Document ID: SEC-2009-1578-0001
Agency: sec
Document Type: Notice
Title: Proposed Collection; Comment Request
Posted Date: 2009-11-09T05:00Z

[Federal Register: November 9, 2009 (Volume 74, Number 215)]
[Notices]               
[Page 57716-57717]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09no09-89]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

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

Extension:
    Rule 17i-8, SEC File No. 270-533, OMB Control No. 3235-0591.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995\1\ the Securities and Exchange Commission (``Commission'') 
intends to submit to the Office of Management and Budget a request for 
extension of the previously approved collections of information 
discussed below. The Code of Federal Regulations citation to this 
collection of information is the following rule: 17 CFR 240.17i-8.
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    \1\ 44 U.S.C. 3501 et seq.
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    Section 231 of the Gramm-Leach-Bliley Act of 1999 \2\ (the 
``GLBA'') amended Section 17 of the Securities Exchange Act of 1934 (15 
U.S.C. 78q) to create a regulatory framework under which a holding 
company of a broker-dealer (``investment bank holding company'' or 
``IBHC'') may voluntarily be supervised by the Commission as a 
supervised investment bank holding company (or ``SIBHC'').\3\ In 2004, 
the Commission promulgated rules, including Rule 17i-8, to create a 
framework for the Commission to supervise SIBHCs.\4\ This framework 
includes qualification criteria for SIBHCs, as well as recordkeeping 
and reporting requirements. Among other things, this regulatory 
framework for SIBHCs is intended to provide a basis for non-U.S. 
financial regulators to treat the Commission as the principal U.S. 
consolidated, home-country supervisor for SIBHCs and their affiliated 
broker-dealers.\5\
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    \2\ Public Law 106-102, 113 Stat. 1338 (1999).
    \3\ See 15 U.S.C. 78q(i).
    \4\ See Exchange Act Release No. 49831 (Jun. 8, 2004), 69 FR 
34472 (Jun. 21, 2004).
    \5\ See H.R. Conf. Rep. No. 106-434, 165 (1999). See also 
Exchange Act Release No. 49831, at 6 (Jun. 8, 2004), 69 FR 34472, at 
34473 (Jun. 21, 2004).
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    Pursuant to Section 17(i)(3)(A) of the Exchange Act, an SIBHC must 
make and keep records, furnish copies thereof, and make such reports as 
the Commission may require by rule.\6\ Rule 17i-8 requires that an 
SIBHC to notify the Commission upon the occurrence of certain events 
that would indicate a decline in the financial and operational well-
being of the firm. The notices required to be filed pursuant to Rule 
17i-8 must be preserved for a period of not less than three years.\7\
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    \6\ 15 U.S.C. 78q(i)(3)(A).
    \7\ 17 CFR 240.17i-5(b)(4).
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    The collections of information included in Rule 17i-8 are necessary 
to allow the Commission to effectively determine whether supervision of 
an IBHC as an SIBHC is necessary or appropriate in furtherance of the 
purposes of Section 17 of the Act and allow the Commission to supervise 
the activities of these SIBHCs. Rule 17i-8 also enhances the 
Commission's supervision of the SIBHCs' subsidiary broker-dealers 
through collection of additional information and inspections of 
affiliates of those broker-dealers. Without these notices, the 
Commission would be unable to adequately supervise an SIBHC, nor would 
it be able to determine whether continued supervision of an IBHC as an 
SIBHC were necessary and appropriate in furtherance of the purposes of 
Section 17 of the Act.
    We estimate that three IBHCs will file Notices of Intention with 
the Commission to be supervised by the Commission as SIBHCs. An SIBHC 
will require about one hour to create a notice required to be submitted 
to the Commission pursuant to Rule 17i-8. However, as these notices 
only need be filed in certain situations indicative of financial or 
operational difficulty, only one SIBHC may be required to file notice 
pursuant to the Rule every other year. Thus, we estimate that the 
annual burden of Rule 17i-8 for all SIBHCs would be about 30 minutes.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper

[[Page 57717]]

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 Charles Boucher, 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.

     November 2, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-26885 Filed 11-6-09; 8:45 am]

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