[Federal Register Volume 61, Number 139 (Thursday, July 18, 1996)]
[Rules and Regulations]
[Pages 37357-37381]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-18259]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 249

[Release No. 34-37431; File No. S7-2-95]
RIN 3235-AG25


Form BD Amendments

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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SUMMARY: The Securities and Exchange Commission is adopting amendments 
to Form BD, the uniform broker-dealer registration form under the 
Securities Exchange Act of 1934. The primary purpose of the amendments 
is to implement recommended changes to the Central Registration 
Depository system, a computer system operated by the National 
Association of Securities Dealers, Inc. that maintains registration 
information regarding broker-dealers and their registered personnel. 
Specifically, the amendments are intended to facilitate retrieval of 
broker-dealer registration and disciplinary information through the 
redesigned Central Registration Depository by eliciting more precise 
disclosure and by reorganizing disciplinary items into related 
categories. The changes to the disclosure section of Form BD are 
consistent with changes made by the North American Securities 
Administrators Association, Inc. to the analogous section in Form U-4, 
the uniform form for registration of associated persons of a broker-
dealer. The Commission also is adopting clarifying amendments to Form 
BD, including instructions for filing Form BD electronically with the 
Central Registration Depository.

DATES: Effective Date: August 19, 1996. Compliance Date: (i) July 29, 
1996 for filings made on or after that date by broker-dealer 
participants in the redesigned Central Registration Depository pilot; 
(ii) September 9, 1996 for filings made on or after that date by new 
broker-dealer applicants; and (iii) no later than six months following 
receipt of notification of conversion to the redesigned Central 
Registration Depository system for filings made on or after that date 
by broker-dealers already registered as of September 9, 1996.

FOR FURTHER INFORMATION CONTACT: Glenn J. Jessee, Special Counsel, 
(202) 942-0073, Office of Chief Counsel, Division of Market Regulation, 
Securities and Exchange Commission, 450 Fifth Street, N.W., Mail Stop 
5-10, Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION:

I. Introduction

    The Securities and Exchange Commission (``Commission'') is adopting 
amendments to Form BD, the uniform application form for broker-dealer 
registration under the Securities Exchange Act of 1934 (``Exchange 
Act'').1 The amendments are expected to provide the Commission, 
self-regulatory organizations (``SROs''), and state securities 
regulators with better information about a registrant's disciplinary 
history by grouping disciplinary information into related categories 
and by customizing the corresponding Disclosure Reporting Pages 
(``DRPs'') used to disclose details of the registrant's disciplinary 
history. The amendments also are intended to elicit more precise 
information about the business activities of broker-dealer applicants.
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    \1\ 17 CFR 240.15b1-1; 17 CFR 249.501.
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    These amendments respond to certain recommended changes to the 
Central Registration Depository (``CRD''), a computer system operated 
by the National Association of Securities Dealers, Inc. (``NASD'') that 
maintains registration information regarding broker-dealers and their 
registered personnel.2
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    \2\ In 1992, the Commission, as part of its ongoing effort to 
reduce the costs associated with broker-dealer registration, joined 
the CRD system and adopted amendments to the broker-dealer 
registration process. Those amendments required, among other things, 
that all broker-dealers file Form BD with the Commission through the 
CRD. Securities Exchange Act Release No. 31660 (Dec. 28, 1992), 58 
FR 11.
    Direct participation in the CRD system has improved the 
efficiency of the registration process by creating a comprehensive, 
centralized database of all registrants, and by giving the 
Commission more immediate access to current data in broker-dealer 
filings. In addition, the new system has resulted in cost savings to 
registrants, who no longer are required to make multiple filings 
with the Commission, certain SROs, and state regulators.
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    The redesigned system, which is expected to be operational 
beginning September 9, 1996, is expected to enhance its use by the 
Commission, SROs, and state securities regulators by providing for (i) 
streamlined capture and display of data; (ii) better access to 
information through the use of standardized and specialized computer 
searches; and (iii) electronic filing of uniform forms, including Forms 
BD, BDW, U-4, and U-5.3 Planned

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improvements to the operation of the CRD system led to discussions 
among the Commission's staff, the Forms Revision and CRD Committee 
(``Forms Revision Committee'') of the North American Securities 
Administrators Association, Inc. (``NASAA''), the NASD, the New York 
Stock Exchange, Inc., and representatives of the securities industry, 
which culminated in the proposed amendments to Form BD. In its release 
proposing amendments to Form BD (``Proposing Release''),4 the 
Commission requested comment on specific changes to Form BD and whether 
such changes would provide more meaningful information to the 
Commission and other securities regulators without increasing the 
regulatory burden on broker-dealers. In response to the request for 
comment, the Commission received two comment letters expressing general 
support for the proposed amendments.5 While the comments generally 
supported the proposed revisions, they also suggested additional 
changes. After review of the comments and discussions with the NASAA 
Forms Revision and CRD Committee, the Commission is adopting the 
amendments to Form BD as proposed with minor modifications, as 
discussed below.
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    \3\ In a separate release, the Commission is proposing 
amendments to Form BDW, the uniform request for broker-dealer 
withdrawal under the Exchange Act. See Securities Exchange Act 
Release No. 37432. The proposed amendments to Form BDW are analogous 
to certain amendments to Form BD being adopted today, as well as 
amendments to Forms U-4 and U-5 that were adopted by the North 
American Securities Administrators Association, Inc. at its 1994 
Spring Conference and that are the subject of a proposed rule change 
by the NASD. See Notice of Filing of Proposed Rule Change by 
National Association of Securities Dealers, Inc. Relating to 
Proposed Amendments to Forms U-4 and U-5, Securities Exchange Act 
Release No. 37289 (Jun. 7, 1996), 61 FR 30272 (File No. SR-NASD-96-
19).
    \4\ Securities Exchange Act Release No. 35224 (January 12, 
1995), 60 FR 4040.
    \5\ See Letters from Michael S. Caccese, Sr. Vice President, 
General Counsel, Association for Investment Management and Research 
and Joseph P. Karpinski, Chair, State Investment Adviser Advocacy 
Committee (March 1, 1995); and Jacqueline H. Hallihan, President, 
National Regulatory Services, Inc. (February 15, 1995), to Jonathan 
G. Katz, Secretary, SEC.
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II. Description of the Amendments

    The principal changes to Form BD concern amendments to current Item 
7, which requests information about the disciplinary history of the 
applicant and its control affiliates, including information relating to 
statutory disqualifications,6 other relevant history, and the 
applicant's financial soundness. In the Proposing Release, the 
Commission proposed renumbering Item 7 as Item 11 and grouping related 
information under four broad disclosure categories to allow for the 
reporting of more precise and accurate information from applicants and 
to facilitate enhanced retrieval of such information from the 
CRD.7 The Commission also proposed amending three questions under 
new Item 11 relating to disclosure of criminal, regulatory, and 
financial information of the applicant broker-dealer and its control 
affiliate.8 In addition, the Commission proposed replacing the 
single generic DRP with four customized DRPs to reflect more accurately 
the different categories of disclosures that would be required to be 
reported under new Item 11.9
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    \6\ Sections 15(b)(4) and 15(b)(6) of the Exchange Act authorize 
the Commission to deny registration to a broker-dealer if the 
broker-dealer or an associated person of the broker-dealer has 
engaged in the activities listed in those sections. 15 U.S.C. 
Secs. 78o(b)(4) and (b)(6). See also Section 3(a)(39) of the 
Exchange Act.
    \7\ The four disclosure categories proposed by the Commission 
are Criminal, Regulatory, Civil Judicial, and Financial.
    \8\ Under new Item 11, military court convictions would be added 
to Items 11A and B. Similarly, perjury and conspiracy to commit 
certain misdemeanor offenses would be added to Item 11B. Item 11H(1) 
would inquire about settlement agreements in investment-related 
civil actions brought against the applicant or its control 
affiliates by a state or foreign financial regulatory authority. In 
addition, Item 11I(1) would limit disclosure of bankruptcy 
proceedings to those that have occurred during the preceding ten 
years.
    \9\ See supra note 7.
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    Commenters supported the proposed amendments to Item 11 and the 
corresponding DRPs, but suggested further amendments.10 The 
Association for Investment Management and Research (``AIMR''), for 
example, suggested that disciplinary actions taken by professional 
organizations, such as the American Bar Association, the American 
Institute of Certified Public Accountants, and the AIMR, also should be 
included in the ``Regulatory Action Disclosure'' section of Item 11. In 
AIMR's view, public sanctions taken by professional associations 
against their members can be an important source of information about 
the integrity and competence of registered broker-dealers and their 
personnel.
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    \10\ National Regulatory Services, Inc. (``NRS'') noted in its 
comment letter that instructions that direct applicants to use the 
reverse side of a DRP or a duplicate of a Schedule for providing 
additional comments do not appear appropriate for electronic filing 
of Form BD. While the Commission agrees that these instructions, in 
fact, are not appropriate for electronic filing, it is anticipated 
that new broker-dealer applicants will file revised Form BD in paper 
form with the CRD. These instructions, therefore, would be 
appropriate for those limited circumstances in which Form BD is 
filed in paper form. See discussion infra at Section IV.
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    The Commission uses Item 11 to elicit information about regulatory 
actions that may constitute a statutory disqualification.11 In 
this regard, Item 11 questions are narrowly tailored to elicit relevant 
information that would have a direct bearing on an applicant's request 
for broker-dealer registration with the Commission, the SROs, and state 
securities regulators. To serve the needs of state securities 
regulators, Item 11, which already requires applicants and their 
control affiliates to disclose whether the person's license as an 
attorney or accountant has ever been revoked or suspended, also has 
been expanded to include disclosure regarding the revocation or 
suspension of a federal contractor license. Based on discussions with 
the Forms Revision Committee, however, the Commission has determined 
that further information about public disciplinary sanctions is not 
necessary. Accordingly, the Commission has determined to adopt the 
revisions to Item 11 as originally proposed.
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    \11\ See supra note 6.
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    Other amendments to Form BD proposed by the Commission include new 
Item 10B, which would elicit information concerning all financial 
institutions or organizations, including bank holding companies, that 
control the applicant.12 The Commission also proposed certain 
clarifying amendments to Item 8 regarding arrangements under which 
another party maintains the applicant's books and records, or its 
accounts or the accounts of its customers.13 In addition, the 
Commission proposed adding to the filing instructions of Form BD an 
``Explanation of Terms,'' containing definitions of the following 
words: charged, order, felony, misdemeanor, found, minor rule 
violation, and enjoined,14 together with certain clarifying 
amendments to Form BD. These amendments, which are discussed in detail 
in the Proposing Release, are being adopted by the Commission as 
proposed.
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    \12\ Specifically, new Item 10B would require the applicant to 
disclose whether it is controlled, directly or indirectly, by a bank 
holding company, national bank, state member bank of the Federal 
Reserve System, state non-member bank, savings bank or association, 
credit union, or foreign bank.
    \13\ Items 8A (1) and (2) would be redesignated as Items 8A, 8B, 
and 8C. As amended, Item 8A would continue to inquire about 
arrangements to maintain books and records. Redesignated Items 8B 
and 8C would require disclosure of any arrangements to maintain the 
accounts, funds, or securities of the applicant, and the accounts, 
funds, or securities of customers of the applicant, respectively.
    \14\ See Proposing Release, at 60 FR 4042.
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    The Commission also is adopting, with minor changes, proposed 
amendments to Schedules A, B, and C to Form BD, which require 
applicants to disclose the identity of their executive officers, 
directors, partners, and direct and indirect owners; Schedule D, which 
provides for disclosure of supplemental information relating to various 
Form BD items; and Schedule E, which provides

[[Page 37359]]

for registration of branch offices or other business locations of the 
applicant.15
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    \15\ One commenter, NRS, addressed the proposed amendments to 
the Schedules to Form BD. While NRS supported the proposed 
amendments, it also suggested that the Commission provide additional 
clarifying instructions to Item 6 of Schedule B (ownership codes 
applicable to indirect owners) and Item 11 of Schedule E (branch 
office or other business locations). In response to NRS's comments, 
the Commission is adding clarifying instructions to these items. For 
example, Item 12 of Schedule E, previously proposed as Item 11, now 
will include an instruction for broker-dealer applicants to check 
the appropriate box(es) if the branch or other business location is 
(i) registering with the NASD or (ii) registering or reporting with 
a state.
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    In the Proposing Release, the Commission proposed to add to Item 3A 
Limited Liability Companies (``LLCs'') as a choice of legal form of 
organization the applicant may select. The Commission is adopting that 
proposal, together with corresponding instructions in Schedules A, B, 
and C for disclosing direct and indirect owners of a broker-dealer 
applicant that is a LLC.16 In order to elicit more accurate 
information concerning foreign control affiliates of a broker-dealer 
applicant, the Commission also is adopting proposed amendments 
requiring an applicant to check a box on Schedules A and B to indicate 
if its owner is a domestic entity, an entity incorporated or domiciled 
in a foreign country, or an individual. In addition, the Commission is 
adopting amendments to delete from Schedule I of Form X-17A-5, the 
Focus report, questions requiring broker-dealers to disclose their 
affiliations, if any, with U.S. banks. As discussed above, information 
about such affiliations will now be disclosed under Item 10B of Form 
BD.17
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    \16\ Schedule A (direct owners) of Form BD will now include the 
following instruction:
    (d) in the case of an applicant that is a LLC, (i) those members 
that have the right to receive upon dissolution, or have 
contributed, 5% or more of the LLC's capital, and (ii) if managed by 
elected managers, all elected managers.
    Schedule B of Form BD will now include a similar instruction for 
indirect owners.
    \17\ See Proposing Release, at 40 FR 4042.
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III. Electronic Filing

    In the Proposing Release, the Commission noted that implementation 
of the redesigned CRD by the NASD ultimately is intended to enable 
broker-dealers and their associated persons to file electronically 
registration and licensing information with the CRD. Because the 
redesigned CRD is intended to operate in an electronic environment, 
paper filings eventually will no longer be submitted by broker-dealer 
applicants in most instances, nor will data be manually entered into 
the CRD system by the NASD.18 Rather, in most instances, broker-
dealers will file registration and licensing information with the NASD 
electronically by direct link with the CRD system through a variety of 
methods, including standard dial-up access.19 Electronic filings 
submitted by or on behalf of broker-dealers will be transmitted to the 
CRD either in batch transfers or in an on-line mode.20 After the 
information has been transmitted electronically, the CRD system will 
disseminate the registration requests or updated information to the 
Commission, the SROs, and any states in which the broker-dealer is 
registering or has registered. After an electronic filing is processed, 
the CRD system will send the filer an electronic message or 
identification number indicating whether the filing has been accepted. 
The results of Commission, SRO, and state review of broker-dealer 
filings also will be handled electronically and will be transmitted 
directly to the broker-dealer applicant via the redesigned CRD system.
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    \18\ Applicant broker-dealers seeking to register with the 
Commission and the various states currently file a single Form BD 
with the NASD, which manually enters the information into the CRD 
system and then electronically forwards the information to the 
Commission and the appropriate states for review.
    \19\ The NASD has developed software that will support personal 
computer entry of broker-dealer registration information. This 
software may be obtained from the NASD pursuant to a subscription 
agreement.
    \20\ The redesigned CRD will provide for batch filings of 
registration and licensing information. Under the redesigned CRD, 
broker-dealers will be able to download data from their internal 
data bases into programmed formats for the CRD to process. In this 
regard, broker-dealers or persons acting on their behalf, such as 
service bureaus, will be able to create several CRD filings off-line 
and, when ready, transmit them collectively to the CRD. In 
comparison, in an on-line mode, broker-dealers or persons acting on 
their behalf, such as service bureaus, will enter information 
directly into the redesigned CRD through a windows-based interactive 
session.
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    The Commission is adopting as part of the amendments to Form BD 
instructions for filing Form BD electronically with the redesigned CRD 
system. A letter from one of the commenters, National Regulatory 
Services, Inc., addressed electronic filing. While this commenter 
supported electronic filing, it also expressed concern about timely 
access to, and the availability of, the interfacing specifications of 
the new CRD system. The Commission expects the NASD to work with 
service bureaus and other interested parties to ensure that the 
redesigned CRD will be hospitable to service bureaus seeking to file 
for their clients through electronic means.

IV. Effective and Compliance Dates

    The filing of revised Form BD is intended to coincide with the 
implementation of the redesigned CRD, which will be conducted by the 
NASD in phases. With the voluntary participation of several NASD member 
firms and one service bureau, the NASD began a two-month test of the 
redesigned CRD on May 20, 1996. During this period, the NASD will test 
the software that will enable broker-dealers to file Forms BD and BDW 
(and other uniform forms) with the redesigned CRD system and carry out 
other quality assurance testing. The NASD anticipates that on July 29, 
1996, broker-dealers participating in the test will begin filing all of 
their registration and licensing information electronically with the 
redesigned CRD on a pilot basis.
    On September 9, 1996, following completion of the pilot, the NASD 
plans to implement Phase I of the transition to the redesigned CRD. 
During Phase I, the NASD will convert broker-dealer registration 
information contained in the old CRD system to the redesigned CRD. Also 
during Phase I, it is anticipated that the NASD will enter manually 
initial broker-dealer application information submitted on revised Form 
BD into the redesigned CRD system. During Phase II of the 
implementation process, the Commission, the SROs, and state securities 
regulators will be provided direct access to broker-dealer registration 
information contained in the redesigned CRD system. Prior to Phase II 
implementation, the Commission, the SROs, and state securities 
regulators will continue to gain access to broker-dealer registration 
information, including information filed on revised Form BD, through 
the old CRD system.
    Broker-dealers participating in the redesigned CRD pilot will begin 
to use revised Form BD on July 29, 1996. The amendments to Form BD 
become effective September 9, 1996 for all other broker-dealers. Thus, 
all applicants filing for initial broker-dealer registration on or 
after September 9, 1996 will be required to file revised Form BD in 
accordance with the instructions contained therein. It is anticipated 
that broker-dealers registered with the Commission as of September 9, 
1996 will be required to file revised Form BD only after their 
registration information contained in

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the old CRD has been converted to the redesigned CRD system.21
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    \21\ Until a broker-dealer's existing registration information 
has been converted to the redesigned CRD system, it is expected that 
the broker-dealer will continue to file amendments to its 
registration on Form BD (as revised November 16, 1992) in paper form 
with the old CRD. See discussion of electronic filing and proposed 
amendments to Exchange Act rules for filing Form BD, Securities 
Exchange Act Release No. 37432.
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V. Effects on Competition and Regulatory Flexibility Act 
Considerations

    Sections 23(a)(2) of the Exchange Act 22 requires that the 
Commission, when adopting rules under the Exchange Act, consider the 
anticompetitive effects of those rules, if any, and to balance any 
anticompetitive impact against the regulatory benefits gained in terms 
of furthering the purposes of the Exchange Act. The Commission is of 
the view that the adoption of the amendments to Form BD and Schedule I 
of Form X-17A-5, the FOCUS report, will not impose any burden on 
competition not necessary or appropriate in furtherance of the purposes 
of the Exchange Act.
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    \22\ 15 U.S.C. 78w(a)(2).
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    The Commission has prepared a Final Regulatory Flexibility Analysis 
(``FRFA''), regarding the revisions to Form BD and Schedule I of Form 
X-17A-5, the FOCUS report in accordance with 5 U.S.C. 604. The FRFA 
notes the initial costs of operational and procedural changes that may 
be necessary to comply with the amendments to Form BD and Schedule I of 
Form X-17A-5. The FRFA also notes that adoption of the amendments to 
Form BD and Schedule I of Form X-17A-5 not only will provide benefits 
to securities regulators by improving their ability to identify and 
flag problem brokers through the use of standardized and specialized 
computer searches, but also will ease the burden of registration by 
future registrants.
    A copy of the FRFA may be obtained from Glenn J. Jessee, Special 
Counsel, Office of Chief Counsel, Division of Market Regulation, 
Securities and Exchange Commission, 450 Fifth Street, NW., Mail Stop 5-
10, Washington, DC 20549, (202) 942-0073.

VI. Paperwork Reduction Act Analysis

    The amendments to Form BD include ``collection of information'' 
requirements within the meaning of the Paperwork Reduction Act 
(``PRA'') (44 U.S.C. Section 3501 et seq.). The Commission submitted 
the proposed amendments to the Office of Management and Budget 
(``OMB'') for review in accordance with PRA requirements in effect at 
that time. OMB has approved the amendments to Form BD and has assigned 
Form BD OMB Number 3235-0012, with an expiration date of March 31, 
1998.
    The amendments to Form BD are expected to provide securities 
regulators with better information about a registrant's disciplinary 
history by grouping disciplinary information into related categories 
and by customizing the corresponding DRPs used to disclose details of 
the registrant's disciplinary history. The amendments also are intended 
to elicit more precise information about the business activities of 
broker-dealer applicants.23
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    \23\ The Commission uses the information disclosed by applicants 
in Form BD to: (i) determine whether broker-dealer applicants meet 
the standards for registration set forth in the provisions of the 
Exchange Act; (ii) develop and maintain a central information 
resource where members of the public may obtain relevant, current 
information about broker-dealers, municipal securities dealers, and 
government securities brokers or government securities dealers, and 
where the Commission and other securities regulators may obtain 
information for investigatory purposes; and (iii) develop 
statistical information concerning broker-dealers, municipal 
securities dealers, and government securities brokers or government 
securities dealers.
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    As discussed above, the amendments to Form BD respond to certain 
recommended changes to the CRD system that have led to its redesign. 
The redesigned CRD system is expected to enhance its use by securities 
regulators and will allow broker-dealers to file Form BD and other 
uniform registration forms electronically. Because the redesigned CRD 
is intended to operate in an electronic environment, paper filings 
eventually will no longer be submitted by broker-dealer applicants in 
most instances, nor will data be manually entered into the CRD system 
by the NASD. Rather, broker-dealers will file registration and 
licensing information with the NASD electronically by direct link with 
the CRD system through standard dial-up access and other electronic 
means.

[[Page 37361]]

    Broker-dealers already are required pursuant to Rule 15b1-1 \24\ 
under the Exchange Act to file for registration on Form BD and, 
pursuant to Rule 15b3-1(b), \25\ to promptly file an amendment to Form 
BD if any information contained therein becomes inaccurate. The 
amendments to Form BD primarily relate to the disciplinary history 
sections. Thus, unless a broker-dealer has an extensive disciplinary 
history, the amendments to Form BD, as adopted, will not impose any 
significant additional recordkeeping or other compliance requirement on 
broker-dealers.\26\ The Commission is of the view, however, that the 
benefit to regulators in obtaining more precise information regarding a 
broker-dealer's activities and disciplinary history will outweigh the 
burden on broker-dealers imposed by this additional reporting 
requirement. Moreover, the Commission expects that when the redesigned 
CRD system is fully implemented, electronic filing will further reduce 
the regulatory burden on broker-dealers for filing Form BD and 
amendments thereto.
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    \24\ 17 CFR 240.15b1-1.
    \25\ 17 CFR 240.15b3-1(b).
    \26\ It is expected that a broker-dealer would be required to 
file new information solicited by revised Form BD at the time it 
files its first amendment to Form BD after its registration 
information has been converted to the redesigned CRD, but, in any 
event, no later than six months from its date of conversion to the 
redesigned CRD. See discussion of proposed amendments to Exchange 
Act rules for filing Form BD, Securities Exchange Act Release No. 
37432.
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VII. List of Subjects in 17 CFR Part 249

    Reporting and recordkeeping requirements, Securities, Broker-
Dealers

Statutory Basis and Text of Final Amendments

    In accordance with the foregoing, title 17, chapter II of the Code 
of Federal Regulations is amended as follows:

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

    1. The authority citation for Part 249 continues to read in part as 
follows:

    Authority: 15 U.S.C. 78a, et seq., unless otherwise noted;

* * * * *
    2. By revising Form BD (referenced in Sec. 249.501) to read as set 
forth below:

    Note: Form BD does not and the revisions will not appear in the 
Code of Federal Regulations. Revised Form BD is attached as an 
Appendix to this document.

    3. By amending Schedule I to Form X-17A-5 (referenced in 
Sec. 249.617) by removing Specific Instructions 19a, b and c and 
Question 19, redesignating Questions 20 through 24 as Questions 19 
through 23, and revising newly designated Question 19 to read as 
follows:

    Note: Form X-17A-5 does not and the revisions will not appear in 
the Code of Federal Regulations.

Form X-17A-5
* * * * *
Schedule I
* * * * *
    19. Respondent is an affiliate or subsidiary of a foreign broker-
dealer.
* * * * *
    By the Commission.

    Dated: July 12, 1996.
Jonathan G. Katz,
Secretary.
BILLING CODE 8010-01-P

Appendix

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[FR Doc. 96-18259 Filed 7-17-96; 8:45 am]
BILLING CODE 8010-01-P