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:
3235-0766
ICR Reference No:
202211-3235-002
Status:
Active
Previous ICR Reference No:
201909-3235-017
Agency/Subagency:
SEC
Agency Tracking No:
IM-270-809
Title:
Form CRS and rule 17a-14 under the Exchange Act
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:
04/18/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/24/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2026
36 Months From Approved
04/30/2023
Responses
2,550
0
174,713,214
Time Burden (Hours)
6,098,916
0
3,405,767
Cost Burden (Dollars)
181,194
0
2,853,590
Abstract:
New proposed rule 17a-14 under the Exchange Act [17 CFR 240.17a-14] and Form CRS [17 CFR 249.640] would require a broker-dealer that offer services to retail investors to prepare, file with the Commission, post to the broker-dealer’s website (if it has one), and deliver to retail investors a relationship summary, as discussed in greater detail in Section II above. Broker-dealers would file the relationship summary with the Commission's Electronic Data Gathering, Analysis, and Retrieval system. Broker-dealers also would be required to deliver the relationship summary to both existing customers and new or prospective new customers who are retail investors. New proposed rule 17a-14 under the Exchange Act [17 CFR 240.17a-14] and Form CRS [17 CFR 249.640] contain a collection of information requirement. We will use the information to manage our regulatory and examination programs. Clients can use the information required in Form CRS to determine whether to hire or retain a broker-dealer, as well as what types of accounts and services are appropriate for their needs. The collection of information is necessary to provide broker-dealer customers, prospective customers, and the Commission with information about the broker-dealer and its business, conflicts of interest and personnel. This collection of information would be found at 17 CFR 240.17a-14 and 17 CFR 249.640 and would be mandatory. Responses would not be kept confidential.
Authorizing Statute(s):
US Code:
15 USC 78c
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78j
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78q
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78o
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78w
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 78mm
Name of Law: Securities Exchange Act of 1934
PL:
Pub.L. 111 - 203 913(f)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
US Code: 15 USC 80b Name of Law: Investment Advisers Act of 1940
US Code: 15 USC 78a Name of Law: Securities Exchange Act of 1934
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:
87 FR 68755
11/16/2022
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 4251
01/24/2023
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
Form CRS and Rule 17a-14 under the Securities Exchange Act of 1934
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
2,550
174,713,214
0
0
-174,710,664
0
Annual Time Burden (Hours)
6,098,916
3,405,767
0
0
2,693,149
0
Annual Cost Burden (Dollars)
181,194
2,853,590
0
0
-2,672,396
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:
Even though the Commission has decreased its estimate of currently registered broker-dealers from 2,766 to 2,550 and each of these existing registered broker-dealers has already incurred its one-time initial hour burdens, the total hour burden has increased from 3,405,767 to 6,098,916. The increase in hour burden is due to growth in the customer base of broker-dealers with retail activity, as well as an increase in the number of retail customer accounts. The estimated annual cost burden decreased from $2,853,590 to $181,194 because all of the existing registrants from three years ago have already incurred their initial one-time start-up costs which and the Commission estimates that only about 138 new registrants will incur initial start-up costs over the next three years.
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.
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:
Daniel Fisher 202 551-5931
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:
01/24/2023
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