[Federal Register Volume 84, Number 140 (Monday, July 22, 2019)]
[Notices]
[Pages 35143-35144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-15529]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-93, OMB Control No. 3235-0087]
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 15Bc3-1 and Form MDSW--Withdrawal from Registration of
Municipal Securities Dealers.
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
existing collection of information provided for in Rule 15Bc3-1 (17 CFR
15Bc3-1) and Form MSDW (17 CFR 249.1110) under the Securities Exchange
Act of 1934 (15 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.
Rule 15Bc3-1 provides that a notice of withdrawal from registration
with the Commission as a bank municipal securities dealer must be filed
on Form MSDW. The Commission uses the information submitted on Form
MSDW in determining whether it is in the public interest to permit a
bank municipal securities dealer to withdraw its registration. This
information is also important to the municipal securities dealer's
customers and to the public, because it provides, among other things,
the name and address of a person to contact regarding any of the
municipal securities dealer's unfinished business.
Based upon past submissions of one filing in 2016, two filings in
2017, zero filings in 2018, and one filing so far in 2019, the staff
estimates that, on an annual basis, approximately one bank municipal
securities dealer will file a notice of withdrawal from registration
with the Commission as a bank municipal securities dealer on Form MSDW.
The staff estimates that the average number of hours necessary to
comply with the notice requirements set out in Rule 15Bc3-1 and Form
MSDW is 0.5 per respondent, for a total burden of 0.5 hours per year.
The staff estimates that the average internal compliance cost per hour
is approximately $417.\1\ Therefore, the estimated total annual cost of
compliance is approximately $209 per year (0.5 hours/year x $417/hour =
$208.5/year, rounded up to $209).
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\1\ The estimate of $417 per hour is for a compliance attorney,
based on the Securities Industry and Financial Markets Association's
Management & Professional Earnings in the Securities Industry 2013,
modified by Commission staff to account for an 1800-hour work-year
and inflation, and multiplied by 5.35 to account for bonuses, firm
size, employee benefits and overhead.
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Rule 15Bc3-1 does not contain an explicit recordkeeping
requirement, but the instructions for filing Form MSDW state that an
exact copy should be retained by the registrant. Providing the
information on the application is
[[Page 35144]]
mandatory in order to withdraw from registration with the Commission as
a bank municipal securities dealer. The information contained in the
notice will not be kept confidential.
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 will
have practical utility; (b) the accuracy of the Commission's estimate
of the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be 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 subject to 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: July 17, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-15529 Filed 7-19-19; 8:45 am]
BILLING CODE 8011-01-P