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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:
3235-0395
ICR Reference No:
201803-3235-007
Status:
Historical Active
Previous ICR Reference No:
201501-3235-005
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-349
Title:
Rule 15g-6; Account Statements for Penny Stock Customers
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:
02/01/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/07/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/2022
36 Months From Approved
02/28/2019
Responses
304,200
0
344,760
Time Burden (Hours)
15,210
0
17,238
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 15g-6 (17 CFR 240.15g-6) requires brokers and dealers that sell penny stocks to their customers to provide monthly account statements containing information with regard to penny stocks held in customer accounts.
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:
83 FR 17695
04/23/2018
30-day Notice:
Federal Register Citation:
Citation Date:
83 FR 31436
07/05/2018
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-6; Account Statements for Penny Stock Customers
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
304,200
344,760
0
-40,560
0
0
Annual Time Burden (Hours)
15,210
17,238
0
-2,028
0
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The total annual hourly burden of compliance has decreased from approximately 17,238 to 15,210 hours due to a change in methodology for estimating the number of broker-dealers affected. We previously estimated that 221 broker-dealers were subject to the penny stock rules. We now estimate that there are approximately 195 penny stock dealers subject to the penny stock rules.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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:
Jane Wetterau 202 551-4483
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:
09/07/2018
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