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View ICR - OIRA Conclusion
OMB Control No:
3235-0394
ICR Reference No:
201202-3235-010
Status:
Active
Previous ICR Reference No:
200902-3235-008
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-348
Title:
Rule 15g-5; Disclosure of Compensation of Associated Persons in Connection with Penny Stock Transactions
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/18/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/17/2012
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2015
36 Months From Approved
07/31/2012
Responses
1,090,980
1,090,980
1,620,000
Time Burden (Hours)
18,183
18,183
24,000
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 15g-5 (17 CFR 240.15g-5) requires brokers and dealers effecting transactions for or with customer in penny stocks to disclose the amount of compensation to be received by the sales agent in connection with the transaction.
Authorizing Statute(s):
US Code: 15 USC 78c(a)(51)(B), 78c(b), 78o(c) Name of Law: Sections 3(a)(51)(B), 3(b), 15(c) of the Securities Exchange Act of 1934
US Code: 15 USC 78o(g), and 78w(a) Name of Law: Sections 15(g) and 23(a) of the 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:
77 FR 14572
03/12/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 29394
05/17/2012
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
Rule 15g-5; Disclosure of Compensation of Associated Persons in Connection with Penny Stock Transactions
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
1,090,980
1,620,000
0
0
-529,020
0
Annual Time Burden (Hours)
18,183
24,000
0
0
-5,817
0
Annual Cost Burden (Dollars)
0
0
0
0
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:
No
Burden Reduction Due to:
Short Statement:
We previously estimated that 240 broker-dealers were subject to the penny stock rules. We now estimate that there are approximately 209 penny stock dealers subject to the penny stock rules. The decrease in penny stock broker-dealers has decreased the annual time burden 5,817 hours.
Annual Cost to Federal Government:
$1,500
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 [PPACA, P.L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Agency Contact:
Shaheen Haji 202 551-5515
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:
05/17/2012
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