[Federal Register Volume 84, Number 106 (Monday, June 3, 2019)]
[Notices]
[Pages 25595-25596]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11432]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

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 (``PRA'') (44 U.S.C. 3501 et seq.), 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 4,118.07 hours, based on approximately 11,137 responses 
(183 initial filings + 10,954 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. (183 x 2.75 
hours = 503.25 hours; 10,954 x 0.33 hours = 3,614.82 hours; 503.25 
hours + 3,614.82 hours = 4,118.07 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 $314/hour. 
Consequently, the staff estimates that the total internal cost of 
compliance associated with the annual time burden is approximately 
$1,293,073.98 per year ($314 x 4,118.07). 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

[[Page 25596]]

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.
    Completing and filing Form BD is mandatory in order to engage in 
broker-dealer activity. Compliance with Rule 15b1-1 does not involve 
the collection of confidential information.
    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.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an 
email to [email protected].

    Dated: May 28, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11432 Filed 5-31-19; 8:45 am]
BILLING CODE 8011-01-P