30 Day Notice

61108

Federal Register / Vol. 87, No. 194 / Friday, October 7, 2022 / Notices

khammond on DSKJM1Z7X2PROD with NOTICES

effect, approximately 25 respondents 5
would be required to make 75 responses
by adding the new disclosure statements
to approximately 75 written offering
documents. Thus, the staff estimates
that the total annual burden associated
with the rule 237 disclosure
requirement would be approximately 13
hours (75 offering documents × 10
minutes per document). The total
annual cost of internal burden hours is
estimated to be $5,915 (13 hours × $455
per hour of attorney time).6
In addition, issuers from foreign
countries other than Canada could rely
on rule 237 to offer securities to
Canadian-U.S. Participants and sell
securities to their accounts without
becoming subject to the registration
requirements of the Securities Act.
However, the staff believes that the
number of issuers from other countries
that rely on rule 237, and that therefore
are required to comply with the offering
document disclosure requirements, is
negligible.
These burden hour estimates are
based upon the Commission staff’s
experience and discussions with the
fund industry. The estimates of average
burden hours are made solely for the
purposes of the Paperwork Reduction
Act. These estimates are not derived
from a comprehensive or even a
representative survey or study of the
costs of Commission rules.
Compliance with the collection of
information requirements of the rule is
mandatory and is necessary to comply
with the requirements of the rule in
general. An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
5 This estimate of respondents only includes
foreign issuers. The number of respondents would
be greater if foreign underwriters or broker-dealers
draft stickers or supplements to add the required
disclosure to existing offering documents.
6 The Commission’s estimate concerning the wage
rate for attorney time is based on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association (‘‘SIFMA’’). The $455 per hour figure
for an attorney is from SIFMA’s Management &
Professional Earnings in the Securities Industry
2013, modified by Commission staff to account for
an 1800-hour work-year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits,
overhead, and adjusted to account for the effects of
inflation.

VerDate Sep<11>2014

17:33 Oct 06, 2022

Jkt 259001

recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by November 7, 2022 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: October 3, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–21821 Filed 10–6–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–026, OMB Control No.
3235–0033]

Submission for OMB Review;
Comment Request; Extension: Rule
17a–3
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information provided for in Rule 17a–3
(17 CFR 240.17a–3), under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17a–3 under the Securities
Exchange Act of 1934 establishes
minimum standards with respect to
business records that broker-dealers
registered with the Commission must
make and keep current. These records
are maintained by the broker-dealer (in
accordance with a separate rule), so they
can be used by the broker-dealer and
reviewed by Commission examiners, as
well as other regulatory authority
examiners, during inspections of the
broker-dealer.
The collections of information
included in Rule 17a–3 are necessary to
enable Commission, self-regulatory
organization (‘‘SRO’’), and state
examiners to conduct effective and
efficient examinations to determine
whether broker-dealers are complying
with relevant laws, rules, and
regulations. If broker-dealers were not
required to create these baseline,

PO 00000

Frm 00130

Fmt 4703

Sfmt 4703

standardized records, Commission,
SRO, and state examiners could be
unable to determine whether brokerdealers are in compliance with the
Commission’s antifraud and antimanipulation rules, financial
responsibility program, and other
Commission, SRO, and State laws, rules,
and regulations.
As of December 31, 2021 there were
3,528 broker-dealers registered with the
Commission. The Commission estimates
that these broker-dealer respondents
incur a total hour burden of
approximately 8,342,195 hours per year
to comply with Rule 17a–3.
In addition, Rule 17a–3 contains
ongoing operation and maintenance
costs for broker-dealers, including the
cost of postage to provide customers
with account information, and costs for
equipment and systems development.
The Commission estimates that the total
cost burden associated with Rule 17a–
3 would be approximately $105,320,999
per year.
Rule 17a–3 does not contain record
retention requirements. Compliance
with the rule is mandatory. The
required records are available only to
the staffs of the Commission, selfregulatory organizations of which the
broker-dealer is a member, and the
states during examination, inspections
and investigations.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent by
November 7, 2022 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: October 3, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–21820 Filed 10–6–22; 8:45 am]
BILLING CODE 8011–01–P

E:\FR\FM\07OCN1.SGM

07OCN1