Notice2022-08778
Proposed Collection; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 26, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 80 (Tuesday, April 26, 2022)</title>
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[Federal Register Volume 87, Number 80 (Tuesday, April 26, 2022)]
[Notices]
[Pages 24601-24602]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-08778]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-019, OMB Control No. 3235-0012]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
[[Page 24602]]
Extension:
Rule 15b1-1/Form BD
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and
Exchange Commission (``Commission'') is soliciting comments on the
collection of information provided for in Rule 15b1-1 (17 CFR 240.15b1-
1) and Form BD (17 CFR 249.501) under the Securities Exchange Act of
1934 (17 U.S.C. 78a et seq.). The Commission plans to submit this
existing collection of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Form BD is the application form used by firms to apply to the
Commission for registration as a broker-dealer, as required by Rule
15b1-1. Form BD also is used by firms other than banks and registered
broker-dealers to apply to the Commission for registration as a
municipal securities dealer or a government securities broker-dealer.
In addition, Form BD is used to change information contained in a
previous Form BD filing that becomes inaccurate.
The total industry-wide annual time burden imposed by Form BD is
approximately 3,703 hours, based on approximately 9,842 responses (175
initial filings + 9,667 amendments). Each application filed on Form BD
requires approximately 2.75 hours to complete and each amended Form BD
requires approximately 20 minutes to complete. (175 x 2.75 hours = 481
hours; 9,667 x 0.33333333 hours = 3,222 hours; 481 hours + 3,222 hours
= 3,703 hours.) The staff believes that a broker-dealer would have a
Compliance Manager complete and file both applications and amendments
on Form BD at a cost of approximately $344/hour. Consequently, the
staff estimates that the total internal cost of compliance associated
with the annual time burden is approximately $1,273,832 per year ($344
x 3,703).
The Commission uses the information disclosed by applicants in Form
BD: (1) To determine whether the applicant meets the standards for
registration set forth in the provisions of the Exchange Act; (2) to
develop a central information resource where members of the public may
obtain relevant, up-to-date information about broker-dealers, municipal
securities dealers, and government securities broker-dealers, and where
the Commission, other regulators, and SROs may obtain information for
investigatory purposes in connection with securities litigation; and
(3) to develop statistical information about broker-dealers, municipal
securities dealers, and government securities broker-dealers. Without
the information disclosed in Form BD, the Commission could not
effectively implement policy objectives of the Exchange Act with
respect to its investor protection function.
Completing and filing Form BD is mandatory in order to engage in
broker-dealer activity. Compliance with Rule 15b1-1 does not involve
the collection of confidential information.
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed 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.
Consideration will be given to comments and suggestions submitted by
June 27, 2022.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to:
<a href="/cdn-cgi/l/email-protection#18484a5947557971747a7760586b7d7b367f776e"><span class="__cf_email__" data-cfemail="4e1e1c0f11032f27222c21360e3d2b2d60292138">[email protected]</span></a>.
Dated: April 20, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08778 Filed 4-25-22; 8:45 am]
BILLING CODE 8011-01-P
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