83 FR 34280 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 139 (July 19, 2018)

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34280-34281]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15379]


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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 R, Rule 701, SEC File No. 270-562, OMB Control No. 
3235-0624

    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 R, Rule 
701 (17 CFR 247.701) under the Securities Exchange Act of 1934 (15 
U.S.C. 78a 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 R, Rule 701 requires a broker or dealer (as part of a 
written agreement between the bank and the broker or dealer) to notify 
the bank if the broker or dealer makes certain determinations regarding 
the financial status of the customer, a bank employee's statutory 
disqualification status, and compliance with suitability or 
sophistication standards.
    The Commission estimates that brokers or dealers would, on average, 
notify 1,000 banks approximately two times annually about a 
determination regarding a customer's high net worth or institutional 
status or suitability or sophistication standing as well as a bank 
employee's statutory disqualification status. Based on these estimates, 
the Commission anticipates that Regulation R, Rule 701 would result in 
brokers or dealers making approximately 2,000 notifications to banks 
per year. The Commission further estimates (based on the level of 
difficulty and complexity of the applicable activities) that a broker 
or dealer would spend approximately 15 minutes per notice to a bank. 
Therefore, the estimated total annual third party disclosure burden for 
the requirements in Regulation R, Rule 701 is 500 \1\ hours for brokers 
or dealers.
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    \1\ (2000 notices x 15 minutes) = 30,000 minutes/60 minutes = 
500 hours.
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    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;

[[Page 34281]]

(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 
Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an email 
to: [email protected].

     Dated: July 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15379 Filed 7-18-18; 8:45 am]
 BILLING CODE 8011-01-P