Regulation S-P; Privacy of consumer financial information (17 CFR Part 248)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2015 SP Supporting Statement (2) DGL REDLINE.pdf	Supporting Statement A	Uploaded 2015-10-27	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
35346	Regulation S-P; Privacy of consumer financial information (17 CFR Part 248)		Modified

ICR Details

OMB Control No: 3235-0537	ICR Reference No: 201504-3235-009
Status: Historical Active	Previous ICR Reference No: 201206-3235-013
Agency/Subagency: SEC	Agency Tracking No: TM-270-480
Title: Regulation S-P; Privacy of consumer financial information (17 CFR Part 248)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/09/2015
	Date Received in OIRA: 10/27/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2018	36 Months From Approved	12/31/2015
Responses	19,876	0	21,500
Time Burden (Hours)	238,512	0	258,000
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation S-P, adopted on June 22, 2000, implements Title V of the Gramm-Leach-Bliley Act by, among other things, requiring that not later that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a broker-dealer, investment company, or federally registered in investment adviser shall provide a clear and conspicuous notice to such consumer that accurately describes such financial institution's privacy policies and practices.

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Authorizing Statute(s): US Code: 15 USC 78o(c)(3), 78q(a) and 78w(a) Name of Law: Sections 15(c)(3), 17(a) and 23(a) of the Exchange Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 23060	04/24/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 37032	06/29/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Regulation S-P; Privacy of consumer financial information (17 CFR Part 248)

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ICR Summary of Burden

table that charts list 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	19,876	21,500	0	0	-1,624	0
Annual Time Burden (Hours)	238,512	258,000	0	0	-19,488	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 19,488-hour decrease in estimated total annual burden-hours was due to a decrease in the estimated number of respondents. In 2012 SEC staff estimated the total annual burden-hours at approximately 258,000, calculated using an estimated average of 12 burden-hours for each covered entity and an estimated 21,500 covered entities (12 x 21,500 = 258,000). The current estimate of approximately 238,512 annual burden-hours results from using the same estimated average of 12 burden hours for each covered entity and a lower estimated number of respondents of 19,876 (12 x 19,876 = 238,512); and the result is a decrease of 19,488 in estimated total annual burden-hours (258,000 – 238,512 = 19,488).

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Annual Cost to Federal Government: $0

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 10/27/2015

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