[Federal Register Volume 69, Number 234 (Tuesday, December 7, 2004)]
[Notices]
[Page 70727]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-3498]


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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-4; SEC File No. 270-198; OMB Control No. 3235-
0279.
    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-4 requires exchange members, brokers and dealers to 
preserve for prescribed periods of time certain records required to be 
made by Rule 17a-3. In addition, Rule 17a-4 requires the preservation 
of records required to be made by other Commission rules and other 
kinds of records which firms make or receive in the ordinary course of 
business. These include, but are not limited to, bank statements, 
cancelled checks, bills receivable and payable, originals of 
communications, and descriptions of various transactions. Rule 17a-4 
also permits broker-dealers to employ, under certain conditions, 
electronic storage media to maintain records required to be maintained 
under Rules 17a-3 and 17a-4.
    There are approximately 6,900 active, registered broker-dealers. 
The staff estimates that the average amount of time necessary to 
preserve the books and records as required by Rule 17a-4 is 254 hours 
per broker-dealer per year. Thus the staff estimates that the total 
compliance burden for 6,900 respondents is 1,752,600 hours.
    The staff believes that compliance personnel would be charged with 
ensuring compliance with Commission regulation, including Rule 17a-4. 
The staff estimates that the hourly salary of a compliance manager is 
$50 per hour.\1\ Based upon these numbers, the total cost of compliance 
for 6,900 respondents is approximately $87.63 million (1,752,600 yearly 
hours x $50). The total burden hour decrease of 128,661 results from 
the decrease in the number of respondents from 7,217 to 6,900.
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    \1\ This figure is based on the SIA Report on Office Salaries In 
the Securities Industry 2003 (Compliance Manager) and includes 35% 
for overhead charges.
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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.
    Please 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: November 29, 2004.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E4-3498 Filed 12-6-04; 8:45 am]
BILLING CODE 8010-01-P