83 FR 55209 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 213 (November 2, 2018)

[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Page 55209]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23961]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-442, OMB Control No. 3235-0498]


Submission for OMB Review; 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:
    Rule 17a-12/Form X-17A-5 Part IIB

    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'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 17a-
12 (17 CFR 240.17a-12) and Part IIB of Form X-17A-5 (17 CFR 249.617) 
under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
    Rule 17a-12 is the reporting rule tailored specifically for over-
the-counter (``OTC'') derivatives dealers registered with the 
Commission, and Part IIB of Form X-17A-5, the Financial and Operational 
Combined Uniform Single (``FOCUS'') Report, is the basic document for 
reporting the financial and operational condition of OTC derivatives 
dealers. Rule 17a-12 requires registered OTC derivatives dealers to 
file Part IIB of the FOCUS Report quarterly. Rule 17a-12 also requires 
that OTC derivatives dealers file audited financial statements 
annually.
    The reports required under Rule 17a-12 provide the Commission with 
information used to monitor the operations of OTC derivatives dealers 
and to enforce their compliance with the Commission's rules. These 
reports also enable the Commission to review the business activities of 
OTC derivatives dealers and to anticipate, where possible, how these 
dealers may be affected by significant economic events.
    There are currently three registered OTC derivatives dealers. The 
staff expects that three additional firms will register as OTC 
derivatives dealers within the next three years. The staff estimates 
that the average amount of time necessary to prepare and file the 
quarterly reports required by the rule is eighty hours per OTC 
derivatives dealer \1\ and that the average amount of time to prepare 
and file the annual audit report is 100 hours per OTC derivatives 
dealer per year, for a total reporting burden of 180 hours per OTC 
derivatives dealer annually. Thus the staff estimates that the total 
industry-wide reporting burden to comply with the requirements of Rule 
17a-12 is 1,080 hours per year (180 x 6). The Commission estimates that 
the average annual reporting cost per broker-dealer for an independent 
public accountant to examine the financial statements is approximately 
$46,300 per broker-dealer. Thus, the total industry-wide annual 
reporting cost is approximately $277,800 ($46,300 x 6).
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    \1\ Based upon an average of 4 responses per year and an average 
of 20 hours spent preparing each response.
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    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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Candace Kenner, 100 F Street NE, Washington, DC 20549, or by sending an 
email to [email protected]. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: October 29, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23961 Filed 11-1-18; 8:45 am]
 BILLING CODE 8011-01-P