
[Federal Register Volume 78, Number 224 (Wednesday, November 20, 2013)]
[Notices]
[Page 69714]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-27763]


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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, 100 F Street 
NE., Washington, DC 20549-0213.

Extension:
    Regulation S-AM, SEC File No. 270-548, OMB Control No. 3235-
0609.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in 
Regulation S-AM (17 CFR Part 248, Subpart B), under the Fair Credit 
Reporting Act (15 U.S.C. 1681 et seq.) (``FCRA''), the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.), the Investment Company 
Act of 1940 (15 U.S.C. 80a-1 et seq.), and the Investment Advisers Act 
of 1940 (15 U.S.C. 80b-1 et seq.).
    Regulation S-AM implements the requirements of Section 624 of the 
FCRA (15 U.S.C. 1681s-3) as applied to brokers, dealers, and investment 
companies, as well as investment advisers and transfer agents that are 
registered with the Commission (collectively, ``Covered Persons''). 
Under Section 624 and the regulation, before a receiving affiliate may 
make marketing solicitations based on the communication of certain 
consumer financial information from a Covered Person, the Covered 
Person must provide a notice to each affected individual informing the 
individual of his or her right to prohibit such marketing. The 
regulation potentially applies to all of the approximately 19,856 
Covered Persons registered with the Commission, although only 
approximately 11,119 of them have one or more corporate affiliates, and 
the regulation requires only approximately 1,986 to provide consumers 
with an affiliate marketing notice and an opt-out opportunity.
    The Commission staff estimates that there are approximately 11,119 
Covered Persons having one or more affiliates, and that they each spend 
an average of 0.20 hours per year to review affiliate marketing 
practices, for, collectively, an estimated annual time burden of 2,224 
hours at an annual internal staff cost of approximately $980,784. The 
staff also estimates that approximately 1,986 Covered Persons provide 
notice and opt-out opportunities to consumers, and that they each spend 
an average of 7.6 hours per year creating notices, providing notices 
and opt-out opportunities, monitoring the opt-out notice process, 
making and updating records of opt-out elections, and addressing 
consumer questions and concerns about opt-out notices, for, 
collectively, an estimated annual time burden of 15,094 hours at an 
annual internal staff cost of approximately $2,705,054. Thus, the staff 
estimates that the collection of information requires a total of 
approximately 11,119 respondents to incur an estimated annual time 
burden of a total of 17,318 hours at a total annual internal cost of 
compliance of approximately $3,339,438.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following Web site: www.reginfo.gov. 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 email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 
F Street NE., Washington, DC 20549, or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: November 14, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-27763 Filed 11-19-13; 8:45 am]
BILLING CODE 8011-01-P


