[Federal Register: August 25, 2006 (Volume 71, Number 165)]
[Notices]
[Page 50479-50480]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25au06-135]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon written request, copies available from: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 17i-8, SEC File No. 270-533, OMB Control No. 3235-0591.
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 \1\ the Securities and Exchange Commission (``Commission'')
intends to submit to the Office of Management and Budget a request for
extension of the previously approved collection of information
discussed below. The Code of Federal Regulation citation to this
collection of information is the following rule: 17 CFR 240.17i-8.
---------------------------------------------------------------------------
\1\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------
Section 231 of the Gramm-Leach-Bliley Act of 1999 \2\ (the
``GLBA'') amended Section 17 of the Securities Exchange Act of 1934 to
create a regulatory framework under which a holding company of a
broker-dealer (``investment bank holding company'' or ``IBHC'') may
voluntarily be supervised by the Commission as a supervised investment
bank holding company (or ``SIBHC'').\3\ In 2004, the Commission
promulgated rules, including Rule 17i-8, to create a framework for the
Commission to supervise SIBHCs.\4\ This framework includes
qualification criteria for SIBHCs, as well as recordkeeping and
reporting requirements. Among other things, this regulatory framework
for SIBHCs is intended to provide a basis for non-U.S. financial
regulators to treat the Commission as the principal U.S. consolidated,
home-country supervisor for SIBHCs and their affiliated broker-
dealers.\5\
---------------------------------------------------------------------------
\2\ Pub. L. No. 106-102, 113 Stat. 1338 (1999).
\3\ See 15 U.S.C. 78q(i).
\4\ See Exchange Act Release No. 49831 (Jun. 8, 2004), 69 FR
34472 (Jun. 21, 2004).
\5\ See H.R. Conf. Rep. No. 106-434, 165 (1999). See also
Exchange Act Release No. 49831, at 6 (Jun. 8, 2004), 69 FR 34472, at
34473 (Jun. 21, 2004).
---------------------------------------------------------------------------
Pursuant to Section 17(i)(3)(A) of the Exchange Act, an SIBHC must
make and keep records, furnish copies thereof, and make such reports as
the Commission may require by rule.\6\ Rule 17i-8 requires that an
SIBHC to notify the Commission upon the occurrence of certain events
that would indicate a decline in the financial and operational well-
being of the firm. The notices required to be filed pursuant to Rule
17i-8 must be preserved for a period of not less than three years.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78q(i)(3)(A).
\7\ 17 CFR 240.17i-5(b)(4).
---------------------------------------------------------------------------
The collections of information included in Rule 17i-8 are necessary
to allow the Commission to effectively determine whether supervision of
an IBHC as an SIBHC is necessary or appropriate in furtherance of the
purposes of section 17 of the Act and allow the Commission to supervise
the activities of these SIBHCs. Rule 17i-8 also enhances the
Commission's supervision of the SIBHCs' subsidiary broker-dealers
through collection of additional information and inspections of
affiliates of those broker-dealers. Without these notices, the
Commission would be unable to adequately supervise an SIBHC, nor would
it be able to determine whether continued supervision of an IBHC as an
SIBHC were necessary and appropriate in furtherance of the purposes of
section 17 of the Act.
We estimate that three IBHCs will file Notices of Intention with
the Commission to be supervised by the Commission as SIBHCs. An SIBHC
will require about one hour to create a notice required to be submitted
to the Commission pursuant to Rule 17i-8. However, as these notices
only need be filed in certain situations indicative of financial or
operational difficulty, only one SIBHC may be required to file notice
pursuant to the Rule every other year. Thus, we estimate that the
annual burden of Rule 17i-8 for all SIBHCs would be about 30 minutes.
Written comments are invited on: (a) Whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (b) the accuracy of the agency's estimate of the burden of the
collection of information; (c) ways to enhance the quality, utility,
and clarity of the information collected; and (d) ways to minimize the
burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology.
Comments should be directed to: R. Corey Booth, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way, Alexandria, Virginia 22312 or send
an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted within
60 days of this notice.
[[Page 50480]]
Dated: August 15, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-14125 Filed 8-24-06; 8:45 am]
BILLING CODE 8010-01-P