Document ID: SEC-2007-1695-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2007-12-12T05:00Z

[Federal Register: December 12, 2007 (Volume 72, Number 238)]
[Notices]               
[Page 70620-70621]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12de07-81]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 17a-4; OMB Control No. 3235-0279; SEC File No. 270-198.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
     Rule 17a-4 (17 CFR 240.17-4)--Records to be preserved by 
certain exchange members, brokers and dealers.
    Rule 17a-4 requires exchange members, brokers and dealers to 
preserve for prescribed periods of time certain records required to be 
made by Rule 17a-3 (17 CFR 240.17a-3). In addition, Rule 17a-4 requires 
the preservation of records required to be made by other Commission 
rules and other kinds of records which firms make or receive in the 
ordinary course of business. These include, but are not limited to, 
bank statements, cancelled checks, bills receivable and payable, 
originals of communications, and descriptions of various transactions. 
Rule 17a-4 also permits broker-dealers to employ, under certain 
conditions, electronic storage media to maintain records required to be 
maintained under Rules 17a-3 and 17a-4.
    There are approximately 5,791 active, registered broker-dealers. 
The staff estimates that the average amount of time necessary to 
preserve the books and records as required by Rule 17a-4

[[Page 70621]]

is 254 hours per broker-dealer per year. Thus the staff estimates that 
the total compliance burden for 5,791 respondents is 1,470,914 hours.
    The staff believes that compliance personnel would be charged with 
ensuring compliance with Commission regulation, including Rule 17a-4. 
The staff estimates that the hourly salary of a compliance manager is 
$245 per hour.\1\ Based upon these numbers, the total cost of 
compliance for 5,791 respondents is approximately $360.4 million 
(1,470,914 yearly hours x $245).
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    \1\ This figure is based on the SIFMA Report on Office Salaries 
In the Securities Industry 2006 (Compliance Manager).
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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 agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the proposed collection of information; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
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.
    Comments should be directed to: R. Corey Booth, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Shirley 
Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send 
an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within 
60 days of this notice.

    Dated: December 5, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-24034 Filed 12-11-07; 8:45 am]

BILLING CODE 8011-01-P