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

Forms and Documents

Document Name	Status
89 FR 72916 (OMB 3235-0537).pdf Supplementary Document	2024-09-06
89 FR 55284 (OMB 3235-0537).pdf Supplementary Document	2024-09-06
60 Day Document 3235-0537 (Reg S-P).docx Supplementary Document	2024-06-28
30 Day Document 3235-0537 (Reg S-P).docx Supplementary Document	2024-06-28
2024 Reg SP Supporting Statement.pdf Supporting Statement A	2024-06-28

IC Document Collections

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

ICR Details

OMB Control No: 3235-0537	ICR Reference No: 202406-3235-024
Status: Received in OIRA	Previous ICR Reference No: 202108-3235-019
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	Date Submitted to OIRA: 09/06/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2025
Responses	32,707	21,875
Time Burden (Hours)	392,484	262,500
Cost Burden (Dollars)	0	0

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Abstract: Regulation SP implements the requirements of Title V of the Gramm-Leach-Bliley Act (“GLBA”), which includes the requirement that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer of such financial institution’s policies and practices with respect to disclosing nonpublic personal information to affiliates and nonaffiliated third parties (“privacy notice”). Title V of the GLBA also provides that, unless an exception applies, a financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless the financial institution clearly and conspicuously discloses to the consumer that such information may be disclosed to such third party; the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party; and the consumer is given an explanation of how the consumer can exercise that nondisclosure option (“opt out notice”).

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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:
	89 FR 55284	07/03/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 72916	09/06/2024
Did the Agency receive public comments on this ICR? No

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

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

	Total Request	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	32,707	21,875	0	0	10,832	0
Annual Time Burden (Hours)	392,484	262,500	0	0	129,984	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 129,984 hours increase in estimated total annual burden hours is due to an increase in the estimated number of respondents. In 2021 SEC staff estimated the total annual burden hours at approximately 262,500, calculated using an estimated average of 12 burden hours for each covered entity and an estimated 21,875 covered entities (12 x 21,875 = 262,500). The current estimate of approximately 392,484 annual burden hours results from using the same estimated average of 12 burden hours for each covered entity and a higher estimated number of respondents of 32,707 (12 x 32,707 = 392,484); and the result is an increase of 129,984 in estimated total annual burden hours (392,484 – 262,500 = 129,984).

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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? No

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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: 09/06/2024

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