Notice2022-16258
Submission for OMB Review; Comment Request: Extension: Rule 15Bc3-1 and Form MDSW, Withdrawal From Registration of Municipal Securities Dealers
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
July 29, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 145 (Friday, July 29, 2022)</title>
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[Federal Register Volume 87, Number 145 (Friday, July 29, 2022)]
[Notices]
[Pages 45810-45811]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16258]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-93, OMB Control No. 3235-0087]
Submission for OMB Review; Comment Request: Extension: Rule
15Bc3-1 and Form MDSW, Withdrawal From Registration of Municipal
Securities Dealers
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
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'') has submitted to the Office of
Management and Budget (``OMB'') a request for approval of extension of
the previously approved collection of information provided for in Rule
15Bc3-1 (17 CFR 240.15Bc3-1) and Form MSDW (17 CFR 249.1110) under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
Rule 15Bc3-1 provides that a notice of withdrawal from registration
with the Commission as a bank municipal securities dealer must be filed
on Form MSDW. The Commission uses the information contained in Form
MSDW in determining whether it is in the public interest to permit a
bank municipal securities dealer to withdraw its registration. This
information is also important to the municipal securities dealer's
customers and to the public because it provides, among other things,
the name and address of a person to contact regarding any of the
municipal securities dealer's unfinished business.
Based upon past submissions of two filings in 2019, zero filings in
2020, zero filings in 2021, and zero filings so far in 2022, the
Commission estimates that approximately one respondent will use Form
MSDW annually, with a total hour burden for all respondents of
approximately 1 hour per year (0.5 hours rounded up to 1 hour). This
estimate is based on the Commission staff's experience in administering
the form. The form is available from the Commission, and can usually be
completed by checking appropriate boxes and writing the name and
address of the bank municipal securities dealer, and the name and
address of the person who has or will have custody of the bank
municipal securities dealer's books and records. The staff estimates
that the average internal compliance cost per hour is approximately
$406.\1\ Therefore, the estimated total annual internal cost of
compliance is approximately $203 per year (0.5 hours/year x $406/hour =
$203/year).
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\1\ The estimate of $406 per hour is for a compliance attorney,
based on the Securities Industry and Financial Markets Association's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff to account for an 1800-hour work-year
and inflation, and multiplied by 5.35 to account for bonuses, firm
size, employee benefits and overhead.
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Rule 15Bc3-1 does not contain an explicit recordkeeping
requirement, but the instructions for filing Form MSDW state that an
exact copy should be retained by the registrant. Providing the
information on the application is mandatory in order to withdraw from
registration with the Commission as a bank municipal securities dealer.
The information contained in the notice will not be kept confidential.
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.
The public may view background documentation for this information
collection at the following website: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent by August 29, 2022 to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> and (ii) David Bottom, Director/Chief Information
Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by sending an email to:
<a href="/cdn-cgi/l/email-protection#a7f7f5e6f8eac6cecbc5c8dfe7d4c2c489c0c8d1"><span class="__cf_email__" data-cfemail="732321322c3e121a1f111c0b330016105d141c05">[email protected]</span></a>.
[[Page 45811]]
July 25, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16258 Filed 7-28-22; 8:45 am]
BILLING CODE 8011-01-P
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