Document ID: SEC-2010-1091-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2010-07-20T04:00Z

[Federal Register: July 20, 2010 (Volume 75, Number 138)]
[Notices]               
[Page 42176-42177]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20jy10-114]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.
Extension:
    Rule 15a-6, SEC File No. 270-0329, OMB Control No. 3235-0371.

    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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    Rule 15a-6 (17 CFR 240.15a-6) under the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.) (``Exchange Act'') provides, among other 
things, an exemption from broker-dealer registration for foreign 
broker-dealers that effect trades with or for U.S. institutional 
investors through a U.S. registered broker-dealer, provided that the 
U.S. broker-dealer obtains certain information about, and consents to 
service of process from, the personnel of the foreign broker-dealer 
involved in such transactions, and maintains certain records in 
connection therewith.
    These requirements are intended to ensure: (a) That the U.S. 
broker-dealer will receive notice of the identity of, and has reviewed 
the background of, foreign personnel who will contact U.S. 
institutional investors, (b) that the foreign broker-dealer and its 
personnel effectively may be served with process in the event 
enforcement action is necessary, and (c) that the Commission has ready 
access to information concerning these persons and their U.S. 
securities activities.
    It is estimated that approximately 2,000 respondents will incur an 
average burden of three hours per year to comply with this rule, for a 
total burden of 6,000 hours. At an average cost per hour of 
approximately $105, the resultant total cost of compliance for the 
respondents is $600,000 per year (2,000 entities x 3 hours/entity x 
$105/hour = $630,000).
    In general, the records to be maintained under Rule 15a-6 must be 
kept for the applicable time periods as set forth in Rule 17a-4 (17 CFR 
240.17a-4) under the Exchange Act or, with respect to the consents to 
service of process, for a period of not less than six years after the 
applicable person ceases engaging in U.S. securities activities. 
Reliance on the exemption set forth in Rule 15a-6 is voluntary, but if 
a foreign broker-dealer elects to rely on such exemption, the 
collection of information described therein is mandatory. The 
collection does not involve confidential information.

[[Page 42177]]

    Please note that an agency may not conduct or sponsor, and a person 
is not required to respond to, a collection of information unless it 
displays a currently valid control number.
    Comments should be directed to: (i) Desk Officer for the Securities 
and Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503 or send an e-mail to: Shagufta_
Ahmed@omb.eop.gov and (ii) Charles Boucher, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Shirley Martinson, 
6432 General Green Way, Alexandria VA 22312 or send an e-mail to: PRA_
Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: July 14, 2010.
Florence H. Harmon,
Deputy Secretary.
[FR Doc. 2010-17643 Filed 7-19-10; 8:45 am]
BILLING CODE 8010-01-P