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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:
3235-0078
ICR Reference No:
200709-3235-018
Status:
Historical Active
Previous ICR Reference No:
200410-3235-009
Agency/Subagency:
SEC
Agency Tracking No:
270-087
Title:
Customer Protection - Reserves and Custody of Securities (17 CFR 240.15c3-3)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/28/2008
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/28/2007
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2011
36 Months From Approved
03/31/2008
Responses
344
0
15,984
Time Burden (Hours)
77,166
0
118,551
Cost Burden (Dollars)
447,148
0
1,070,000
Abstract:
Rule 15c3-3 provides for the protection of customer funds and securities in the custody of a broker-dealer. The Rule sets forth standards for (i) a broker-dealer's acceptance, custody, and use of customer securities, and (ii) the maintenance of reserves with respect to customer deposits and monies obtained from the use of customer securities. The Commission is adopting new requirements designed to eliminate conflicting and duplicative customer protection, recordkeeping, and reporting regulations applicable to security futures products.
Authorizing Statute(s):
US Code:
15 USC 78q, 78w, 78mm, 80a-30(a), 80a
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
72 FR 53609
09/19/2007
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 67325
11/28/2007
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
Customer Protection - Reserves and Custody of Securities (17 CFR 240.15c3-3)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
344
15,984
0
-15,640
0
0
Annual Time Burden (Hours)
77,166
118,551
0
-41,385
0
0
Annual Cost Burden (Dollars)
447,148
1,070,000
0
-622,852
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
a. Burdens The annual record-keeping hour burden of 77,166 hours listed on OMB Form 83-I reflects a 41,385 decrease from the current OMB inventory of 118,551 hours. This change is due to a decrease in the number of broker-dealers and a decrease in the number of accounts of broker-dealers subject to paragraph (o) of Rule 15c3-3, but is partially offset by an increase in the number of notices filed each year. Due to the fact that the calculation of burden hours is based on a number of factors (e.g., some respondents must make weekly calculations and others make monthly calculations, and certain of the burden hours are based on the number of accounts held by a distinct few of those respondents) for purposes of the Form 83-I, the staff has divided the total number of annual burden hours (77,166) by the number of respondents (344) to reach a number of hours per respondent (224.32). This was broken down by reporting (relating to the notices filed with the Commission) and recordkeeping (all other requirements described above). Reporting of 33 total hours divided by 334 equals approximately .09 hours per respondent, and 224.32 - .09 = 224.23. b. Costs The annual reporting and record-keeping cost burden of $447,150 each year as listed on OMB Form 83-I is $622,850 less than the current OMB inventory of $1,070,000. This decrease is due to the decrease in the number of accounts held by broker-dealers subject to paragraph (o) of Rule 15c3-3. Due to the fact that the calculation of costs is based on a number of factors that are not directly related to the calculation of burden hours above, for purposes of the Form 83-I, the staff has divided the total costs ($447,150) by the number of respondents (344) to reach a number of cost per respondent ($1,299.85). All of those costs related to reporting of information to customers.
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
Agency Contact:
Bonnie Gauch 202 942-0765
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:
11/28/2007
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