
[Federal Register Volume 75, Number 40 (Tuesday, March 2, 2010)]
[Notices]
[Pages 9452-9453]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4239]


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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:
    Regulation R, Rule 701, SEC File No. 270-562, OMB Control No. 
3235-0624.
    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 Regulation R, Rule 701 (17 CFR 
247.701) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.) (``Exchange Act'').
    Regulation R, Rule 701 requires a broker or dealer (as part of a 
written agreement between the bank and the broker or dealer) to notify 
the bank if the broker or dealer makes certain determinations regarding 
the financial status of the customer, a bank employee's statutory 
disqualification status, and compliance with suitability or 
sophistication standards.
    The Commission estimates that broker or dealers would, on average, 
notify 1,000 banks approximately two times annually about a 
determination regarding a customer's high net worth or institutional 
status or suitability or sophistication standing as well as a bank 
employee's statutory disqualification status. Based on these estimates, 
the Commission anticipates that Regulation R, Rule 701 would result in 
brokers or dealers making approximately 2,000 notices to banks per 
year. The Commission further estimates (based on the level of 
difficulty and complexity of the applicable activities) that a broker 
or dealer would spend approximately 15 minutes per notice to a bank. 
Therefore, the estimated total annual reporting and recordkeeping 
burden for the

[[Page 9453]]

requirements in Regulation R, Rule 701 are 500 \1\ hours for brokers or 
dealers.
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    \1\ (2000 notices x 15 minutes) = 30,000 minutes/60 minutes = 
500 hours.
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    Please note that 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: February 19, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-4239 Filed 3-1-10; 8:45 am]
BILLING CODE 8011-01-P


