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:
3235-0410
ICR Reference No:
202111-3235-014
Status:
Historical Active
Previous ICR Reference No:
201810-3235-017
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-359
Title:
Rule 17h-1T (17 CFR 240.17h-1T); Risk assessment record-keeping requirements for associated persons of brokers and dealers Rule 17h-2T (17 CFR 240.17h-2T); Risk assessment reporting requirement
Type of Information Collection:
Reinstatement with change of a previously approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
04/04/2022
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/20/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/03/2022
Terms of Clearance:
In response to the emergency request memorandum submitted by the SEC on 4/3/2022, OIRA is approving the Commission's request for emergency consideration of OMB control # 3235-0410 for a period of six months. Prior to the expiration of this package in six months, SEC shall undertake standard notice and comment procedures.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2022
6 Months From Approved
Responses
235
0
0
Time Burden (Hours)
5,640
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Rule 17h-1T requires a broker-dealer to maintain and preserve records regarding the financial and securities activities, and other information concerning the holding company, affiliates and subsidiaries of the broker-dealer that are reasonably likely to have a material impact on the financial or operational condition of the broker-dealer. Rule 17h-2T requires a broker-dealer to file with the Commission quarterly reports and a cumulative year-end report concerning the information required to be maintained and preserved under Rule 17h-1T.
Emergency Justfication:
Rules 17h-1T and 17h-2T enable the Commission to monitor the activities of broker-dealer affiliates through its access to affiliate information and receipt of reports on a quarterly basis. However, Commission staff inadvertently and mistakenly did not complete the recent extension for this control number and it expired on February 28, 2022. Emergency reinstatement would prevent the disruption of normal collection efforts pursuant to Rules 17h-1T and 2T, which are still in force. The information collected pursuant to Rules 17h-1T and 2T is necessary to further the regulatory directive to monitor the activities of broker-dealer affiliates. Without this information, the Commission would be unable to assess the potentially damaging impact of an affiliate’s activities on the broker-dealer. Emergency reinstatement would allow the Commission to continue to monitor the activities of a covered broker-dealer’s affiliate whose business activities are reasonably likely to have a material impact on the financial and operational condition of the broker-dealer.
Authorizing Statute(s):
US Code:
15 USC 78w
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78q
Name of Law: 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:
86 FR 68714
12/03/2021
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 17h-1T (17 CFR 240.17h-1T); Risk assessment record-keeping requirements for associated persons of brokers and dealers Rule 17h-2T (17 CFR 240.17h-2T); Risk assessment reporting requirement
2332
17-H
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
235
0
0
0
-50
285
Annual Time Burden (Hours)
5,640
0
0
0
-1,200
6,840
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:
No
Burden Reduction Due to:
Short Statement:
The change in burden is a result of a decrease in the number of respondents from 285 to 235 and because the staff believes that there will not be a net increase in the number of respondents to begin complying with Rules 17h-1T and 17h-2T for the foreseeable future.
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.
Yes
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.
Yes
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:
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:
04/03/2022
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