68730 Federal Register / Vol. 79, No. 222 / Tuesday, November 18, 2014 / Notices 

1 20,000 (number of issuers) × .65 (percentage of 

issuers that may use designated agents) × $750 

(estimated average annual cost for issuer’s use of 

designated agent) = $9,750,000. 

Management and Budget, Room 10102, New 

Executive Office Building, Washington, DC 

20503, or by sending an email to: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela Dyson, 

Acting Director/Chief Information Officer, 

Securities and Exchange Commission, c/o 

Remi Pavlik-Simon, 100 F Street NE., 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 days of 

this notice. 

Dated: November 12, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27190 Filed 11–17–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 15c2–12, 

SEC File No. 270–330, OMB Control No. 

3235–0372. 

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’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15c2–12— 

Municipal Securities Disclosure (17 CFR 

240.15c2–12) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

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. 

Paragraph (b) of Rule 15c2–12 

requires underwriters of municipal 

securities: (1) To obtain and review an 

official statement ‘‘deemed final’’ by an 

issuer of the securities, except for the 

omission of specified information prior 

to making a bid, purchase, offer, or sale 

of municipal securities; (2) in noncompetitively bid offerings, to send, 

upon request, a copy of the most recent 

preliminary official statement (if one 

exists) to potential customers; (3) to 

contract with the issuer to receive, 

within a specified time, sufficient 

copies of the final official statement to 

comply with Rule 15c2–12’s delivery 

requirement and the rules of the 

Municipal Securities Rulemaking Board 

(‘‘MSRB’’); (4) to send, upon request, a 

copy of the final official statement to 

potential customers for a specified 

period of time; and (5) before 

purchasing or selling municipal 

securities in connection with an 

offering, to reasonably determine that 

the issuer or the obligated person has 

undertaken, in a written agreement or 

contract, for the benefit of holders of 

such municipal securities, to provide 

certain information on a continuing 

basis to the MSRB in an electronic 

format as prescribed by the MSRB. The 

information to be provided consists of: 

(1) Certain annual financial and 

operating information and audited 

financial statements (‘‘annual filings’’); 

(2) notices of the occurrence of any of 

14 specific events (‘‘event notices’’); and 

(3) notices of the failure of an issuer or 

obligated person to make a submission 

required by a continuing disclosure 

agreement (‘‘failure to file notices’’). 

Rule 15c2–12 is intended to enhance 

disclosure in the municipal securities 

market, and thereby reduce fraud, by 

establishing standards for obtaining, 

reviewing and disseminating 

information about municipal securities 

by their underwriters. 

Municipal offerings of less than $1 

million are exempt from the rule, as are 

offerings of municipal securities issued 

in large denominations that are sold to 

no more than 35 sophisticated investors 

or have short-term maturities. 

It is estimated that approximately 

20,000 issuers, 250 broker-dealers and 

the MSRB will spend a total of 115,248 

hours per year complying with Rule 

15c2–12. Based on data from the MSRB 

through September 2014 and annualized 

through December 2014, issuers will 

submit approximately 62,596 annual 

filings to the MSRB in 2014. 

Commission staff estimates that an 

issuer will require approximately 45 

minutes to prepare and submit annual 

filings to the MSRB. Therefore, the total 

annual burden on issuers to prepare and 

submit 62,596 annual filings to the 

MSRB is estimated to be 46,947 hours. 

Based on data from the MSRB through 

September 2014 and annualized through 

December 2014, issuers will submit 

approximately 73,480 event notices to 

the MSRB in 2014. Commission staff 

estimates that an issuer will require 

approximately 45 minutes to prepare 

and submit event notices to the MSRB. 

Therefore, the total annual burden on 

issuers to prepare and submit 73,480 

event notices to the MSRB is estimated 

to be 55,110 hours. Based on data from 

the MSRB through September 2014 and 

annualized through December 2014, 

issuers will submit approximately 7,063 

failure to file notices to the MSRB in 

2014. Commission staff estimates that 

an issuer will require approximately 30 

minutes to prepare and submit failure to 

file notices to the MSRB. Therefore, the 

total annual burden on issuers to 

prepare and submit 7,063 failure to file 

notices to the MSRB is estimated to be 

3,531 hours. Commission staff estimates 

that the total annual burden on brokerdealers to comply with Rule 15c2–12 is 

300 hours. Finally, Commission staff 

estimates that the MSRB will incur an 

annual burden of 9,360 hours to collect, 

index, store, retrieve and make available 

the pertinent documents under Rule 

15c2–12. 

Based on data provided by the MSRB, 

the Commission estimates that up to 

65% of issuers may use designated 

agents to submit some or all of their 

continuing disclosure documents to the 

MSRB. The Commission estimates that 

the average total annual cost that may be 

incurred by issuers that use the services 

of a designated agent will be 

$9,750,000.1

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 to be 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 in 

writing within 60 days of this 

publication. 

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 OMB 

control number. 

Please direct your written comments 

to: Pamela Dyson, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: November 12, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–27191 Filed 11–17–14; 8:45 am] 

BILLING CODE 8011–01–P 


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