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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:
202311-3235-022
Status:
Historical Inactive
Previous ICR Reference No:
202301-3235-027
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:
12/28/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/17/2023
Terms of Clearance:
OIRA will review the ICR again upon finalization of the rule. Please change the respondents figure.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2026
10/31/2026
01/31/2026
Responses
1,010,925,202
0
1,010,925,202
Time Burden (Hours)
9,306,630
0
9,306,630
Cost Burden (Dollars)
34,195,757
0
34,195,757
Abstract:
PROPOSED PARTIAL REVISION: In December 2022, the Commission proposed Regulation Best Execution that would establish through a Commission rule a best execution standard for broker-dealers and require broker-dealers to establish, maintain, and enforce written policies and procedures reasonably designed to comply with that best execution standard. In connection with proposed Regulation Best Execution, the Commission is proposing new recordkeeping requirements for broker-dealers in Rule 17a-4.
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-AN24
Proposed rulemaking
88 FR 5440
01/27/2023
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
25
IC Title
Form No.
Form Name
17a-4(f) - Audit Trail Alternative to WORM for Small Broker-Dealers (Annual)
17a-4(f) - Audit Trail Alternative to WORM for Small Broker-Dealers (Initial Annualized)
17a-4(f) - Backup Systems or Redundant Equivalency
17a-4(f) - Backup Systems or Redundant Equivalency for Large BDs (Annual)
17a-4(f) - Backup Systems or Redundant Equivalency for Large BDs (Initial Annualized)
17a-4(f) - Backup Systems or Redundant Equivalency for Small BDs (Annual)
17a-4(f) Audit trail alternative to WORM for Large Broker-Dealers (Annual)
17a-4(f) Audit trail alternative to WORM for Large Broker-Dealers (Initial Annualized)
Alternative undertaking - Broker-dealers
Alternative undertaking - Cloud Service Providers
Broker-Dealer SBSDs Only
Broker-Dealer SBSDs and Broker-Dealer MSBSPs
Large Broker-Dealer - Rule 1101 - Ongoing
Large Broker-Dealers - Rule 1102 (Annual Report)
Rule 17a-4(b)(1), (e)(11), (e)(12) - Risk Mitigation
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 Activities
Small Broker-Dealer - Rule 1101 - Ongoing
Small Broker-Dealers - Rule 1102 (Annual Report)
Telephonic Communications
Third Party or Designated Executive Officer Undertaking
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 has proposed to amend Rule 17a-4, which would add new recordkeeping hour burden requirements. These are discussed in more detail in the attached 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?
No
Agency Contact:
Arisa Kettig 202 551-5000
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:
11/17/2023
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