81 FR 68068 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 191 (October 3, 2016)

[Federal Register Volume 81, Number 191 (Monday, October 3, 2016)]
[Notices]
[Pages 68068-68069]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-23762]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736

Extension:
    Regulation S-AM; SEC File No. 270-548, OMB Control No. 3235-
0609.

    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'') is soliciting comments on the 
existing collection of information provided for in Regulation S-AM (17 
CFR part 248, subpart B), under the Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) (``FCRA''), the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.), the Investment Company Act of 1940 (15 U.S.C. 
80a-1 et seq.), and the Investment Advisers Act of 1940 (15 U.S.C. 80b-
1 et seq.). The Commission plans to submit this existing collection of 
information to the Office of Management and Budget (``OMB'') for 
extension and approval.
    Regulation S-AM implements the requirements of Section 624 of the 
FCRA (15 U.S.C. 1681s-3) with respect to investment advisers and 
transfer agents registered with the Commission, as well as brokers, 
dealers and investment companies (collectively, ``Covered Persons''). 
Section 624 and Regulation S-AM limit a Covered Person's use of certain 
consumer financial information received from an affiliate to solicit a 
consumer for marketing purposes, unless the consumer has been given 
notice and a reasonable opportunity and a reasonable and simple method 
to opt out of such solicitations. Regulation S-AM potentially applies 
to all of the approximately 32,061 Covered Persons registered with the 
Commission, although only approximately 17,954 of them have one or more 
corporate affiliates, and the regulation requires only approximately 
3,206 to provide consumers with an affiliate marketing notice and an 
opt-out opportunity.
    The Commission staff estimates that there are approximately 17,954 
Covered Persons having one or more affiliates, and that they each spend 
an average of 0.20 hours per year to review affiliate marketing 
practices, for, collectively, an estimated annual time burden of 3,591 
hours at an annual internal staff cost of approximately $1,798,991. The 
staff also estimates that approximately 3,206 Covered Persons provide 
notice and opt-out opportunities to consumers, and that they each spend 
an average of 7.6 hours per year creating notices, providing notices 
and opt-out opportunities, monitoring the opt-out notice process, 
making and updating records of opt-out elections, and addressing 
consumer questions and concerns about opt-out notices, for, 
collectively, an estimated annual time burden of 24,366 hours at an 
annual internal staff cost of approximately $4,489,806. Thus, the staff 
estimates that the collection of information requires a total of 
approximately 17,954 respondents to incur an estimated annual time 
burden of a total of 27,957 hours at a total annual internal cost of

[[Page 68069]]

compliance of approximately $6,288,897.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information 
collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. 
Consideration will be given to comments and suggestions submitted in 
writing within 60 days of this publication.
    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.
    Please direct your written comments to: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email 
to: [email protected].

    Dated: September 27, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-23762 Filed 9-30-16; 8:45 am]
 BILLING CODE 8011-01-P