Rule 15c3-3: Customer Protection - Reserves and Custody of Securities

ICR 201011-3235-009

OMB: 3235-0078

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-11-15
ICR Details
3235-0078 201011-3235-009
Historical Inactive 201006-3235-005
SEC TM-270-087
Rule 15c3-3: Customer Protection - Reserves and Custody of Securities
Revision of a currently approved collection   No
Regular
Preapproved 01/21/2011
Retrieve Notice of Action (NOA) 11/15/2010
  Inventory as of this Action Requested Previously Approved
01/31/2014 36 Months From Approved 03/31/2011
5,469,084 0 344
450,849 0 77,166
780,481 0 447,148

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.

US Code: 15 USC 78q, 78w, 78mm, 80a-30(a), 80a Name of Law: Securities Exchange Act of 1934
  
None

3235-AJ85 Proposed rulemaking 72 FR 12862 03/19/2007

No

  Total Request 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 5,469,084 344 0 5,468,740 0 0
Annual Time Burden (Hours) 450,849 77,166 0 373,683 0 0
Annual Cost Burden (Dollars) 780,481 447,148 0 333,333 0 0
Yes
Miscellaneous Actions
No
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.
11/15/2010


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