[Federal Register Volume 62, Number 234 (Friday, December 5, 1997)]
[Notices]
[Page 64409]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-31845]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

    Upon Written Request, Copies Available From: Securities and 
Exchange Commission, Office of Filings 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'') is soliciting comments on the collection of 
information described below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
<bullet> Form BD/Rule 15b1-1, Application for Registration as 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 840 
full form BDs for an 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 2,310 hours (2.75  x  840).
    In addition to full form BDs, 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 a 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 7,260 hours (2,310 + 4,950).
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimates of 
the burden of the proposed collection of information; (c) ways to 
enhance the equality, utility, and clarity of the information on 
respondents; 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. 
Considerations will be given to comments and suggestions submitted in 
writing on or before February 3, 1998.
    Please direct your comments to Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, N.W., Washington, DC 20549.

    Dated: November 25, 1997.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-31845 Filed 12-4-97; 8:45 am]
BILLING CODE 8010-01-M