[Federal Register Volume 70, Number 27 (Thursday, February 10, 2005)]
[Notices]
[Pages 7127-7128]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-569]


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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-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'') has submitted to the Office of Management 
and Budget a request for extension of the previously

[[Page 7128]]

approved collection of information discussed below.
    Rule 17a-4 requires approximately 6,900 active, registered exchange 
members, brokers and dealers (``broker-dealers'') to preserve for 
prescribed periods of time certain records required to be made by Rule 
17a-3 and other Commission rules, and other kinds of records which 
firms make or receive in the ordinary course of business. Rule 17a-4 
also permits broker-dealers to employ, under certain conditions, 
electronic storage media to maintain these required records. The 
records required to be maintained under Rule 17a-4 are used by 
examiners and other representatives of the Commission to determine 
whether broker-dealers are in compliance with, and to enforce their 
compliance with, the Commission's rules.
    The staff estimates that the average number of hours necessary for 
each broker-dealer to comply with Rule 17a-4 is 254 hours annually. 
Thus, the total burden for broker-dealers is 1,752,600 hours annually. 
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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    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 above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, by sending an e-mail to: [email protected]; and (ii) R. Corey Booth, Director/Chief 
Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. 
Comments must be submitted to OMB within thirty days of this notice.

    February 4, 2005.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-569 Filed 2-9-05; 8:45 am]
BILLING CODE 8010-01-P