Document ID: SEC-2006-1090-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2006-08-24T04:00Z

[Federal Register: August 24, 2006 (Volume 71, Number 164)]
[Notices]               
[Page 50106-50107]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24au06-82]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

Extension: Rule 17i-3; SEC File No. 270-529; OMB Control No. 3235-
0593.

    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 collection of information 
discussed below. The Code of Federal Regulation citation to this 
collection of information is the following rule: 17 CFR 240.17i-3.
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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 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-3, 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\ Pub. L. 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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    Rule 17i-3 permits an SIBHC to withdraw from Commission supervision 
by filing a notice of withdrawal with the Commission. The Rule requires 
that an SIBHC include in its notice of withdrawal a statement that it 
is in compliance with Rule 17i-2(c) regarding amendments to its Notice 
of Intention to help to assure that the Commission has updated 
information when considering the SIBHC's withdrawal request.
    The collection of information required by Rule 17i-3 is necessary 
to enable the Commission to evaluate whether it is necessary and 
appropriate in the furtherance of Section 17 of the Exchange Act for 
the Commission to allow an SIBHC to withdraw from supervision. Without 
this information, the Commission would be unable to make this 
evaluation.
    We estimate, for Paperwork Reduction Act purposes only, that one 
SIBHC may wish to withdraw from Commission supervision as an SIBHC over 
a ten-year period. Each SIBHC that withdraws from Commission 
supervision as an SIBHC will require approximately 24 hours to draft a 
withdrawal notice and submit it to the Commission. An SIBHC likely 
would have an attorney perform this task. Further, an SIBHC likely will 
have a senior attorney or executive

[[Page 50107]]

officer review the notice of withdrawal before submitting it to the 
Commission, which will take approximately eight hours. Thus, we 
estimate that the annual, aggregate burden of withdrawing from 
Commission supervision as an SIBHC will be approximately 3.2 hours each 
year.\6\
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    \6\ (1 SIBHC/every 10 years) x (24 hours to draft + 8 hours to 
review) = 3.2 hours.
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    Written comments are invited on: (a) Whether the collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information will have practical 
utility; (b) the accuracy of the agency's estimate of the burden of the 
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.
    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: August 14, 2006.
J. Lynn Taylor,
Assistant Secretary.
 [FR Doc. E6-14020 Filed 8-23-06; 8:45 am]

BILLING CODE 8010-01-P