Proposed Exchange Act Rule 701
provides a conditional exemption from the definition of broker
under Exchange Act Section 3(a)(4). This proposed rule would
require a broker or dealer (as part of a written agreement between
the bank and the broker or dealer) to notify the bank if the broker
or dealer makes certain determinations regarding the financial
status of the customer, a bank employees statutory
disqualification status, and compliance with suitability or
sophistication standards.
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.