Document ID: SEC-2019-1033-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2019-07-22T04:00Z

[Federal Register Volume 84, Number 140 (Monday, July 22, 2019)]
[Notices]
[Pages 35143-35144]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-15529]

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SECURITIES AND EXCHANGE COMMISSION

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

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736.

Extension:
    Rule 15Bc3-1 and Form MDSW--Withdrawal from Registration of 
Municipal Securities Dealers.

    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 15Bc3-1 (17 CFR 
15Bc3-1) and Form MSDW (17 CFR 249.1110) under the Securities Exchange 
Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit 
this existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    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 submitted on 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 one filing in 2016, two filings in 
2017, zero filings in 2018, and one filing so far in 2019, the staff 
estimates that, on an annual basis, approximately one bank municipal 
securities dealer will file a notice of withdrawal from registration 
with the Commission as a bank municipal securities dealer on Form MSDW. 
The staff estimates that the average number of hours necessary to 
comply with the notice requirements set out in Rule 15Bc3-1 and Form 
MSDW is 0.5 per respondent, for a total burden of 0.5 hours per year. 
The staff estimates that the average internal compliance cost per hour 
is approximately $417.\1\ Therefore, the estimated total annual cost of 
compliance is approximately $209 per year (0.5 hours/year x $417/hour = 
$208.5/year, rounded up to $209).
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    \1\ The estimate of $417 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

[[Page 35144]]

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.
    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 will 
have practical utility; (b) the accuracy of the Commission's estimate 
of the burden of the 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 subject to the PRA unless it 
displays a currently valid OMB control number.
    Please direct your written comments to: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: July 17, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-15529 Filed 7-19-19; 8:45 am]
 BILLING CODE 8011-01-P