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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:
3235-0537
ICR Reference No:
201504-3235-009
Status:
Historical Active
Previous ICR Reference No:
201206-3235-013
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-480
Title:
Regulation S-P; Privacy of consumer financial information (17 CFR Part 248)
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:
12/09/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/27/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2018
36 Months From Approved
12/31/2015
Responses
19,876
0
21,500
Time Burden (Hours)
238,512
0
258,000
Cost Burden (Dollars)
0
0
0
Abstract:
Regulation S-P, adopted on June 22, 2000, implements Title V of the Gramm-Leach-Bliley Act by, among other things, requiring that not later that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a broker-dealer, investment company, or federally registered in investment adviser shall provide a clear and conspicuous notice to such consumer that accurately describes such financial institution's privacy policies and practices.
Authorizing Statute(s):
US Code:
15 USC 78o(c)(3), 78q(a) and 78w(a)
Name of Law: Sections 15(c)(3), 17(a) and 23(a) of the Exchange Act
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:
80 FR 23060
04/24/2015
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 37032
06/29/2015
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
Regulation S-P; Privacy of consumer financial information (17 CFR Part 248)
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
19,876
21,500
0
0
-1,624
0
Annual Time Burden (Hours)
238,512
258,000
0
0
-19,488
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:
The 19,488-hour decrease in estimated total annual burden-hours was due to a decrease in the estimated number of respondents. In 2012 SEC staff estimated the total annual burden-hours at approximately 258,000, calculated using an estimated average of 12 burden-hours for each covered entity and an estimated 21,500 covered entities (12 x 21,500 = 258,000). The current estimate of approximately 238,512 annual burden-hours results from using the same estimated average of 12 burden hours for each covered entity and a lower estimated number of respondents of 19,876 (12 x 19,876 = 238,512); and the result is a decrease of 19,488 in estimated total annual burden-hours (258,000 – 238,512 = 19,488).
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]?
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:
Brice Prince 202 551-5595
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:
10/27/2015
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