
[Federal Register Volume 78, Number 77 (Monday, April 22, 2013)]
[Notices]
[Pages 23790-23791]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-09322]


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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 Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Rule 15b1-1 and 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 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and 
Exchange Commission (``Commission'') has submitted to the Office of 
Management and Budget (``OMB'') a request for approval of extension of 
the previously approved 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.).
    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 5,941 hours, based on approximately 15,890 responses (288 
initial filings + 15,602 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. (288 x 2.75 hours = 792 
hours; 15,602 x 0.33 hours = 5,149 hours; 792 hours + 5,149 hours = 
5,941 hours.) The staff believes that a broker-dealer would have a 
Compliance Manager complete and file both applications and amendments 
on Form

[[Page 23791]]

BD at a cost of $279/hour. Consequently, the staff estimates that the 
total internal cost of compliance associated with the annual time 
burden is approximately $1,657,539 per year ($279 x 5941). 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 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. 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 OMB control number.
    The public may view background documentation for this information 
collection at the following Web site, www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 
6432 General Green Way, Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: April 16, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-09322 Filed 4-19-13; 8:45 am]
BILLING CODE 8011-01-P


