Document ID: SEC-2009-1511-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2009-10-23T04:00Z

[Federal Register: October 23, 2009 (Volume 74, Number 204)]
[
Notices]               
[Page 54861-54862]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr23oc09-85]                         

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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-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'') has submitted to the Office of Management and 

Budget requests 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: 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\ Public Law No. 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 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. 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.

[[Page 54862]]

     October 19, 2009.

Florence E. Harmon,

Deputy Secretary.

[FR Doc. E9-25483 Filed 10-22-09; 8:45 am]

BILLING CODE 8011-01-P