Document ID: SEC-2019-1033-0003
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Withdrawal from Registration of Municipal Securities Dealers
Posted Date: 2022-07-29T04:00Z

[Federal Register Volume 87, Number 145 (Friday, July 29, 2022)]
[Notices]
[Pages 45810-45811]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16258]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-93, OMB Control No. 3235-0087]

Submission for OMB Review; Comment Request: Extension: Rule 
15Bc3-1 and Form MDSW, Withdrawal From Registration of Municipal 
Securities Dealers

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 
15Bc3-1 (17 CFR 240.15Bc3-1) and Form MSDW (17 CFR 249.1110) under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
    Rule 15Bc3-1 provides that a notice of withdrawal from registration 
with the Commission as a bank municipal securities dealer must be filed 
on Form MSDW. The Commission uses the information contained in Form 
MSDW in determining whether it is in the public interest to permit a 
bank municipal securities dealer to withdraw its registration. This 
information is also important to the municipal securities dealer's 
customers and to the public because it provides, among other things, 
the name and address of a person to contact regarding any of the 
municipal securities dealer's unfinished business.
    Based upon past submissions of two filings in 2019, zero filings in 
2020, zero filings in 2021, and zero filings so far in 2022, the 
Commission estimates that approximately one respondent will use Form 
MSDW annually, with a total hour burden for all respondents of 
approximately 1 hour per year (0.5 hours rounded up to 1 hour). This 
estimate is based on the Commission staff's experience in administering 
the form. The form is available from the Commission, and can usually be 
completed by checking appropriate boxes and writing the name and 
address of the bank municipal securities dealer, and the name and 
address of the person who has or will have custody of the bank 
municipal securities dealer's books and records. 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 $203 per year (0.5 hours/year x $406/hour = 
$203/year).
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    \1\ The 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 1800-hour work-year 
and inflation, and multiplied by 5.35 to account for bonuses, firm 
size, employee benefits and overhead.
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    Rule 15Bc3-1 does not contain an explicit recordkeeping 
requirement, but the instructions for filing Form MSDW state that an 
exact copy should be retained by the registrant. Providing the 
information on the application is mandatory in order to withdraw from 
registration with the Commission as a bank municipal securities dealer. 
The information contained in the notice will not be kept confidential.
    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 August 29, 2022 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].

[[Page 45811]]

    July 25, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16258 Filed 7-28-22; 8:45 am]
BILLING CODE 8011-01-P