Document ID: SEC-2019-1033-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-05-24T04:00Z

[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Page 31587]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11072]

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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 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.
    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 25, 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: 
[email protected].

    Dated: May 18, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11072 Filed 5-23-22; 8:45 am]
BILLING CODE 8011-01-P