
[Federal Register Volume 76, Number 186 (Monday, September 26, 2011)]
[Notices]
[Pages 59454-59455]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-24585]


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SECURITIES AND EXCHANGE COMMISSION


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 17a-5(c); SEC File No. 270-199; OMB Control No. 3235-0199.

    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 of information provided for in Rule 17a-5(c) (17 CFR 
240.17a-5(c)) 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.
    Rule 17a-5(c) generally requires broker-dealers who carry customer 
accounts to provide statements of the broker-dealer's financial 
condition to their customers. Paragraph (5) of Rule 17a-5(c) provides a 
conditional exemption from this requirement. A broker-dealer that 
elects to take advantage of the exemption must publish its statements 
on its Web site in a prescribed manner, and must maintain a toll-free 
number that customers can call to request a copy of the statements.
    The purpose of the Rule is to ensure that customers of broker-
dealers are provided with information concerning the financial 
condition of the firm that may be holding the customers' cash and 
securities. The Commission, when adopting the Rule in 1972, stated that 
the goal was to ``directly'' send a customer essential information so 
that the customer could ``judge whether his broker or dealer is 
financially sound.'' The Commission adopted the Rule in response to the 
failure of several broker-dealers holding customer funds and securities 
in the period between 1968 and 1971.
    The Commission estimates that approximately 244 broker-dealer 
respondents carrying approximately 101 million public customer accounts 
incur an average burden of 128,000 hours per year to comply with the 
Rule.
    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 
estimate 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.
    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
valid Office of Management and Budget (OMB) control number.
    Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-

[[Page 59455]]

Simon, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-
mail to: PRA_Mailbox@sec.gov .

    Dated: September 20, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-24585 Filed 9-23-11; 8:45 am]
BILLING CODE 8011-01-P


