[Federal Register Volume 84, Number 110 (Friday, June 7, 2019)]
[Notices]
[Page 26709]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-12042]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-147, OMB Control No. 3235-0131]
Submission for OMB Review; Comment Request; Extension: Rule 17a-7
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
previously approved collection of information provided for in Rule 17a-
7 (17 CFR 240.17a-7) under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17a-7 requires a non-resident broker-dealer (generally, a
broker-dealer with its principal place of business in a place not
subject to the jurisdiction of the United States) registered or
applying for registration pursuant to Section 15 of the Exchange Act to
maintain--in the United States--complete and current copies of books
and records required to be maintained under any rule adopted under the
Exchange Act and furnish to the Commission a written notice specifying
the address where the copies are located. Alternatively, Rule 17a-7
provides that non-resident broker-dealers may file with the Commission
a written undertaking to furnish the requisite books and records to the
Commission upon demand within 14 days of the demand.
The Commission estimates that there are approximately 31 non-
resident broker-dealers. Based on the Commission's experience, the
Commission estimates that the average amount of time necessary to
comply with Rule 17a-7 is one hour per year per respondent.
Accordingly, the Commission estimates that the total industry-wide
reporting burden is approximately 31 hours per year. Assuming an
average cost per hour of approximately $314 for a compliance manager,
the total internal cost of compliance for the respondents is
approximately $9,734 per year.\1\
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\1\ $314 per hour for a compliance manager is from SIFMA's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff for an 1800-hour work-year, multiplied
by 5.35 to account for bonuses, firm size, employee benefits, and
overhead, and adjusted for inflation.
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An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
The public may view background documentation for this information
collection at the following website: 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 email to:
[email protected]; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Candace Kenner, 100 F Street NE, Washington, DC 20549 or by sending an
email to: [email protected]. Comments must be submitted to OMB within
30 days of this notice.
Dated: June 4, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-12042 Filed 6-6-19; 8:45 am]
BILLING CODE 8011-01-P