
[Federal Register Volume 77, Number 246 (Friday, December 21, 2012)]
[Notices]
[Pages 75679-75680]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30791]


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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:
    Appendix F to Rule 15c3-1; SEC File No. 270-440; OMB Control No. 
3235-0496.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the existing 
collection of information provided for in Appendix F to Rule 15c3-1 
(``Appendix F'' or ``Rule 15c3-1f'') (17 CFR 240.15c3-1f) 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 (``OMB'') for extension and approval.

[[Page 75680]]

    Appendix F requires a broker-dealer choosing to register, upon 
Commission approval, as an OTC derivatives dealer to develop and 
maintain an internal risk management system based on Value-at-Risk 
(``VaR'') models. It is anticipated that a total of four (4) broker-
dealers registering as OTC derivatives dealers will spend 1,000 hours 
on a one-time basis complying with the system development requirements 
of Rule 15c3-1f, for an estimated one-time initial stratup burden of 
approximately 4,000 hours. Appendix F also requires the OTC derivatives 
dealer to maintain its system model according to certain prescribed 
standards. It is anticipated that a total of eight (8) broker-dealers 
will spend 1,000 hours per year maintaining the system model required 
by Rule 15c3-1f, for an estimated recurring annual burden of 
approximately 8,000 hours. Thus, the total industry-wide burden is 
estimated to be approximately 12,000 hours (4,000 hours + 8,000 hours) 
for the first year and 8,000 hours for each subsequent year.\1\
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    \1\ The Commission estimates that a total of eight entities will 
be registered as OTC derivatives dealers at the end of the next 
three years, consisting of the four current OTC derivatives dealers 
and four anticipated registrants. This is in contrast with the prior 
estimate of five OTC derivatives dealers, consisting of four current 
OTC derivatives dealers and one anticipated registrant.
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    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 
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 OMB 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 OMB control number.
    Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or 
send an email to: PRA_Mailbox@sec.gov.

    Dated: December 17, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-30791 Filed 12-20-12; 8:45 am]
BILLING CODE 8011-01-P


