87 FR 145 pgs. 45810-45811 - Submission for OMB Review; Comment Request: Extension: Rule 15Bc3-1 and Form MDSW, Withdrawal From Registration of Municipal Securities Dealers
Type: NOTICEVolume: 87Number: 145Pages: 45810 - 45811
Pages: 45810, 45811Docket number: [SEC File No. 270-93, OMB Control No. 3235-0087]
FR document: [FR Doc. 2022-16258 Filed 7-28-22; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-93, OMB Control No. 3235-0087]
Submission for OMB Review; Comment Request: Extension: Rule 15Bc3-1 and Form MDSW, Withdrawal From Registration of Municipal Securities Dealers
Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736
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") 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 15Bc3-1 (17 CFR 240.15Bc3-1) and Form MSDW (17 CFR 249.1110) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq. ).
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 contained in 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 two filings in 2019, zero filings in 2020, zero filings in 2021, and zero filings so far in 2022, the Commission estimates that approximately one respondent will use Form MSDW annually, with a total hour burden for all respondents of approximately 1 hour per year (0.5 hours rounded up to 1 hour). This estimate is based on the Commission staff's experience in administering the form. The form is available from the Commission, and can usually be completed by checking appropriate boxes and writing the name and address of the bank municipal securities dealer, and the name and address of the person who has or will have custody of the bank municipal securities dealer's books and records. The staff estimates that the average internal compliance cost per hour is approximately $406. 1 Therefore, the estimated total annual internal cost of compliance is approximately $203 per year (0.5 hours/year × $406/hour = $203/year).
Footnotes:
1 ?The estimate of $406 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.
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 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.
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.
The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting "Currently under 30-day Review-Open for Public Comments" or by using the search function. Written comments and recommendations for the proposed information collection should be sent by August 29, 2022 to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov.
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16258 Filed 7-28-22; 8:45 am]
BILLING CODE 8011-01-P