Reinstatement without change of a previously approved collection
No
Emergency
04/30/2023
Approved without change
11/17/2022
11/15/2022
In response to the emergency request memorandum submitted by the SEC on 11/15/2022, OIRA is approving the Commission's request for emergency approval of this OMB control number for a period of six months. This action is necessary to reinstate this OMB control number. Prior to the expiration of this package in six months, SEC shall undertake standard PRA notice and comment procedures.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
05/31/2023
6 Months From Approved
61,019,748
0
0
2,568,434
0
0
12,085,860
0
0
Regulation BI established a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.
The SECâs Internal Sharepoint System that they use to track and process all of their PRAâs failed resulting in the 30 and 60 Day Notices not being sent to the Federal Register for timely Publishing, therefore the ICR Expiration Date was missed.
An Emergency Reinstatement Request Memo signed by the CIO is attached to this Submission. Please reach out for any questions, concerns.
Thank You. â John Pezzullo (SEC (202) 551-8118
PL:
Pub.L. 111 - 203 913(f)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 78(o)
Name of Law: Securities Exchange Act of 1934
The Commission has updated its previous burden and costs estimates to reflect: (i) changes in the number of broker-dealers since the last estimate (e.g., the number of small BDs went down from 756 to 733, the number of large BDs went down from 2,010 to 1,950, and the number of dually-registered BDs went down from 563 to 546); (ii) changes in costs of certain services since the last estimate (e.g., the cost of Outside Counsel services for BDs went up from $497 per hour to $518 per hour, the cost of Senior Compliance Examiners for BDs went up from $237 per hour to $264 per hour, and the cost of Compliance Managers for BDs went up from $309 per hour to $344 per hour); and (iii) the elimination from the last estimate of the initial start-up costs, which were a one-time occurrence because it was a newly adopted rule.
No
No
No
No
Yes
No
No
Daniel Fisher 202 551-5931
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.
TM Emergency Request Memo FINAL 3235-0762 - Reg BI (DF) SIGNED dlb.pdf
IC18 - Compliance Obligation Written Policies and Procedures (Large BDs)