Notice2025-20360
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15b1-1 and Form BD
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
November 20, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 222 (Thursday, November 20, 2025)</title>
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[Federal Register Volume 90, Number 222 (Thursday, November 20, 2025)]
[Notices]
[Pages 52477-52478]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20360]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0012]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 15b1-1 and Form BD
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 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and
Exchange Commission (``SEC'' or ``Commission'') is soliciting comments
on the proposed 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.) (``Exchange Act'').
Under the Exchange Act, broker-dealers must register with
Commission. Exchange Act Section 15(a)(1) provides that it is unlawful
for broker-dealers to solicit or effect transactions in most securities
unless they are registered as broker-dealers with the Commission
pursuant to Exchange Act Section 15(b). Exchange Act Section 15B(a)(1)
also provides that it is unlawful for municipal securities dealers,
other than registered broker-dealers, to solicit or effect transactions
in municipal securities unless they are registered with the Commission
as municipal securities dealers pursuant to Exchange Act Section
15B(a)(2). In addition, Exchange Act Section 15C(a)(1) provides that it
is unlawful for government securities broker-dealers, other than
registered broker-dealers and certain financial institutions, to
solicit or effect transactions in government securities unless they are
registered as government securities broker-dealers with the Commission
pursuant to Exchange Act Section 15C(a)(2).
Exchange Act Sections 15(b)(1) and (2) authorize the Commission to
prescribe by rule an application form for registration that contains
such information about broker-dealers that is necessary or appropriate
in the public interest or for the protection of investors. Exchange Act
Section 17(a)(1) authorizes the Commission to require registered
broker-dealers and registered municipal securities dealers to make and
file such reports as the Commission determines as necessary or
appropriate in the public interest or for the protection of investors.
To implement these provisions, the Commission adopted Rule 15b1-1
and Form BD. Form BD is the uniform application for broker-dealer
registration. Form BD requires the applicant or registrant filing the
form to provide the Commission with certain information concerning the
nature of its business and the background of its principals,
controlling persons, and employees. Form BD is designed to permit the
Commission to determine whether the applicant meets the statutory
requirements to engage in the securities business. 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 3,547 hours, based on approximately 9,481 responses (160
initial filings + 9,321 amendments). Each initial application filed on
Form BD requires approximately 2.75 hours to complete and each amended
Form BD requires approximately 20 minutes to complete. (160 x 2.75
hours = 440 hours; 9,321 x 0.33333333 hours = 3,107 hours; 440 hours +
3,107 hours = 3,547 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 $385/hour.
Consequently, the staff estimates that the total internal cost of
compliance associated with the annual time burden is approximately
$1,365,595 per year ($385 x 3,547).
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper
[[Page 52478]]
performance of the functions of the SEC, including whether the
information will have practical utility; (b) the accuracy of the SEC's
estimate of the burden imposed by the proposed collection of
information, including the validity of the methodology and the
assumptions used; (c) ways to enhance the quality, utility, and clarity
of the information to be collected; and (d) ways to minimize the burden
of the collection of information on respondents, including through the
use of automated, electronic collection techniques or other forms of
information technology.
Please direct your written comment to Austin Gerig, Director/Chief
Data Officer, Securities and Exchange Commission, c/o Tanya Ruttenberg,
100 F Street NE, Washington, DC 20549 and send it by email to
<a href="/cdn-cgi/l/email-protection#bbebdacbdec9ccd4c9d0e9dedfced8cfd2d4d5fad8cffbc8ded895dcd4cd"><span class="__cf_email__" data-cfemail="603001100512170f120b320504150314090f0e210314201305034e070f16">[email protected]</span></a> within 60 days of publication of this
notice, by January 20, 2026.
Dated: November 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20360 Filed 11-19-25; 8:45 am]
BILLING CODE 8011-01-P
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