Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenterâs recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
05/31/2017
36 Months From Approved
08/31/2017
41,543
0
41,543
385,140
0
385,140
57,051,000
0
57,051,000
Section 17(a)(1) of the Securities Exchange Act of 1934 ("Exchange Act") provides that broker-dealers must make and keep records, furnish copies of the records, and make and disseminate reports as the Securities and Exchange Commission ("Commission"), by rule, prescribes. Section 17(e)(1)(A) of the Exchange Act requires every broker-dealer registered with the Commission to annually file with the Commission: a balance sheet and income statement "certified by an independent public accounting firm, or by a registered public accounting firm if the firm is required to be registered under the Sarbanes-Oxley Act of 2002" and such other financial statements (which shall, as the Commission specifies, be certified) and information concerning its financial condition as the Commission, by rule, may prescribe. A registered public accounting firm means a public accounting firm registered with the Public Company Accounting Oversight Board ("PCAOB"). Section 17(e)(2) provides that the Commission, by rule, may prescribe the form and content of the financial statements and the accounting principles and standards used in their preparation.
US Code:
15 USC 78q
Name of Law: Securities Exchange Act of 1934
PL:
Pub.L. 111 - 203 764
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 764 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
The annual ongoing hour burden of 393,572 hours reflects a 8,432 hour increase from the current OMB inventory of 385,140 hours. This change incorporates a decrease in the number of respondents, and an increase in the number of hours attributable to the proposed amendments to Rule 17a-5 described in the SBS Recordkeeping Release.
The annual cost burden of $43,476,000 is $13,575,000 lower than the current OMB inventory of $57,051,000. This decreased cost estimate reflects a decrease in the number of carrying broker-dealers, from 292 to 203 carrying broker-dealers, and a decrease in the number of non-carrying broker-dealers from 4,417 to 4,342.
$0
No
No
No
Yes
No
Uncollected
Valentina Deng 202 551-5778
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form Focus Report - Par Rule 17a-5: FOCUS Reports - Quarterly Reports
Rule 17a-5 Supporting Statement - Final - 6-30-16.docx
Rule 17a-5: FOCUS Reports - Quarterly Reports