[Federal Register Volume 75, Number 141 (Friday, July 23, 2010)]
[Notices]
[Pages 43208-43209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-18072]
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SECURITIES AND EXCHANGE COMMISSION
[Rule 17f-1(g); SEC File No. 270-30; OMB Control No. 3235-0290]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 17f-1(g), SEC File No. 270-30, OMB Control No. 3235-0290.
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'') is soliciting comments on the existing
collection provided for in Rule 17f-1(g) (17 CFR 240.17f-1(g)), 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 for extension and approval.
Paragraph (g) of Rule 17f-1 requires that all reporting
institutions (i.e., every national securities exchange, member thereof,
registered securities association, broker, dealer, municipal securities
dealer, registered transfer agent, registered clearing agency,
participant therein, member of the Federal Reserve System and bank
insured by the FDIC) maintain and preserve a number of documents
related to their participation in the Lost and Stolen Securities
Program (``Program'') under Rule 17f-1. The following documents must be
kept in an easily accessible place for three years, according to
paragraph (g): (1) Copies or all reports of theft or loss (Form X-17F-
1A) filed with the Commission's designee; (2) all agreements between
reporting institutions regarding registration in the Program or other
aspects of Rule 17f-1; and (3) all confirmations or other information
received from the Commission or its designee as a result of inquiry.
Reporting institutions utilize these records and reports (a) to
report missing, lost, stolen or counterfeit securities to the database,
(b) to confirm inquiry of the database, and (c) to demonstrate
compliance with Rule 17f-1. The Commission and the reporting
institutions' examining authorities utilize these records to monitor
the incidence of thefts and losses incurred by reporting institutions
and to determine compliance with Rule 17f-1. If such records were not
retained by
[[Page 43209]]
reporting institutions, compliance with Rule 17f-1 could not be
monitored effectively.
The Commission estimates that there are 25,458 reporting
institutions (respondents) and, on average, each respondent would need
to retain 33 records annually, with each retention requiring
approximately 1 minute (33 minutes or .55 hours). The total estimated
annual burden is 14,001.9 hours (25,458 x .55 hours = 14,001.9).
Assuming an average hourly cost for clerical work of $50.00, the
average total yearly record retention cost for each respondent would be
$27.50 ($50 x .55 hours). Based on these estimates, the total annual
cost for the estimated 25,458 reporting institutions would be
approximately $700,095 (25,458 x $27.50).
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
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be 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.
Please direct your written comments 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: [email protected].
Dated: July 19, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-18072 Filed 7-22-10; 8:45 am]
BILLING CODE 8010-01-P