[Federal Register Volume 61, Number 175 (Monday, September 9, 1996)]
[Rules and Regulations]
[Pages 47412-47413]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22939]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 249

[Release No. 34-37632; File No. S7-2-95]
RIN 3235-AG25


Form BD Amendments

AGENCY: Securities and Exchange Commission.

ACTION: Final rule: Suspension of compliance date for Form BD 
amendments.

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SUMMARY: The Securities and Exchange Commission is suspending the 
compliance date for recent amendments to Form BD, the uniform broker-
dealer registration form under the Securities Exchange Act of 1934, as 
it applies to filings made by all registered broker-dealers and broker-
dealer applicants.

EFFECTIVE DATE: The effective date for amendments to Form BD adopted by 
the Securities and Exchange Commission on July 12, 1996 and published 
on July 18,

[[Page 47413]]

1996 (61 FR 37357) remains August 19, 1996. Effective September 9, 
1996, the compliance date with respect to these amendments to Form BD 
is suspended. The Commission will publish in the Federal Register a 
document notifying the public of a new compliance date.

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: On July 12, 1996, the Securities and 
Exchange Commission (``Commission'') adopted amendments to Form 
BD,1 the uniform application form for broker-dealer registration 
under the Securities Exchange Act of 1934.2 As discussed in the 
Adopting Release, the use of Form BD, as amended on July 12, 1996, is 
intended to coincide with the implementation of the redesigned 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. Among other things, the redesigned CRD system 
will allow broker-dealers to file Form BD electronically.
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    \1\ 17 CFR 240.15b1-1; 17 CFR 249.501.
    \2\ Securities Exchange Act Release No. 37431 (Jul. 12, 1996), 
61 FR 37357 (Jul. 18, 1996) (``Adopting Release'').
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    The implementation of the redesigned CRD is being accomplished in 
phases. On May 20, 1996, the NASD began a two-month test of the system 
with the voluntary participation of several NASD member firms and one 
service bureau. Following completion of the test, it was expected that 
on July 29, 1996, broker-dealers participating in the test would begin 
filing all of their registration and licensing information 
electronically with the redesigned CRD on a pilot basis. Then, on 
September 9, 1996, it was expected that the NASD would begin Phase I of 
the implementation of the redesigned CRD system, at which time 
registered broker-dealers and broker-dealer applicants would be 
required to begin using Form BD, as amended on July 12, 1996. The test 
of the redesigned CRD system that began on May 20, however, revealed 
that additional changes are needed in the software that will be used by 
broker-dealers to make electronic filings and that broker-dealers need 
more time to prepare their internal operations and infrastructure to 
support electronic filing. As a result, the NASD has determined to 
delay further implementation of the redesigned CRD system until early 
in 1997.
    Because of this delay, the Commission is suspending the compliance 
date for Form BD, as amended on July 12, 1996, for all registered 
broker-dealers and broker-dealer applicants. Accordingly, broker-
dealers and broker-dealer applicants should continue to use Form BD, as 
revised November 16, 1992. At such time as another date for the start 
of Phase I is determined, the Commission expects that it will set 
appropriate compliance dates for the amendments to Form BD and publish 
a document in the Federal Register notifying the public of such 
compliance dates.

    Dated: September 4, 1996.

    By the Commission.
Jonathan G. Katz,
Secretary.
[FR Doc. 96-22939 Filed 9-6-96; 8:45 am]
BILLING CODE 8010-01-P