Document ID: SEC-2008-1760-0001
Agency: sec
Document Type: Notice
Title: Submission for OMB Review; Comment Request
Posted Date: 2008-11-17T16:06:33Z

[Federal Register: November 17, 2008 (Volume 73, Number 222)]
[Notices]               
[Page 67899-67900]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17no08-95]                         

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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 17a-5(c); OMB Control No. 3235-0199; SEC File No. 270-199.

    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 approval of extension of the existing 
collection of information provided for in the following rule: Rule 17a-
5(c) (17 CFR 240.17a-5(c)) under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.) (``Exchange Act'').
    Rule 17a-5(c) generally requires broker-dealers who carry customer 
accounts to provide statements of the broker-dealer's financial 
condition to their customers. Paragraph (5) of Rule 17a-5(c) provides a 
conditional exemption from this requirement. A broker-dealer that 
elects to take advantage of the exemption must publish its statements 
on its Web site in a prescribed manner, and must maintain a toll-free 
number that customers can call to request a copy of the statements.
    The purpose of the Rule is to ensure that customers of broker-
dealers are provided with information concerning the financial 
condition of the firm that may be holding the customers' cash and 
securities. The Commission, when adopting the Rule in 1972, stated that 
the goal was to ``directly'' send a customer essential information so 
that the customer could ``judge whether his broker or dealer is 
financially sound.'' The Commission adopted the Rule in response to the 
failure of several broker-dealers holding customer funds and securities 
in the period between 1968 and 1971.

[[Page 67900]]

    The Commission estimates that approximately 275 broker-dealer 
respondents carrying approximately 110 million public customer accounts 
incur an average burden of 138,000 hours per year to comply with the 
Rule.
    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 by sending an e-mail to: 
nfraser@omb.eop.gov; and (ii) Lewis W. Walker, Acting 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 within 30 days 
of this notice.

    Dated: November 10, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-27238 Filed 11-14-08; 8:45 am]

BILLING CODE 8011-01-P