Notice2026-01307
Agency Information Collection Activities; Submission for OMB Review; 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
January 23, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 15 (Friday, January 23, 2026)</title>
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[Federal Register Volume 91, Number 15 (Friday, January 23, 2026)]
[Notices]
[Page 2978]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01307]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0012]
Agency Information Collection Activities; Submission for OMB
Review; 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 submitting to the
Office of Management and Budget (``OMB'') this request for extension of
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 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 $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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202509-3235-012">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202509-3235-012</a> or email comment to
<a href="/cdn-cgi/l/email-protection#672a253f49282a2549282e352649342224380302140c380801010e04021527080a054902081749000811"><span class="__cf_email__" data-cfemail="90ddd2c8bedfddd2bedfd9c2d1bec3d5d3cff4f5e3fbcffff6f6f9f3f5e2d0fffdf2bef5ffe0bef7ffe6">[email protected]</span></a> within 30 days of the day
after publication of this notice, by February 23, 2026.
Dated: January 21, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-01307 Filed 1-22-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on January 23, 2026.
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