Federal Register / Vol. 87, No. 94 / Monday, May 16, 2022 / Notices 29775 

1The 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 1,800-hour work-year and 

inflation, and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead. 

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 15Ba2–1 provides that an 

application for registration with the 

Commission by a bank municipal 

securities dealer must be filed on Form 

MSD. The Commission uses the 

information obtained from Form MSD 

filings to determine whether bank 

municipal securities dealers meet the 

standards for registration set forth in the 

Act, to maintain a central registry where 

members of the public may obtain 

information about particular bank 

municipal securities dealers, and to 

develop risk assessment information 

about bank municipal securities dealers. 

Form MSD is a one-time registration 

form that must be amended only if it 

becomes inaccurate. Based upon past 

submissions of zero initial filings and 14 

amendments in 2019, zero initial filings 

and three amendments in 2020, zero 

initial filings and one amendment in 

2021, and zero initial filings and zero 

amendments so far in 2022, the 

Commission estimates that on an annual 

basis approximately one respondent 

will use Form MSD for an initial 

registration application, and that 

approximately six respondents will 

utilize Form MSD for an amendment, 

for a total of seven respondents per year. 

The time required to complete Form 

MSD varies with the size and 

complexity of the bank municipal 

securities dealer’s proposed operations. 

Bank personnel that prepare Form MSD 

filings previously indicated that it can 

take up to 15 hours for a bank with a 

large operation and many employees to 

complete the form, but that smaller 

banks with fewer personnel can 

complete the form in one to two hours. 

We believe that most recent applications 

have come from smaller banks. Also, 

amendments to form MSD are likely to 

require significantly less time. We 

estimate that the total annual burden is 

currently approximately 11 hours at an 

average of 1.5 hours per respondent. (7 

respondents/year × 1.5 hours/ 

respondent = 10.5 hours/year rounded 

up to 11). 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 $4,263 

per year (10.5 hours/year × $406/hour = 

$4,263/year). 

Rule 15Ba2–1 does not contain an 

explicit recordkeeping requirement, but 

the rule does require the prompt 

correction of any information on Form 

MSD that becomes inaccurate, meaning 

that bank municipal securities dealers 

need to maintain a current copy of Form 

MSD indefinitely. In addition, the 

instructions for filing Form MSD state 

that an exact copy should be retained by 

the registrant. Providing the information 

on the application is mandatory in order 

to register with the Commission as a 

bank municipal securities dealer. The 

information contained in the 

application will not be kept 

confidential. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; 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. 

Consideration will be given to 

comments and suggestions submitted by 

July 15, 2022. 

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. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: May 10, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10418 Filed 5–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 87 FR 27669, May 9, 

2022. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday, May 12, 2022 

at 2 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, May 

12, 2022 at 2:00 p.m., has been 

cancelled. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information; please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

(Authority: 5 U.S.C. 552b.) 

Dated: May 12, 2022. 

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2022–10569 Filed 5–12–22; 4:15 pm] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: 2 p.m. on Thursday, May 

19, 2022. 

PLACE: The meeting will be held via 

remote means and/or at the 

Commission’s headquarters, 100 F 

Street NE, Washington, DC 20549. 

STATUS: This meeting will be closed to 

the public. 

MATTERS TO BE CONSIDERED: 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the closed meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

In the event that the time, date, or 

location of this meeting changes, an 

announcement of the change, along with 

the new time, date, and/or place of the 

meeting will be posted on the 

Commission’s website at https://

www.sec.gov. 

The General Counsel of the 

Commission, or his designee, has 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) 

and (10) and 17 CFR 200.402(a)(3), 

(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and 

(a)(10), permit consideration of the 

scheduled matters at the closed meeting. 

The subject matter of the closed 

meeting will consist of the following 

topics: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

Resolution of litigation claims; and 

Other matters relating to examinations 

and enforcement proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting agenda items that 

may consist of adjudicatory, 

examination, litigation, or regulatory 

matters. 


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