Customer Account Statements (17 CFR 242.607)

ICR 202103-3235-006

OMB: 3235-0435

Federal Form Document

Forms and Documents
IC Document Collections
IC ID
Document
Title
Status
35112
Modified
ICR Details
3235-0435 202103-3235-006
Received in OIRA 200402-3235-005
SEC
Customer Account Statements (17 CFR 242.607)
Reinstatement with change of a previously approved collection   No
Emergency 04/26/2021
04/14/2021
  Requested Previously Approved
6 Months From Approved
183,511,801 0
144,679 0
0 0

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.
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.

US Code: 15 USC 78a et seq Name of Law: Securities and Exchange Act of 1934
  
None

Not associated with rulemaking

No

1
IC Title Form No. Form Name
Customer Account Statements (17 CFR 242.607)

  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
Yes
Miscellaneous Actions
No
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.

$0
No
    No
    No
No
No
No
No
Geoffrey Pemble 202 551-5628 pembleg@sec.gov

  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.
04/14/2021


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