Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15c3-1
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The U.S. Securities and Exchange Commission is seeking public comments on the extension of the information collection requirements under Rule 15c3-1 of the Securities Exchange Act of 1934. This rule, known as the Net Capital Rule, requires broker-dealers to maintain sufficient liquid assets at all times to cover current liabilities, especially customer claims. The rule enables the SEC and self-regulatory organizations to monitor the financial health and stability of broker-dealers. The Commission estimates that affected broker-dealers will incur a total annual time burden of 67,773 hours and an annual cost burden of $133,867 to comply with the rule's recordkeeping and reporting obligations. This notice is issued under the Paperwork Reduction Act and invites comments on the necessity, accuracy of burden estimates, and ways to improve the collection process.
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Key Changes
- Extension of OMB Control No. 3235-0200 for Rule 15c3-1 information collection
- Estimated aggregate annual time burden remains 67,773 hours for all respondents
- Estimated aggregate annual cost burden remains $133,867
+ 3 more changes with Pro
Obligations
What this law requires
Broker-dealers must maintain sufficient liquid assets at all times to cover current liabilities, particularly customer claims
Broker-dealers subject to Rule 15c3-1 must comply with recordkeeping and reporting obligations under the rule
Broker-dealers must provide information collection responses to the SEC for monitoring of financial condition
Broker-dealers must not respond to information collection requests that do not display a currently valid OMB Control Number
The SEC must submit the Rule 15c3-1 information collection to the Office of Management and Budget (OMB) for extension and approval