Rule 15c1-7, 17 CFR 240.15c1-7 (Discretionary Accounts)

Forms and Documents

Document Name	Status
3235-0134 60 day notice.pdf Supplementary Document	2021-01-14
3235-0134 60 day notice.pdf Supplementary Document	2021-01-14
DGL REVISED 2020 15c1-7 Supporting Statement.pdf Supporting Statement A	2020-10-15

IC Document Collections

IC ID	Document Title	Status
34429	Rule 15c1-7, 17 CFR 240.15c1-7 (Discretionary Accounts)	Modified

ICR Details

OMB Control No: 3235-0134	ICR Reference No: 202008-3235-016
Status: Received in OIRA	Previous ICR Reference No: 201710-3235-004
Agency/Subagency: SEC	Agency Tracking No: TM 270-146
Title: Rule 15c1-7, 17 CFR 240.15c1-7 (Discretionary Accounts)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 01/14/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2021
Responses	400,000	399,910
Time Burden (Hours)	33,333	33,338
Cost Burden (Dollars)	0	0

---

Abstract: The Commission adopted Rule l5c1-7 in 1937 (17 CFR 240.l5c1-7) to protect the public from broker-dealers that transact unauthorized trades. The rule provides that any act of a broker-dealer designed to effect securities transactions with or for a customer account over which the broker-dealer (directly or through an agent or employee) has discretion will be considered a fraudulent, manipulative, or deceptive practice under the federal securities laws, unless a record is made of the transaction immediately by the broker-dealer. The record must include (a) the name of the customer, (b) the name, amount, and price of the security, and (c) the date and time when such transaction took place.

---

Authorizing Statute(s): US Code: 15 USC 78o(c)(2), 78q, 78w(a) Name of Law: Sections 15(c)(2), 17(a) and 23(a) of the Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 71373	11/09/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 3216	01/14/2021
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 15c1-7, 17 CFR 240.15c1-7 (Discretionary Accounts)

---

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	400,000	399,910	0	0	90	0
Annual Time Burden (Hours)	33,333	33,338	0	0	-5	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There is a small decrease in the overall time burden from 33,338 to 33,333 hours per year due to the correction of rounding errors contained in the previous submission. The estimated number of total transactions remains the same at 400,000 but the estimated number of transactions per respondent and the estimated number of burden hours per respondent of collecting information pursuant to Rule 15c1-7 has increased because the number of registered broker-dealers subject to the rule has decreased from 394 to 362.

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

---

Common Form ICR:  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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 01/14/2021

---