Document ID: SEC-2017-0856-0003
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2020-08-07T04:00Z

[Federal Register Volume 85, Number 153 (Friday, August 7, 2020)]
[Notices]
[Pages 47991-47992]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17258]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-087, OMB Control No. 3235-0078]

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 15c3-3

    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'') 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 
15c3-3 (17 CFR 240.15c3-3), under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.). Furthermore, notice is given regarding new 
collections of information that were previously proposed in Rule 18a-4 
(OMB No. 3235-0700) and that are being moved to this Rule 15c3-3 (OMB 
No. 3235-0078) based on comments received during the rulemaking 
process.
    With respect to the extension of the previously approved collection 
of information, Rule 15c3-3 requires that a broker-dealer that holds 
customer securities obtain and maintain possession and control of 
fully-paid and excess margin securities they hold for

[[Page 47992]]

customers. In addition, the Rule requires that a broker-dealer that 
holds customer funds make either a weekly or monthly computation to 
determine whether certain customer funds need to be segregated in a 
special reserve bank account for the exclusive benefit of the firm's 
customers. It also requires that a broker-dealer maintain a written 
notification from each bank where a Special Reserve Bank Account is 
held acknowledging that all assets in the account are for the exclusive 
benefit of the broker-dealer's customers, and to provide written 
notification to the Commission (and its designated examining authority) 
under certain, specified circumstances. Finally, broker-dealers that 
sell securities futures products (``SFP'') to customers must provide 
certain notifications to customers and make a record of any changes of 
account type.
    A broker-dealer required to maintain the Special Reserve Bank 
Account prescribed by Rule 15c3-3 must obtain and retain a written 
notification from each bank in which it has a Special Reserve Bank 
Account to evidence the bank's acknowledgement that assets deposited in 
the Account are being held by the bank for the exclusive benefit of the 
broker-dealer's customers. In addition, a broker-dealer must 
immediately notify the Commission and its designated examining 
authority if it fails to make a required deposit to its Special Reserve 
Bank Account. Finally, a broker-dealer that effects transactions in 
SFPs for customers will also have paperwork burdens to make a record of 
each change in account type.
    The Commission staff estimates a total annual time burden of 
approximately 625,490 hours and a total annual cost burden of 
approximately $1,440,513 to comply with the existing information 
collection requirements of the rule.
    With respect to the new collections of information, in 2019, the 
Commission adopted amendments to establish segregation and notice 
requirements for broker-dealers with respect to their security-based 
swap activity. The Commission staff estimates a total annual time 
burden of approximately 96,601 hours and a total annual cost burden of 
approximately $65,334 to comply with the new information collection 
requirements of the rule.
    The Commission staff thus estimates that the aggregate annual 
information collection burden associated with Rule 15c3-3 is 
approximately 722,091 hours and $1,505,847.
    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. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: PRA_Mailbox@sec.gov.

    Dated: August 3, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-17258 Filed 8-6-20; 8:45 am]
BILLING CODE 8011-01-P