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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:
3235-0033
ICR Reference No:
201907-3235-045
Status:
Historical Active
Previous ICR Reference No:
201703-3235-003
Agency/Subagency:
SEC
Agency Tracking No:
TM-240-026
Title:
Rule 17a-3; Records to be Made by Certain Exchange Members, Brokers and Dealers
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
10/03/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/09/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2021
11/30/2019
10/31/2019
Responses
237,342,502
0
82,299,904
Time Burden (Hours)
5,187,080
0
2,763,612
Cost Burden (Dollars)
44,938,093
0
44,562,361
Abstract:
Rule 17a-3 requires certain records to be made by certain exchange members and registered brokers and dealers. The rule serves to standardize prudent business practices. Among other things, these records are essential for regulatory purposes including examinations, investigations, and enforcement proceedings, which are significant customer protection safeguards. In connection with a new rulemaking in 2019 (new Rule 17a-14 and Form CRS, and Regulation Best Interest), the Commission amended Rule 17a-3 by adding new paragraphs (a)(24) and (a)(35). The Commission is adding the annual burden hours for new paragraphs (a)(24) and (a)(35) of Rule 17a-3 into this information collection.
Authorizing Statute(s):
US Code:
15 USC 78b, 78c, 78o, 78o-4, 78q, 78w
Name of Law: Sections 2, 3, 15, 15B, 17 and 23 of the Securities Exchange Act of 1934.
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AM35
Final or interim final rulemaking
84 FR 33318
07/12/2019
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
17
IC Title
Form No.
Form Name
NEW: Rule 17a-3(24), Record of Date Form CRS Provided to Each Customer and Prospective Customer
NEW: Rule 17a-3(35) Record of Identity of Associate Person Responsible For Account- Large Broker-Dealers
NEW: Rule 17a-3(35) Record of Identity of Associate Person Responsible for Account/Individual Burden
NEW: 17a-3(a)(35) Record of Oral Disclosure
NEW: Rule 17a-3(35) Record of Identity of Associate Person Responsible for Account/Firm Burden- Small Broker-Dealers
Ongoing cost for equipment & systems development
Rule 17a-3(a)(12, 19)
Rule 17a-3(a)(16)
Rule 17a-3(a)(17) - providing updated information to customers
Rule 17a-3(a)(17)(i)(B(1) - Small BD
Rule 17a-3(a)(17)(i)(B(2) + (3) - Small BD
Rule 17a-3(a)(17)(i)(B)(1) - Large BD
Rule 17a-3(a)(17)(i)(B)(2) + (3) - Large BD
Rule 17a-3(a)(20-22)
Rule 17a-3(a)(23) Part I
Rule 17a-3(a)(23) Part II
Rule 17a-3; Records to be Made by Certain Exchange Members, Brokers and Dealers
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
237,342,502
82,299,904
0
155,042,598
0
0
Annual Time Burden (Hours)
5,187,080
2,763,612
0
2,423,468
0
0
Annual Cost Burden (Dollars)
44,938,093
44,562,361
0
375,732
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Commission amended existing 3235-0033 in 2019 to add five new information collections in connection with the rulemaking for Regulation Best Interest. The amendments were reviewed by OIRA in 2018 when the rule was proposed; however, the Commission has made several adjustments in the final rule (NOTE: The ICs that were in the rule prior to the 2019 rulemaking are not being affected and we have not changed any of those estimates). The adjustments to the ICs in the proposed rules are as follows: First, we changed the titles of the four new ICs that were previously reviewed by OIRA to better reflect the requirement in the rulemaking. Second, we adjusted several of the ICs because the estimated number of respondents has decreased slightly. Third, we adjusted the hour burden for one IC based on comments received and for another due to a change in the estimated number of responses per year. Fourth, we added a new IC, Record of Oral Disclosure, because comments received on the proposal resulted in a new provision in the final rule. These adjustments are discussed in detail in the Supporting Statement.
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:
Geeta Dhingra 202 551-6177
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:
08/09/2019
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