Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.
The agency shall also examine and confirm or change the burden hours with regards to a possible transposition error of the record keeping and reporting requirement estimates.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act" or the "Act") (Pub. L. 111-203, section 956, 124 Stat. 1376, 2011-2018 (2010)), which was signed into law on July 21, 2010, requires the Securities and Exchange Commission ("SEC" or "Commission") to jointly prescribe regulations or guidelines with six other Federal financial agencies ("Agencies") with respect to incentive-based compensation practices at covered financial institutions.
The proposed rule would require broker-dealers and investment advisers with assets of at least $1 billion ("covered BDs and IAs") to file an annual report with the Commission related to their incentive compensation arrangements, to establish and maintain policies and procedures related to incentive-based compensation, and maintain certain records related to the firm's incentive-based compensation program. In addition, the proposal would require covered BDs and IAs with assets of at least $50 billion to create and maintain records related to those persons designated by a firm's board of directors that individually have the ability to expose the firm to possible losses that are substantial in relation to the institution's size, capital, or overall risk tolerance.
The information will be used by SEC staff to determine compliance with Section 956 of the Act.
US Code:
12 USC 5641
Name of Law: The Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code: 12 USC 5641 Name of Law: he Dodd-Frank Wall Street Reform and Consumer Protection Act
This relates to new rules being proposed, and accordingly the information collection requests are new. The annual time burden estimated is 42,590 hours.
$0
No
No
No
Yes
No
Uncollected
Timothy Fox 202 551-5687
Reginfo record details
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.
Incentive-based Compensation supporting statement - May 9 2011.pdf
Policies and Procedures