[Federal Register Volume 63, Number 26 (Monday, February 9, 1998)]
[Notices]
[Page 6585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3116]



[[Page 6585]]

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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of Filing and Information Services, Washington, D.C. 
20549

Extension:
    Form BD/Rule 15b1-1, SEC File No. 270-0019, 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.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
     Form BD/Rule 15b1-1, Application for Registration as a 
Broker or Dealer.
    Sections 15(b) (1) and (2) of the Securities Exchange Act of 1934 
authorizes 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. Similarly, Section 15B(a)(2) of the Exchange 
Act authorizes the Commission to prescribe an application form for 
registration of municipal securities dealers, and Section 15C(a)(2) of 
the Exchange Act authorizes the Commission to prescribe an application 
form for registration of government securities broker-dealers. Section 
15C(a)(1)(B) further provides that registered broker-dealers engaging 
in government securities activities use provide the Commission with 
notice of such activities, in such form as the Commission may 
prescribe. To implement the foregoing statutory provisions of the 
Exchange Act, the Commission has promulgated, pursuant to Rule 15b1-1, 
17 CFR 240.15b1-1, Form BD (17 CFR 249.501), 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. Form BD 
also is used to register as broker-dealers with certain self-regulatory 
organizations (``SROs'') and all of the states.
    For fiscal year 1996, the Commission received approximately 846 
full form BDs for initial or successor applications for registration as 
a broker-dealer, non-bank municipal securities dealer, or non-bank 
government securities broker-dealer (pursuant to Rule 15b1-1, 15b1-3, 
15b1-4, 15Ba2-2(a), 15Ba2-4, 15Ba2-5, 15Ca2-1, 15Ca2-3, and 15Ca2-4). 
Although the time necessary to complete Form BD will vary depending on 
the nature and complexity of the applicant's securities business, 
Commission staff estimates that the average time necessary to complete 
the full form is approximately 2.75 hours. Thus, the total burden hours 
for the filing of a full form BD is 2,326.50 hours (2.75 x 846).
    In addition to full Form BD, applicants are required to file 
amendments to Form BD when information originally reported changes or 
becomes inaccurate. For fiscal year 1996, the Commission received 
approximately 15,000 amendments. The staff estimates that the average 
time necessary to complete an amendment is approximately 0.33 hours. 
Thus, the total burden hours for the filing of Form BD amendments is 
4,950 hours (0.33 x 15,000). In sum, the total annual burden for Form 
BD and Form BD amendments is 7,276.50 hours (2,326.50+4,950).
    Form BD must be kept by the broker-dealer for as long as it is 
operating. Completing and filing Form BD is mandatory for broker-
dealers but does not involve the collection of confidential 
information. Please note that 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 control number.
    General comments regarding the estimated burden hours should be 
directed to the following persons: (i) Desk Officer for the Securities 
and Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 3208, New Executive Office 
Building, Washington, D.C. 20503; and (ii) Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, 
D.C. 20549. Comments must be submitted to OMB within 30 days of this 
notice.

    Dated: February 2, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-3116 Filed 2-6-98; 8:45 am]
BILLING CODE 8010-01-M