Submission for OMB Review; Comment Request; Extension: Rule 15b1-1/Form BD, 8946 [2023-02831]

Download as PDF 8946 Federal Register / Vol. 88, No. 28 / Friday, February 10, 2023 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.4 Sherry R. Haywood, Assistant Secretary. SECURITIES AND EXCHANGE COMMISSION [FR Doc. 2023–02949 Filed 2–9–23; 8:45 am] Submission for OMB Review; Comment Request; Extension: Rule 15b1–1/Form BD BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold an Open Meeting on Wednesday, February 15, 2023 at 10:00 a.m. PLACE: The meeting will be webcast on the Commission’s website at www.sec.gov. STATUS: The meeting will begin at 10:00 a.m. (ET) and will be open to the public via webcast on the Commission’s website at www.sec.gov. MATTERS TO BE CONSIDERED: 1. The Commission will consider whether to adopt rules and rule amendments under the Securities Exchange Act of 1934 to shorten the standard settlement cycle for most securities transactions. The proposed rules and rule amendments would be applicable to broker-dealers and certain clearing agencies. The Commission also will consider whether to adopt rule amendments under the Investment Advisers Act of 1940 to require investment advisers to maintain certain related records. 2. The Commission will consider whether to propose to amend and redesignate rule 206(4)–2 under the Investment Advisers Act of 1940 (‘‘Advisers Act’’) related to the safeguarding of client assets. The Commission also will consider proposing corresponding amendments to the investment adviser recordkeeping rule and to Form ADV under the Advisers Act. CONTACT PERSON FOR MORE INFORMATION: For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. Authority: 5 U.S.C. 552b. lotter on DSK11XQN23PROD with NOTICES1 TIME AND DATE: Dated: February 8, 2023. Vanessa A. Countryman, Secretary. [FR Doc. 2023–03014 Filed 2–8–23; 4:15 pm] BILLING CODE 8011–01–P 4 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:41 Feb 09, 2023 Jkt 259001 [SEC File No. 270–019, OMB Control No. 3235–0012] 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 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 3,703 hours, based on approximately 9,842 responses (175 initial filings + 9,667 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. (175 × 2.75 hours = 481 hours; 9,667 × 0.33333333 hours = 3,222 hours; 481 hours + 3,222 hours = 3,703 hours.) The staff believes that a brokerdealer would have a Compliance Manager complete and file both applications and amendments on Form BD at a cost of $344/hour. Consequently, the staff estimates that the total internal cost of compliance associated with the annual time burden is approximately $1,273,832 per year ($344 × 3,703). 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 PO 00000 Frm 00155 Fmt 4703 Sfmt 9990 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 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 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 March 13, 2023 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. Dated: February 6, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–02831 Filed 2–9–23; 8:45 am] BILLING CODE 8011–01–P E:\FR\FM\10FEN1.SGM 10FEN1

Agencies

[Federal Register Volume 88, Number 28 (Friday, February 10, 2023)]
[Notices]
[Page 8946]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02831]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-019, OMB Control No. 3235-0012]


Submission for OMB Review; Comment Request; Extension: Rule 15b1-
1/Form BD

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 
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 3,703 hours, based on approximately 9,842 responses (175 
initial filings + 9,667 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. (175 x 2.75 hours = 481 
hours; 9,667 x 0.33333333 hours = 3,222 hours; 481 hours + 3,222 hours 
= 3,703 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 $344/hour. Consequently, the staff estimates 
that the total internal cost of compliance associated with the annual 
time burden is approximately $1,273,832 per year ($344 x 3,703).
    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 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 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 March 13, 2023 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: 
[email protected].

    Dated: February 6, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-02831 Filed 2-9-23; 8:45 am]
BILLING CODE 8011-01-P
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