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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:
3235-0279
ICR Reference No:
202205-3235-049
Status:
Historical Inactive
Previous ICR Reference No:
202107-3235-021
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-198
Title:
Rule 17a-4; Records to be Preserved 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:
Comment filed on proposed rule and continue
Conclusion Date:
08/18/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/29/2022
Terms of Clearance:
Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2022
12/31/2022
01/31/2023
Responses
1,084,643,934
0
1,084,643,934
Time Burden (Hours)
9,981,785
0
9,981,785
Cost Burden (Dollars)
18,891,320
0
18,891,320
Abstract:
Rule 17a-4 requires certain records to be maintained by certain exchange members and registered brokers and dealers. Partial Revision-- In November 2021, the Commission proposed amendments to the electronic recordkeeping requirements of broker-dealers in Rule 17a-4. This proposed revision addresses only the collections of information that are proposed to be revised or added as a result of the rule amendments proposed in November 2021 regarding the electronic recordkeeping requirements of broker-dealers.
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-AM76
Proposed rulemaking
86 FR 68300
12/01/2021
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
18
IC Title
Form No.
Form Name
Broker-Dealer SBSDs Only: Amendments to paragraph (b)(1)
Broker-Dealer SBSDs and Broker-Dealer MSBSPs: Amendments to paragraph (b)(1) and new paragraphs (b)(15) and (b)(16)
PROPOSED: 17a-4(f) - Audit Trail Alternative to WORM for Small Broker-Dealers (Annual)
PROPOSED: 17a-4(f) - Audit Trail Alternative to WORM for Small Broker-Dealers (Initial Annualized)
PROPOSED: 17a-4(f) - Backup Systems for Large BDs (Annual)
PROPOSED: 17a-4(f) - Backup Systems for Large BDs (Initial Annualized)
PROPOSED: 17a-4(f) - Backup Systems for Small BDs (Annual)
PROPOSED: 17a-4(f) - Backup Systems for Small BDs (Initial Annualized)
PROPOSED: 17a-4(f) Audit trail alternative to WORM for Large Broker-Dealers (Annual)
PROPOSED: 17a-4(f) Audit trail alternative to WORM for Large Broker-Dealers (Initial Annualized)
PROPOSED: Senior Officer Undertaking
Rule 17a-4(b)(11) Record preservation requirements
Rule 17a-4(e)(10), Maintenance of Records in Connection with Rule 17a-14 and Form CRS
Rule 17a-4(e)(5), New or Modified Documents Being Added to a Record Retention System in Connection with Regulation BI
Rule 17a-4(e)(5), Ongoing Recordkeeping in Connection with Regulation Best Interest
Rule 17a-4; Records to be Preserved by Certain Exchange Members, Brokers and Dealers
Security-Based Swap Ativities: Amendments to paragraphs (b)(1), (b)(8)(v)-(viii) and new paragraphs (b)(8)(xvi) and (b)(14)
Telephonic Communications: Amendment to paragraph (b)(4)
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 proposed amendments to the rule would result in new information collections related to electronic recordkeeping and would increase the burdens in this ICR.
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]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Timothy Fox 202 551-5687
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:
06/29/2022