[Federal Register Volume 84, Number 223 (Tuesday, November 19, 2019)]
[Notices]
[Pages 63951-63952]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25009]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-30, OMB Control No. 3235-0290]
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 17f-1(g)
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501et seq.) (``PRA''), the
[[Page 63952]]
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 17f-1(g) (17 CFR 240.17f-1(g)), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.).
Rule 17f-1(g) requires that all reporting institutions (i.e., every
national securities exchange, member thereof, registered securities
association, broker, dealer, municipal securities dealer, registered
transfer agent, registered clearing agency, participant therein, member
of the Federal Reserve System, and bank insured by the FDIC) maintain
and preserve a number of documents related to their participation in
the Lost and Stolen Securities Program (``Program'') under Rule 17f-1.
The following documents must be kept in an easily accessible place for
three years, according to paragraph (g): (1) Copies of all reports of
theft or loss (Form X-17F-1A) filed with the Commission's designee: (2)
All agreements between reporting institutions regarding registration in
the Program or other aspects of Rule 17f-1; and (3) all confirmations
or other information received from the Commission or its designee as a
result of inquiry.
Reporting institutions utilize these records and reports (a) to
report missing, lost, stolen or counterfeit securities to the database,
(b) to confirm inquiry of the database, and (c) to demonstrate
compliance with Rule 17f-1. The Commission and the reporting
institutions' examining authorities utilize these records to monitor
the incidence of thefts and losses incurred by reporting institutions
and to determine compliance with Rule 17f-1. If such records were not
retained by reporting institutions, compliance with Rule 17f-1 could
not be monitored effectively.
The Commission estimates that there are approximately 10,018
reporting institutions (respondents) and, on average, each respondent
would need to retain 33 records annually, with each retention requiring
approximately 1 minute (a total of 33 minutes or 0.5511 hours per
respondent per year). Thus, the total estimated annual time burden for
all respondents is 5,521 hours (10,018 x 0.5511 hours = 5,521).
Assuming an average hourly cost for clerical work of $50.00, the
average total yearly record retention internal cost of compliance for
each respondent would be $27.56 ($50 x 0.5511 hours). Based on these
estimates, the total annual internal compliance cost for the estimated
10,018 reporting institutions would be approximately $276,096 (10,018 x
$27.56).
Rule 17f-1(g) does not require periodic collection, but it does
require retention of records generated as a result of compliance with
Rule 17f-1. Under Section 17(b) and (f) of the Act, the information
required by Rule 17f-1(g) is available to the Commission and Federal
bank regulators for examinations or collection purposes. Rule 0-4 of
the Securities Exchange Act deems such information to be confidential.
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: November 8, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25009 Filed 11-18-19; 8:45 am]
BILLING CODE 8011-01-P