Emergency Reinstatement CIO Signed Memo

MEMORANDUM
TO:

FROM:

Dominic Mancini
Deputy Director, Office of Information & Regulatory Affairs
Office of Management and Budget

DAVID BOTTOM
David L. Bottom
Office of Information Technology

Digitally signed by DAVID
BOTTOM
Date: 2022.11.14 13:16:09
-05'00'

Securities and Exchange Commission

RE:

Emergency consideration of one collection of information pursuant to 44 U.S.C. 3507(j)
as implemented at 5 CFR 1320.13.
______________________________________________________________________________

The Securities and Exchange Commission (“Commission”) is requesting emergency
consideration of one collection of information pursuant to 44 U.S.C. 3507(j) as implemented at 5
CFR 1320.13. The collection of information is in 3235-0435, titled Customer Account Statements
(17 CFR 242.607). The collection of information in Rule 607 is part of the regulatory structure that
implements the goals and objectives of the national market system, including the public availability
of quotation information, fair competition, market efficiency, best execution and disintermediation.
Rule 607 furthers these goals and objectives by requiring disclosure on each new account and on a
yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for
order flow from any market makers, exchanges or exchange members to which it routes customers'
order in national market system securities for execution; and information regarding the aggregate
amount of monetary payments, discounts, rebates or reduction in fees received by the firm over the
past year.

The collection of information in Rule 607 is part of the regulatory structure that implements
the goals and objectives of the national market system, including the public availability of quotation
information, fair competition, market efficiency, best execution and disintermediation. Rule 607
furthers these goals and objectives by requiring disclosure on each new account and on a yearly
basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order
flow from any market makers, exchanges or exchange members to which it routes customers' order
in national market system securities for execution; and information regarding the aggregate amount
of monetary payments, discounts, rebates or reduction in fees received by the firm over the past
year.
In connection with this request, the Commission has determined:

1.

The collection of information is needed prior to the time periods established under the
Paperwork Reduction Act of 1995, 44 U.S.C. 3501 et seq. (“PRA”) and applicable
regulations, 5 CFR 1320.1 et seq.

2.

The collection of information is essential to the mission of the Commission.

3.

The existing approval expired on October 31, 2022 due to non postings of Federal
Register Notices. Therefore the Commission cannot reasonably comply with the normal
clearance requirement of the PRA and applicable regulations because the use of normal
clearance procedures is reasonably likely to prevent or disrupt the collection of
information. We are requesting a 6 month Extension.

4.

The Commission requests that OMB approve or disapprove the collection of
information by 04/31/2023.

5.

Because the Commission is requesting a reinstatement of a previously approved
information collection on an emergency basis, the Commission has not yet specifically
solicited comments on this information collection. If reinstatement is granted, the
Commission will publish a notice soliciting comments in the Federal Register prior to
seeking an extension of the term of the information collection.

6.

The Commission requests that OMB waive the notice requirement set forth
in 5 CFR 1320.5(a)(1)(iv).

Thank you for considering this request.