[Federal Register Volume 78, Number 30 (Wednesday, February 13, 2013)]
[Notices]
[Page 10218]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-03272]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 15b1-1/Form BD; SEC File No. 270-19, OMB Control No. 3235-
0012.
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 (``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 5,941 hours, based on approximately 15,890 responses (288
initial filings + 15,602 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. (288 x 2.75 hours = 792
hours; 15,602 x 0.33 hours = 5,149 hours; 792 hours + 5,149 hours =
5,941 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 $279/hour. Consequently, the staff estimates
that the total internal cost of compliance associated with the annual
time burden is approximately $1,657,539 per year ($279 x 5941). There
is no external cost burden associated with Rule 15b1-1 and Form BD.
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.
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
estimate 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 in
writing within 60 days of this publication.
The Commission may not conduct or sponsor a collection of
information unless it displays a currently valid OMB control number. No
person shall be subject to any penalty for failing to comply with a
collection of information subject to the PRA that does not display a
valid OMB control number.
Please direct your written comments to: Thomas Bayer, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or
send an email to: [email protected].
Dated: February 7, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-03272 Filed 2-12-13; 8:45 am]
BILLING CODE 8011-01-P