
[Federal Register Volume 88, Number 169 (Friday, September 1, 2023)]
[Notices]
[Page 60521]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-18968]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-087, OMB Control No. 3235-0078]


Submission for OMB Review; Comment Request; Extension: Rule 15c3-
3

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736.

    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 Rule 
15c3-3 (17 CFR 240.15c3-3), under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.). Furthermore, notice is given regarding new 
collections of information that were previously proposed in Rule 18a-4 
(OMB No. 3235-0700) and that were moved to this Rule 15c3-3 (OMB No. 
3235-0078) based on comments received during the rulemaking process.
    With respect to the extension of the previously approved collection 
of information, Rule 15c3-3 requires that a broker-dealer that holds 
customer securities obtain and maintain possession and control of fully 
paid and excess margin securities they hold for customers. In addition, 
the Rule requires that a broker-dealer that holds customer funds make 
either a weekly or monthly computation to determine whether certain 
customer funds need to be segregated in a special reserve bank account 
for the exclusive benefit of the firm's customers. It also requires 
that a broker-dealer maintain a written notification from each bank 
where a Special Reserve Bank Account is held acknowledging that all 
assets in the account are for the exclusive benefit of the broker-
dealer's customers, and to provide written notification to the 
Commission (and its designated examining authority) under certain, 
specified circumstances. Finally, broker-dealers that sell securities 
futures products (``SFP'') to customers must provide certain 
notifications to customers and make a record of any changes of account 
type.
    A broker-dealer required to maintain the Special Reserve Bank 
Account prescribed by Rule 15c3-3 must obtain and retain a written 
notification from each bank in which it has a Special Reserve Bank 
Account to evidence the bank's acknowledgement that assets deposited in 
the Account are being held by the bank for the exclusive benefit of the 
broker-dealer's customers. In addition, a broker-dealer must 
immediately notify the Commission and its designated examining 
authority if it fails to make a required deposit to its Special Reserve 
Bank Account. Finally, a broker-dealer that effects transactions in 
SFPs for customers will also have paperwork burdens to make a record of 
each change in account type.
    The Commission staff estimates a total annual time burden of 
approximately 1,109,518 hours and a total annual cost burden of 
approximately $3,516,241 to comply with the existing information 
collection requirements of the rule.
    In 2019, the Commission adopted amendments to establish segregation 
and notice requirements for broker-dealers with respect to their 
security-based swap activity. The Commission staff estimates a total 
annual time burden of approximately 19,487 hours and a total annual 
cost burden of approximately $13,860 to comply with the information 
collection requirements of the 2019 amendments to the rule.
    The Commission staff thus estimates that the aggregate annual 
information collection burden associated with Rule 15c3-3 is 
approximately 1,129,005 hours and $3,530,101.
    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 website, www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent by October 2, 2023 to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F 
Street NE, Washington, DC 20549, or by sending an email to: 
[email protected].

    Dated: August 29, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-18968 Filed 8-31-23; 8:45 am]
BILLING CODE 8011-01-P


