus, the dollar cost of the 4,600 
yearly hours incurred as a result of these rules is 1,722,700 x 82 = 
$171.66 million. The total cost of ongoing compliance with Rule 17a-3 
is $16.86 + $171.66 = $188.52 million.
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    \1\ This figure is based on the SIA Report on Office Salaries In 
the Securities Industry 2003 (Retail Sales Assistant, Junior) and 
includes 35% for overhead charges.
    \2\ This figure is based on the SIA Report on Office Salaries In 
the Securities Industry 2003 (Data Entry Clerk, Senior) and includes 
35% for overhead charges.
    \3\ This figure comes to approximately $14,442,072.
    \4\ This figure comes to approximately $2,418,550.
    \5\ This figure is based on statistics collected by the 
Commission's Office of Economic Analysis.
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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 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 R. Corey Booth, Director/Chief 
Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 450 5th Street, NW., Washington, DC 20549.

    Dated: September 8, 2004.
 Margaret H. McFarland,
Deputy Secretary.
 [FR Doc. E4-2199 Filed 9-15-04; 8:45 am]
BILLING CODE 8010-01-P