[Federal Register Volume 63, Number 26 (Monday, February 9, 1998)]
[Notices]
[Page 6585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3116]
[[Page 6585]]
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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 Filing and Information Services, Washington, D.C.
20549
Extension:
Form BD/Rule 15b1-1, SEC File No. 270-0019, 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.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget a request for extension of the previously approved
collection of information discussed below.
Form BD/Rule 15b1-1, Application for Registration as a
Broker or Dealer.
Sections 15(b) (1) and (2) of the Securities Exchange Act of 1934
authorizes the Commission to prescribe by rule an application form for
registration that contains such information about broker-dealers that
is necessary or appropriate in the public interest or for the
protection of investors. Similarly, Section 15B(a)(2) of the Exchange
Act authorizes the Commission to prescribe an application form for
registration of municipal securities dealers, and Section 15C(a)(2) of
the Exchange Act authorizes the Commission to prescribe an application
form for registration of government securities broker-dealers. Section
15C(a)(1)(B) further provides that registered broker-dealers engaging
in government securities activities use provide the Commission with
notice of such activities, in such form as the Commission may
prescribe. To implement the foregoing statutory provisions of the
Exchange Act, the Commission has promulgated, pursuant to Rule 15b1-1,
17 CFR 240.15b1-1, Form BD (17 CFR 249.501), the uniform application
for broker-dealer registration. Form BD requires the applicant or
registrant filing the form to provide the Commission with certain
information concerning the nature of its business and the background of
its principals, controlling persons, and employees. Form BD is designed
to permit the Commission to determine whether the applicant meets the
statutory requirements to engage in the securities business. Form BD
also is used to register as broker-dealers with certain self-regulatory
organizations (``SROs'') and all of the states.
For fiscal year 1996, the Commission received approximately 846
full form BDs for initial or successor applications for registration as
a broker-dealer, non-bank municipal securities dealer, or non-bank
government securities broker-dealer (pursuant to Rule 15b1-1, 15b1-3,
15b1-4, 15Ba2-2(a), 15Ba2-4, 15Ba2-5, 15Ca2-1, 15Ca2-3, and 15Ca2-4).
Although the time necessary to complete Form BD will vary depending on
the nature and complexity of the applicant's securities business,
Commission staff estimates that the average time necessary to complete
the full form is approximately 2.75 hours. Thus, the total burden hours
for the filing of a full form BD is 2,326.50 hours (2.75 x 846).
In addition to full Form BD, applicants are required to file
amendments to Form BD when information originally reported changes or
becomes inaccurate. For fiscal year 1996, the Commission received
approximately 15,000 amendments. The staff estimates that the average
time necessary to complete an amendment is approximately 0.33 hours.
Thus, the total burden hours for the filing of Form BD amendments is
4,950 hours (0.33 x 15,000). In sum, the total annual burden for Form
BD and Form BD amendments is 7,276.50 hours (2,326.50+4,950).
Form BD must be kept by the broker-dealer for as long as it is
operating. Completing and filing Form BD is mandatory for broker-
dealers but does not involve the collection of confidential
information. Please note that 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 control number.
General comments regarding the estimated burden hours should be
directed to the following persons: (i) Desk Officer for the Securities
and Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 3208, New Executive Office
Building, Washington, D.C. 20503; and (ii) Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,
D.C. 20549. Comments must be submitted to OMB within 30 days of this
notice.
Dated: February 2, 1998.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 98-3116 Filed 2-6-98; 8:45 am]
BILLING CODE 8010-01-M
