[Federal Register Volume 84, Number 224 (Wednesday, November 20, 2019)]
[Notices]
[Pages 64167-64168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25098]
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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 FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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 (``PRA'') (44 U.S.C. 3501 et seq.), 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
Regulation S-AM (17 CFR part 248, subpart B), under the Fair Credit
Reporting Act (15 U.S.C. 1681 et seq.) (``FCRA''), 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 624 of the
FCRA (15 U.S.C. 1681s-3) with respect to investment advisers and
transfer agents registered with the Commission, as well as brokers,
dealers and investment companies (collectively, ``Covered Persons'').
Section 624 and Regulation S-AM limit a Covered Person's use of certain
consumer financial information received from an affiliate to solicit a
consumer for marketing purposes, unless the consumer has been given
notice and a reasonable opportunity and a reasonable and simple method
to opt out of such solicitations. Regulation S-AM potentially applies
to all of the approximately 20,195 Covered Persons registered with the
Commission, although only approximately 11,309 of them have one or more
corporate affiliates, and the regulation requires only approximately
2,020 to provide consumers with an affiliate marketing notice and an
opt-out opportunity.
The Commission staff estimates that there are approximately 11,309
Covered Persons having one or more affiliates, and that they each spend
an average of 0.20 hours per year to review affiliate marketing
practices, for, collectively, an estimated annual time burden of 2,262
hours at an annual internal compliance cost of approximately
$1,203,384. The staff also estimates that approximately 2,020 Covered
Persons provide notice and opt-out opportunities to consumers, and that
they each spend an average of 7.6 hours per year creating notices,
providing notices and opt-out opportunities, monitoring the opt-out
notice process, making and updating records of opt-out elections, and
addressing consumer questions and concerns about opt-out notices, for,
collectively, an estimated annual time burden of 15,352 hours at an
annual
[[Page 64168]]
internal compliance cost of approximately $2,999,296. Thus, the staff
estimates that the collection of information requires a total of
approximately 11,309 respondents to incur an estimated annual time
burden of a total of 17,614 hours at a total annual internal cost of
compliance of approximately $4,202,680.
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: November 14, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25098 Filed 11-19-19; 8:45 am]
BILLING CODE 8011-01-P