[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Notices]
[Page 81680]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32522]


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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 Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension: Regulation S-AM; SEC File No. 270-548; OMB Control No. 
3235-0609.

    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 approval of extension of the previously approved collection 
of information provided for in Regulation S-AM (17 CFR part 248, 
subpart B), under the Fair and Accurate Credit Transactions Act of 2003 
(Pub. L. 108-159, Section 214, 117 Stat. 1952 (2003)) (``FACT Act''), 
the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), the 
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), and the 
Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.).
    Regulation S-AM implements the requirements of Section 214 of the 
FACT Act as applied to brokers, dealers, and investment companies, as 
well as investment advisers and transfer agents that are registered 
with the Commission (collectively, ``Covered Persons''). As directed by 
Section 214 of the FACT Act, before a receiving affiliate may make 
marketing solicitations based on the communication of certain consumer 
financial information from a Covered Person, the Covered Person must 
provide a notice to each affected individual informing the individual 
of his or her right to prohibit such marketing. The regulation 
potentially applies to all of the approximately 21,496 Covered Persons 
registered with the Commission, although only approximately 12,038 of 
them have one or more corporate affiliates, and the regulation would 
require only approximately 2,150 of them to provide consumers with 
notice and an opt-out opportunity.
    The Commission staff estimates that there are approximately 12,038 
Covered Persons having one or more affiliates, and that they would 
require an average one-time burden of 1 hour to review affiliate 
marketing practices, for a total of 12,038 hours, at a total staff cost 
of approximately $2,527,929. The staff also estimates that 
approximately 2,150 Covered Persons would be required to provide notice 
and opt-out opportunities to consumers, and would incur an average 
first-year burden of 18 hours in doing so, for a total estimated first-
year burden of 38,700 hours, at a total staff cost of approximately 
$10,294,200. With regard to continuing notice burdens, the staff 
estimates that each of the approximately 2,150 Covered Persons required 
to provide notice and opt-out opportunities to consumers would incur a 
burden of approximately 4 hours per year to create and deliver notices 
to new consumers and record any opt outs that are received on an 
ongoing basis, for a total of 8,600 hours, at a total staff cost of 
approximately $490,200 per year.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information on 
respondents; 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.
    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.
    The public may view the background documentation for this 
information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to: (i) Desk Officer for 
the Securities and Exchange Commission, Office of Information and 
Regulatory Affairs, Office of Management and Budget, Room 10102, New 
Executive Office Building, Washington, DC 20503, or by sending an e-
mail to: [email protected]; and (ii) Thomas Bayer, Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an 
e-mail to: [email protected]. Comments must be submitted to OMB 
within 30 days of this notice.

     Dated: December 21, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-32522 Filed 12-27-10; 8:45 am]
BILLING CODE 8011-01-P