Rule 17a-4; Records to be Preserved by Certain Exchange Members, Brokers and Dealers

Forms and Documents

Document Name	Status
Rule 17a-4 (3235-0279) Supporting Statement (2019 Rulemaking).pdf Supporting Statement A	2019-08-02

IC Document Collections

IC ID	Document Title	Status
34755	Rule 17a-4; Records to be Preserved by Certain Exchange Members, Brokers and Dealers	Unchanged
231799	Rule 17a-4(e)(10), Maintenance of Records in Connection with Rule 17a-14 and Form CRS	New
231798	Rule 17a-4(e)(5), Ongoing Recordkeeping in Connection with Regulation Best Interest	New
231797	Rule 17a-4(e)(5), New or Modified Documents Being Added to a Record Retention System in Connection with Regulation BI	New
209189	Rule 17a-4(b)(11) Record preservation requirements	Unchanged

ICR Details

OMB Control No: 3235-0279	ICR Reference No: 201908-3235-003
Status: Historical Active	Previous ICR Reference No: 201607-3235-007
Agency/Subagency: SEC	Agency Tracking No: TM-270-198
Title: Rule 17a-4; Records to be Preserved by Certain Exchange Members, Brokers and Dealers
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 10/03/2019
	Date Received in OIRA: 08/09/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2021	11/30/2019	10/31/2019
Responses	1,084,644,132	0	4,254
Time Burden (Hours)	10,064,606	0	1,042,866
Cost Burden (Dollars)	20,520,000	0	20,520,000

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Abstract: Rule 17a-4 requires certain records to be maintained by certain exchange members and registered brokers and dealers. In connection with the new Regulation Best Interest, which was adopted in July 2019, the Commission amended Rule 17a-4 by revising paragraph (e)(5). In addition, as part of the related rulemaking for Rule 17a-14 and Form CRS, the Commission is amended Rule 17a-4 by adding new paragraph (e)(10) .

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Authorizing Statute(s): US Code: 15 USC 78b, 78c, 78o, 78o-4, 78q, 78w Name of Law: Sections 2, 3, 15, 15B, 17 and 23 of the Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM35	Final or interim final rulemaking	84 FR 33318	07/12/2019

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Rule 17a-4(e)(5), Ongoing Recordkeeping in Connection with Regulation Best Interest
Rule 17a-4; Records to be Preserved by Certain Exchange Members, Brokers and Dealers
Rule 17a-4(b)(11) Record preservation requirements
Rule 17a-4(e)(10), Maintenance of Records in Connection with Rule 17a-14 and Form CRS
Rule 17a-4(e)(5), New or Modified Documents Being Added to a Record Retention System in Connection with Regulation BI

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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	1,084,644,132	4,254	0	1,084,639,878	0	0
Annual Time Burden (Hours)	10,064,606	1,042,866	0	9,021,740	0	0
Annual Cost Burden (Dollars)	20,520,000	20,520,000	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The burden is increasing due to new record maintenance requirements in proposed Regulation Best Interest and proposed Rule 17a-14 and Form CRS. In addition, the burdens in the final rule amendments are increasing from the ones that were submitted in 2018 for the proposed rule to (1) correct errors in the proposed burdens and (2) make adjustments to the number of responses and respondents and the hourly burdens per response.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 08/09/2019

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