Customer Account Statements (17 CFR 242.607)

Forms and Documents

Document Name	Status
3235-0435 Reinstatement Emergency Justification Memo (Rule 607, April 2021).pdf Supplementary Document	2021-04-11
3235-0435 Supporting Statement - Rule 607 (April 2021).pdf Supporting Statement A	2021-04-11

IC Document Collections

IC ID	Document Title	Status
35112	Customer Account Statements (17 CFR 242.607)	Modified

ICR Details

OMB Control No: 3235-0435	ICR Reference No: 202103-3235-006
Status: Received in OIRA	Previous ICR Reference No: 200402-3235-005
Agency/Subagency: SEC	Agency Tracking No:
Title: Customer Account Statements (17 CFR 242.607)
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/26/2021
Date Submitted to OIRA: 04/14/2021

	Requested	Previously Approved
Expiration Date	6 Months From Approved
Responses	183,511,801	0
Time Burden (Hours)	144,679	0
Cost Burden (Dollars)	0	0

---

Abstract: Rule 607 requires disclosure on each new account and on a yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order flow from any market makers, exchanges or exchange members to which it routes customers' orders in national market system securities for executions; and information regarding the aggregate amount of monetary payments, discounts, rebated or reduction in fees received by the firm over the past year.

Emergency Justfication: Commission staff inadvertently and mistakenly discontinued the OMB Control Number associated with these information collection requirements on October 31, 2006 following the re-numbering of the rule with the adoption of Regulation NMS – an error that was only recently discovered. An emergency reinstatement would prevent the disruption of normal collection efforts pursuant to Rule 607, which are still in force. We have attached a justification memo to this submission that provides additional details.

---

Authorizing Statute(s): US Code: 15 USC 78a et seq Name of Law: Securities and 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

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
Customer Account Statements (17 CFR 242.607)

---

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	183,511,801	0	0	183,511,801	0	0
Annual Time Burden (Hours)	144,679	0	0	144,679	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The increase in the estimated annual hour burden is due to the fact that we are requesting to reinstate a previously-discontinued OMB number. In addition, the burdens are increasing over the ones that were last approved due to the passage of time and due to a significant increase in the number of public customer accounts, which is partially offset by a decrease in the total number of respondents due to consolidation in the industry.

---

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: 04/14/2021

---