Document ID: SEC-2022-1482-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-11-16T05:00Z

[Federal Register Volume 87, Number 220 (Wednesday, November 16, 2022)]
[Notices]
[Page 68755]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-24880]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-809, OMB Control No. 3235-0766]

Proposed Collection; Comment Request; Extension: Rule 17a-14 and 
Form CRS

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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'') is soliciting comments on the existing 
collection of information provided for in Rule 17a-14 [17 CFR 240.17a-
14] and Form CRS [17 CFR 249.640], under the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Rule 17a-14 and Form CRS require a broker-dealer that offers 
services to retail investors to prepare and file with the Commission 
through WebCRD, post to the broker-dealer's website (if it has one), 
and deliver to retail investors a relationship summary. The 
relationship summary can assist retail investors in making an informed 
choice about whether to hire or retain a broker-dealer, as well as what 
types of accounts and services are appropriate for their needs.
    The information that must be collected pursuant to Rule 17a-14 and 
Form CRS is necessary to provide broker-dealer retail customers, 
prospective retail customers, and the Commission with information about 
the relationships and services the firm offers to retail investors, 
fees and costs that the retail investor will pay, specific conflicts of 
interest and standards of conduct, legal or disciplinary history, and 
how to obtain additional information about the firm. The Commission 
uses the information to manage its regulatory and examination programs. 
Clients can use the information required in the relationship summary to 
determine whether to hire or retain a broker-dealer, as well as what 
types of accounts and services are appropriate for their needs. The 
information will therefore help establish a framework that protects 
investors and promotes efficiency, competition, and capital formation.
    The aggregate annual hour burden for all respondents to comply with 
the information collection requirements of Rule 17a-14 and Form CRS is 
estimated to be approximately 6,098,916 hours per year. Under Rule 17a-
14 and Form CRS, respondents will also incur cost burdens. The 
aggregate annual cost burden for all respondents is estimated to be 
approximately $181,194 per year.
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information will 
have practical utility; (b) the accuracy of the Commission'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 by January 
17, 2023.
    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.
    Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John 
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to: 
[email protected].

    Dated: November 9, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-24880 Filed 11-15-22; 8:45 am]
BILLING CODE 8011-01-P