[Federal Register Volume 84, Number 224 (Wednesday, November 20, 2019)]
[Notices]
[Pages 64167-64168]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25098]


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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 FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

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) with respect to investment advisers and 
transfer agents registered with the Commission, as well as brokers, 
dealers and investment companies (collectively, ``Covered Persons''). 
Section 624 and Regulation S-AM limit a Covered Person's use of certain 
consumer financial information received from an affiliate to solicit a 
consumer for marketing purposes, unless the consumer has been given 
notice and a reasonable opportunity and a reasonable and simple method 
to opt out of such solicitations. Regulation S-AM potentially applies 
to all of the approximately 20,195 Covered Persons registered with the 
Commission, although only approximately 11,309 of them have one or more 
corporate affiliates, and the regulation requires only approximately 
2,020 to provide consumers with an affiliate marketing notice and an 
opt-out opportunity.
    The Commission staff estimates that there are approximately 11,309 
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 2,262 
hours at an annual internal compliance cost of approximately 
$1,203,384. The staff also estimates that approximately 2,020 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 15,352 hours at an 
annual

[[Page 64168]]

internal compliance cost of approximately $2,999,296. Thus, the staff 
estimates that the collection of information requires a total of 
approximately 11,309 respondents to incur an estimated annual time 
burden of a total of 17,614 hours at a total annual internal cost of 
compliance of approximately $4,202,680.
    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. 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: 
Lindsay.M.Abate@omb.eop.gov; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Candace Kenner, 100 F Street NE, Washington, DC 20549, or by sending an 
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

    Dated: November 14, 2019.
Jill M. Peterson,
 Assistant Secretary.
[FR Doc. 2019-25098 Filed 11-19-19; 8:45 am]
 BILLING CODE 8011-01-P


