Recordkeeping and Disclosure Requirements Associated with Regulation R

Forms and Documents

Document	Type	Status	Availability
FR4025_RegR.20070917.omb.doc	Supporting Statement A	Uploaded 2007-10-10	Available
Reg R.txt	Supplementary Document	Uploaded 2007-10-02	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
181448	Rule 741 (Disclosures to customers)		New
181447	Rule 723 (Recordkeeping)		New
181446	Rule 701 (Disclosures to brokers)		New
181445	Rule 701 (Disclosures to customers)		New

ICR Details

OMB Control No: 7100-0316	ICR Reference No: 200708-7100-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR 4025
Title: Recordkeeping and Disclosure Requirements Associated with Regulation R
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/17/2007
	Date Received in OIRA: 10/17/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2010	36 Months From Approved
Responses	601,500	0	0
Time Burden (Hours)	50,375	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System (Federal Reserve) (the agencies) jointly are issuing notice of final rulemakings (NFR) to implement certain of the exceptions for banks from the definition of broker under Section 3(a)(4) of the Securities Exchange Act of 1934 (Exchange Act), as amended by the Gramm-Leach-Bliley Act (GLBA). The NFR defines terms used in these statutory exceptions and include certain related exemptions. The sections of the NFR for Rules 701, 723, and 741 contain new information collection requirements in the form of recordkeeping and disclosure requirements.

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Authorizing Statute(s): US Code: 15 USC 78c(a)(4)(F) Name of Law: Securities and Exchange Act of 1934
  

Citations for New Statutory Requirements: PL: Pub.L. 109 - 351 101 Name of Law: Financial Services Regulatory Relief Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD05	Final or interim final rulemaking	72 FR 56514	10/03/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 77522	12/26/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 56514	10/03/2007
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Rule 701 (Disclosures to customers)
Rule 701 (Disclosures to brokers)
Rule 723 (Recordkeeping)
Rule 741 (Disclosures to customers)

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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	601,500	0	601,500	0	0	0
Annual Time Burden (Hours)	50,375	0	50,375	0	0	0
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 Federal Reserve and the Securities and Exchange Commission jointly issued proposed rules that implement certain of the exceptions for banks from the definition of the term ‘‘broker’’ under Section 3(a)(4) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’), as amended by the Gramm-Leach-Bliley Act (‘‘GLBA’’). The proposed rules would define terms used in these statutory exceptions and include certain related exemptions.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 10/17/2007

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