IMPLEMENTING REGULATIONS: GOVERNMENT SECURITIES ACT OF 1986

ICR 198702-1505-002

OMB: 1505-0100

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
IC ID
Document
Title
Status
124551
Migrated
ICR Details
1505-0100 198702-1505-002
Historical Active
TREAS/DO
IMPLEMENTING REGULATIONS: GOVERNMENT SECURITIES ACT OF 1986
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 04/17/1987
Retrieve Notice of Action (NOA) 02/17/1987
APPROVED WITH THE FOLLOWING CONDITIONS: (1) THE DEPARTMENT MUST RESUBM THESE RECORDKEEPING AND REPORTING REQUIREMENTS FOR PAPERWORK REDUCTION ACT (PRA) REVIEW BY OMB WHEN THE RULE IS EFFECTIVE, INCLUDING A SUMMAR OF ALL PUBLIC COMMENTS RECEIVED ON THE REPORTING AND RECORDKEEPING REQUIREMENTS. (2) THE NOTIFICATION TO COUNTERPARTIES AND OTHER PAPERWO REQUIREMENTS PROPOSED AT 17 CFR 403.4(e) AND 403.5(d) ARE NOT APPROVED AS THEY ARE NOT THE LEAST BURDENSOME NECESSARY FOR THE PROPER PERFORMANCE OF THE AGENCY'S FUNCTIONS AS REQUIRED BY THE PRA AND ITS IMPLEMENTING REGULATION AT 5 CFR 1320.4(b). THE DEPARTMENT HAS NOT JUSTIFIED THE PRIOR AGREEMENT NOTIFICATION REQUIREMENT, NOR HAS IT JUSTIFIED THE UTILITY OF A $5,000,000 THRESHOLD. IN ADDITION, THE DEPARTMENT HAS NOT STATED HOW BROKER/DEALERS ARE TO ACCOMPLISH CONTINIOUS AGGREGATIONS, AS THE RULE SEEMS TO REQUIRE. THE LEAST BURDENSOME METHOD FOR ENSURING THE DEPARTMENT'S FUNCTION (OF ADEQUATE CUSTOMER PROTECTION) WOULD APPEAR TO BE REQUIRING DISCLOSURE UP FRONT (AND PERHAPS PERIODICALLY THEREAFTER) OF SUBSTITUTION PROCEDURES. (3) THE FORM G FIN 4 MUST BE REVISED TO DELETE THE REQUEST FOR EDUCATION INFORMATION (QUESTION 15), AS THIS INFORMATION LACKS PRACTICAL UTILITY (AS REQUIRED BY THE PRA AND ITS REGULATIONS AT 5 CFR 1320.4(b)) DUE TO THERE BEING NO EDUCATION QUALIFICATION REQUIRED TO REGISTER UNDER THE GOVERNMENT SECURITIES ACT.
  Inventory as of this Action Requested Previously Approved
04/30/1988 04/30/1988
1 0 0
1 0 0
0 0 0

THESE REGULATIONS REQUIRE GOVERNMENT SECURITIES BROKERS AND DEALERS TO MAKE AND KEEP RECORDS CONCERNING THEIR BUSINESS ACTIVITIES AND THEI HOLDINGS OF SECURITIES, AND TO SUBMIT FINANCIAL REPORTS. THE REGULATIO ARE DESIGNED TO ENHANCE INVESTOR PROTECTION. THE REGULATIONS ALSO REQUIRE DEPOSITORY INSTITUTIONS TO KEEP RECORDS CONCERNING NON-FIDUCIARY HOLDINGS OF GOVERNMENT SECURITIES FOR CUSTOMERS.

None
None


No

1
IC Title Form No. Form Name
IMPLEMENTING REGULATIONS: GOVERNMENT SECURITIES ACT OF 1986

  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 1 0 0 1 0 0
Annual Time Burden (Hours) 1 0 0 1 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
No

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
02/17/1987


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