

[Federal Register: November 8, 2006 (Volume 71, Number 216)]
[Notices]               
[Page 65550]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08no06-121]                         

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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 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 (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 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:
    Section 231 of the Gramm-Leach-Bliley Act of 1999 \1\ (the 
``GLBA'') amended Section 17 of the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.) (the ``Exchange Act'') 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'').\2\ In 2004, the Commission promulgated rules, 
including Rule 17i-3, (17 CFR 240.17i-3.) to create a framework for the 
Commission to supervise SIBHCs.\3\ 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.\4\
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    \1\ Pub. L. 106-102, 113 Stat. 1338 (1999).
    \2\ See 15 U.S.C. 78q(i).
    \3\ See Exchange Act Release No. 49831 (Jun. 8, 2004), 69 FR 
34472 (Jun. 21, 2004).
    \4\ 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.\5\
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    \5\ (1 SIBHC/every 10 years) x (24 hours to draft + 8 hours to 
review) = 3.2 hours.
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    The collection of information is mandatory and the information 
required to be provided to the Commission pursuant to this Rule is 
deemed confidential pursuant to section 17(j) of the Exchange Act and 
Section 552(b)(3)(B) of the Freedom of Information Act,\6\ 
notwithstanding any other provision of law.
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    \6\ 5 U.S.C. 552(b)(3)(B).
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    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) The 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 send an e-mail to 
David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, 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 to OMB within 
30 days of this notice.

    October 23, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-18795 Filed 11-7-06; 8:45 am]

BILLING CODE 8011-01-P
