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Blank fields in records indicate information that was not collected or not collected electronically prior to July 2006.
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0279
ICR Reference No:
199810-3235-010
Status:
Historical Inactive
Previous ICR Reference No:
199712-3235-016
Agency/Subagency:
SEC
Agency Tracking No:
Title:
Records To Be Preserved by Certain Exchange Members, Brokers, and Dealers -- Rule 17a-4
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
12/29/1998
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/26/1998
Terms of Clearance:
The recordkeeping requirement in this reproposed rule is not approved at this time. The agency appears to significantly understate the likely costs of this rule. For example, the agency cites state regulators as needing this rule because of the serious recordkeeping problems in many local officers. However, the agency cites a total cost per local office of 1 to 4 thoasand dollars for setting up such a system. This low estimate appears to imply that there isn't that much for each office to do, and that maintaining such a system is costless. In addition, this cost estimate was not published as part of the proposed rule and was not subject to public comment. The agency also does not account for the costs of starting and maintaining the state record depositories or the potential costs of revising computer systems to generate, store, and transmit the additional records required by this rule. Finally, the agency does not state that these proposed rules are necessary or would be the most efficient way to remedy the state regulators' complaints. The agency should clearly state that it believes and supports the states' complaints and examine other alternative means of accomplishing their goals, such as a stronger requirement that records be produced in a timely fashion. Otherwise, this collection would appear to not minimize burden on respondents.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2000
12/31/2001
06/30/2001
Responses
8,506
0
8,506
Time Burden (Hours)
2,127,185
0
0
Cost Burden (Dollars)
42,542,000
0
0
Abstract:
The Commission is reproposing amendments to Rule 17a-4 which would require broker-dealers to keep certain records. The records would be important for regulatory investigations and examinations and for the protection of the public.
Authorizing Statute(s):
None
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Records To Be Preserved by Certain Exchange Members, Brokers, and Dealers -- Rule 17a-4
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
10/26/1998
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