The Securities and Exchange Commission has requested an extension from the Office of Management and Budget for approval of collecting information as outlined in Rule 17f-2(d). This rule mandates that entities like brokers and dealers keep fingerprint records of their employees to help identify security risks and prevent hiring individuals with criminal records. The records must be retained for at least three years after employment ends. Approximately 3,900 entities are subject to these requirements, maintaining a combined total of about 8,840 hours of recordkeeping each year, with an estimated annual cost of $39,000 in storage fees.
Simple Explanation
The Securities and Exchange Commission wants to keep tags on who works where in companies that buy and sell stuff to make sure they're not hiring bad guys. They need special approval to keep track of everyone's fingerprints and say it costs $39,000 every year to store these records.