[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