Rule 15c3-3 provides for the
protection of customer funds and securities in the custody of a
broker-dealer. The Rule sets forth standards for (i) a
broker-dealer's acceptance, custody, and use of customer
securities, and (ii) the maintenance of reserves with respect to
customer deposits and monies obtained from the use of customer
securities. Rule 15c3-3 also contains requirements for
broker-dealers that holds securities futures products for
customers.
The changes in the reporting
burden are a result of the proposed amendments to Rule 15c3-3 as
discussed in the 2007 proposing release. Under the 2007 proposing
release, the proposed amendments to Rule 15c3-3 would require a
broker-dealer to perform a PAB reserve computation and obtain
certain agreements and notices related to proprietary account of
another broker-dealer (referred to as PAB accounts) and,
therefore, would impose recordkeeping burdens on a broker-dealer to
the extent it: (1) has to perform a PAB computation; (2) chooses to
use PAB securities and, therefore, needs to obtain agreements from
PAB accountholders; and (3) opens a PAB reserve account at a new
bank. These proposed amendments to Rule 15c3-3 would add 29,080
(26,830 + 2,250) one-time burden hours to this collection of
information, as well as increase the annual hour burden by 9,350
hours. In addition, the amendment to Rule 15c3-3 to add new
paragraph (j) would apply to broker-dealers who choose to provide
existing and new customers with the required disclosures in order
to have the ability to change how their customers free credit
balances are treated. This amendment would add 10,000 one-time
burden hours, as well as 364,333 annual hours to this collection of
information. Finally, the amendment to paragraph (j) to Rule 15c3-3
relating to customers free credit balances also would result in an
increase to the total annualized cost burden of $333,333 per
year.
$1,050
No
No
No
No
No
Uncollected
Sheila Swartz 202
551-5545
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.