View Information Collection Request (ICR) Package
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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:
3235-0200
ICR Reference No:
201912-3235-005
Status:
Historical Active
Previous ICR Reference No:
201907-3235-012
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-197
Title:
Rule 15c3-1; Net Capital Requirements for Brokers and Dealers
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:
06/11/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/20/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2023
36 Months From Approved
07/31/2020
Responses
3,502
0
3,576
Time Burden (Hours)
76,981
0
74,675
Cost Burden (Dollars)
299,000
0
379,000
Abstract:
Rule 15c3-1 was adopted in 1971 to ensure that brokers and dealers maintain sufficient liquid assets in excess of liabilities to promptly satisfy the claims of customers in the event the broker or dealer fails.
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:
PL: Pub.L. 111 - 203 701-774 Name of Law: Dodd-Frank Act
US Code: 15 USC 78o-10 Name of Law: Securities Exchange Act of 1934 (Section 15F)
US Code: 15 USC 78c-5 Name of Law: Securities Exchange Act of 1934 (Section 3E)
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:
85 FR 6653
02/05/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 21898
04/20/2020
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
27
IC Title
Form No.
Form Name
NEW: 15c3-1 Account Control Agreements – Outside Counsel Review (Costs)
NEW: 15c3-1(c)(2(vi)(O)(l)(iii): Industry sector classification
NEW: 15c3-1(c)(2)(xiv): Account control agreements – Opinion of Counsel
NEW: 15c3-1(c)(2)(xiv): Account control agreements – Outside Counsel Review (Hours)
NEW: Rule 15c3-4: Risk management control system
Rule 15c3-1 -- Creating procedures to determine creditworthiness to avoid 15% haircut
Rule 15c3-1 -- Reviewing procedures to determine creditworthiness to avoid 15% haircut
Rule 15c3-1; Appendix E computations for ANC firms
Rule 15c3-1; Appendix G annual reports for existing ANC firms
Rule 15c3-1; Appendix G annual reports for new ANC firms
Rule 15c3-1; Appendix G monthly reports for existing ANC firms
Rule 15c3-1; Appendix G monthly reports for new ANC firms
Rule 15c3-1; Appendix G notification provision for existing ANC firms
Rule 15c3-1; Appendix G notification provision for new ANC firms
Rule 15c3-1; Appendix G quarterly reports for existing ANC firms
Rule 15c3-1; Appendix G quarterly reports for new ANC firms
Rule 15c3-1; Appendix G recordkeeping for existing ANC firms
Rule 15c3-1; Appendix G recordkeeping for new ANC firms (initial)
Rule 15c3-1; Appendix G recordkeeping for new ANY firms (ongoing)
Rule 15c3-1; Appendix G updating risk management profile for existing ANC firms
Rule 15c3-1; Appendix G updating risk management profile for new ANC firms
Rule 15c3-1; Notices
Rule 15c3-1; Opinion of counsel to file consolidated financial reports under Appendix C
Rule 15c3-1; Paragraph (c)(2)(i)(G)(2): Capital Withdrawal Liability
Rule 15c3-1; Paragraph (c)(2)(iv)(B): Disclosures and Agreements
Rule 15c3-1; Reviewing and back testing models for existing ANC firms
Rule 15c3-1; Reviewing and back testing models for new ANC firms
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
3,502
3,576
0
0
-74
0
Annual Time Burden (Hours)
76,981
74,675
0
0
2,306
0
Annual Cost Burden (Dollars)
299,000
379,000
0
0
-80,000
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 change in burden between this supporting statement and the supporting statement uploaded on August 13, 2019 is due to the following: The estimated number of Rule 15c3-1 notices filed decreased from 902 to 844 and the estimated number of capital withdrawal requests filed decreased from 90 to 84. This caused the burden associated with 15c3-1 notices to decrease from 451 hours to 422 hours and the burden associated with capital withdrawal requests to decrease from 90 hours to 84 hours. Additionally, fewer firms are filing consolidated financial reports, resulting in the number of firms filing an opinion of counsel under Appendix C of Rule 15c3-1 decreasing from approximately 20 to approximately 10. This caused the cost burden associated with opinions of counsel to decrease from $160,000 per year to $80,000 per year. The burden associated with reviewing procedures to determine creditworthiness increased from 1,169 hours per year to 3,510 hours per year because this burden was erroneously annualized in prior submissions. Therefore, the aggregate hour burden estimate increased from approximately 74,675 hours to approximately 76,981 hours and the aggregate cost burden estimate decreased from approximately $379,000 to approximately $299,000.
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:
Valentina Deng 202 551-5778
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:
04/20/2020
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