
[Federal Register: January 12, 2010 (Volume 75, Number 7)]
[Notices]               
[Page 1662-1663]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12ja10-88]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Submission for OMB Review; 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-8; SEC File No. 270-533; OMB Control No. 3235-0591.

    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 a request for 
extension of the previously approved collections of information 
discussed below. The Code of Federal Regulation citation to this 
collection of information is the following rule: 17 CFR 240.17i-8.
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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 (15 
U.S.C. 78q) (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'').\3\ In 2004, the Commission promulgated rules, including 
Rule 17i-8, to create a framework for the Commission to supervise 
SIBHCs.\4\ This framework includes qualification criteria for
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    \2\ Pub. L. 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).
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    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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    \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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    Pursuant to Section 17(i)(3)(A) of the Exchange Act, an SIBHC must 
make and keep records, furnish copies thereof, and make such reports as 
the Commission may require by rule.\6\ Rule 17i-8 requires that an 
SIBHC to notify the Commission upon the occurrence of certain events 
that would indicate a decline in the financial and operational well-
being of the firm.
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    \6\ 15 U.S.C. 78q(i)(3)(A).
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    The collections of information included in Rule 17i-8 are necessary 
to allow the Commission to effectively determine whether supervision of 
an IBHC as an SIBHC is necessary or appropriate in furtherance of the 
purposes of Section 17 of the Act and allow the Commission to supervise 
the activities of these SIBHCs. Rule 17i-8 also enhances the 
Commission's supervision of the SIBHCs' subsidiary broker-dealers 
through collection of additional information and inspections of 
affiliates of those broker-dealers. Without these notices, the 
Commission would be unable to adequately supervise an SIBHC, nor would 
it be able to determine whether continued supervision of an IBHC as an 
SIBHC were necessary and appropriate in furtherance of the purposes of 
Section 17 of the Act.
    We estimate that three IBHCs will file Notices of Intention with 
the Commission to be supervised by the Commission as SIBHCs. An SIBHC 
will require about one hour to create a notice required to be submitted 
to the Commission pursuant to Rule 17i-8. However, as these notices 
only need be filed in certain situations indicative of financial or 
operational difficulty, only one SIBHC may be required to file notice 
pursuant to the Rule every other year. Thus, we estimate that the 
annual burden of Rule 17i-8 for all SIBHCs would be about 30 minutes.
    The reports and notices required to be filed pursuant to Rule 17i-8 
must be preserved for a period of not less than three years.\7\ The 
collection of information is mandatory and the

[[Page 1663]]

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,\8\ 
notwithstanding any other provision of law. In addition, paragraph 17i-
8(c) specifies that the notices and reports filed in accordance with 
Rule 17i-8 will be accorded confidential treatment to the extent 
permitted by law.
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    \7\ 17 CFR 240.17i-5(b)(4).
    \8\ 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) 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: Shagufta_
Ahmed@comb.eop.gov; and (ii) 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. Comments must be submitted to OMB 
within 30 days of this notice.

    Dated: January 6, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-302 Filed 1-11-10; 8:45 am]
BILLING CODE 8011-01-P

