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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:
201011-3235-009
Status:
Historical Inactive
Previous ICR Reference No:
201006-3235-005
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-087
Title:
Rule 15c3-3: Customer Protection - Reserves and Custody of Securities
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Preapproved
Conclusion Date:
01/21/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/15/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2014
36 Months From Approved
03/31/2011
Responses
5,469,084
0
344
Time Burden (Hours)
450,849
0
77,166
Cost Burden (Dollars)
780,481
0
447,148
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. Rule 15c3-3 also contains requirements for broker-dealers that holds securities futures products for customers.
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:
3235-AJ85
Proposed rulemaking
72 FR 12862
03/19/2007
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Rule 15c3-3: Customer Protection - Reserves and Custody of Securities (Affirmative Consent Requirement)
Rule 15c3-3: Customer Protection - Reserves and Custody of Securities (i. PAB Customer Reserve Account Recordkeeping Requirements)
Rule 15c3-3: Customer Protection - Reserves and Custody of Securities (i. PAB Customer Reserve Account Recordkeeping Requirements)
Rule 15c3-3:Customer Protection - Reserves and Custody of Securities
ICR Summary of Burden
Total Request
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
5,469,084
344
0
5,468,740
0
0
Annual Time Burden (Hours)
450,849
77,166
0
373,683
0
0
Annual Cost Burden (Dollars)
780,481
447,148
0
333,333
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The changes in the reporting burden are a result of the proposed amendments to Rule 15c3-3 as discussed in the 2007 proposing release. Under the 2007 proposing release, the proposed amendments to Rule 15c3-3 would require a broker-dealer to perform a PAB reserve computation and obtain certain agreements and notices related to proprietary account of another broker-dealer (referred to as PAB accounts) and, therefore, would impose recordkeeping burdens on a broker-dealer to the extent it: (1) has to perform a PAB computation; (2) chooses to use PAB securities and, therefore, needs to obtain agreements from PAB accountholders; and (3) opens a PAB reserve account at a new bank. These proposed amendments to Rule 15c3-3 would add 29,080 (26,830 + 2,250) one-time burden hours to this collection of information, as well as increase the annual hour burden by 9,350 hours. In addition, the amendment to Rule 15c3-3 to add new paragraph (j) would apply to broker-dealers who choose to provide existing and new customers with the required disclosures in order to have the ability to change how their customers free credit balances are treated. This amendment would add 10,000 one-time burden hours, as well as 364,333 annual hours to this collection of information. Finally, the amendment to paragraph (j) to Rule 15c3-3 relating to customers free credit balances also would result in an increase to the total annualized cost burden of $333,333 per year.
Annual Cost to Federal Government:
$1,050
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Sheila Swartz 202 551-5545
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:
11/15/2010
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