Document ID: SEC-2023-0167-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Customer Account Statements
Posted Date: 2023-02-15T05:00Z

[Federal Register Volume 88, Number 31 (Wednesday, February 15, 2023)]
[Notices]
[Page 9929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03154]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-382, OMB Control No. 3235-0762]

Proposed Collection; Comment Request; Extension: Customer Account 
Statements

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in Rule 607 (17 CFR 2240.15) 
under the Securities Exchange Act of 1934 (17 U.S.C. 78a et seq.) 
(``Exchange Act''). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    Rule 607 requires disclosure on each new account and on a yearly 
basis thereafter, on the annual statement, the firm's policies 
regarding receipt of payment for order flow from any market makers, 
exchanges or exchange members to which it routes customers' order in 
national market system securities for execution; and information 
regarding the aggregate amount of monetary payments, discounts, rebates 
or reduction in fees received by the firm over the past year.
    The information collected pursuant to Rule 607 is necessary to 
facilitate the establishment of a national market system for 
securities. The purpose of the rule is to ensure that customers are 
adequately apprised of the broker-dealer's order routing practices with 
respect to the customer's order, in furtherance of the Commission's 
statutory mandate to protect investors.
    The Commission estimates that approximately 3,643 respondents will 
make the third-party disclosures required in the collection of 
information requirements to 183,511,801 customer accounts each year. 
The Commission estimates that the average number of hours necessary for 
each respondent to comply with Rule 607 per year is 39.714 hours, which 
results in an average aggregated annual burden of 144,678.102 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; (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 by April 17, 2023.
    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: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John 
Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to: 
[email protected].

    Dated: February 9, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03154 Filed 2-14-23; 8:45 am]
BILLING CODE 8011-01-P