```
[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34280-34281]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15379]
-----------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\1\ (2000 notices x 15 minutes) = 30,000 minutes/60 minutes =
500 hours.
---------------------------------------------------------------------------
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
```