Document ID: SEC-2007-0591-0001
Agency: sec
Document Type: Rule
Title: Technical Amendments to Form BD and Form BDW
Posted Date: 2007-04-24T04:00Z

[Federal Register: April 24, 2007 (Volume 72, Number 78)]
[Rules and Regulations]               
[Page 20223-20225]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24ap07-2]                         

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 249

[Release No. 34-55643]

 
Technical Amendments to Form BD and Form BDW

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; technical amendments.

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SUMMARY: The Securities and Exchange Commission (``Commission'' or 
``SEC'') is making technical amendments to Form BD and Form BDW, the 
uniform broker-dealer registration form and the uniform request for 
withdrawal from broker-dealer registration, respectively. The technical 
amendments will update the current list of self-regulatory 
organizations (``SROs'') and government jurisdictions listed on Form BD 
and Form BDW, and make conforming changes to the definition 
``jurisdiction'' in the forms.

DATES: Effective Date: April 23, 2007.

FOR FURTHER INFORMATION CONTACT: Paula Jenson, Deputy Chief Counsel, or 
Haimera Workie, Branch Chief, at (202) 551-5550, Office of the Chief 
Counsel, Division of Market Regulation, Securities and Exchange 
Commission, 100 F Street, NE., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: Form BD requires an applicant or registrant 
to indicate the SRO and governmental jurisdiction with which it is 
registering or registered. For a ``partial withdrawal,'' \1\ Form BDW 
requires the applicant to specify the SRO and governmental jurisdiction 
from which it is withdrawing.\2\ The Commission is making technical 
amendments to Item 2 of Form BD and Item 3 of Form BDW to update the 
list of governmental jurisdictions to include the United States Virgin 
Islands, and to update the

[[Page 20224]]

list of SROs to include The NASDAQ Stock Market LLC and the 
International Securities Exchange, LLC, as well as to reflect the name 
change of The Cincinnati Stock Exchange, Inc. to National Stock 
Exchange, Inc.\3\ and the name change of the Pacific Exchange, Inc. to 
NYSE Arca, Inc.\4\ In addition, we are making conforming changes to the 
definition of ``jurisdiction'' to include the United States Virgin 
Islands. ``Jurisdiction'' will be defined as: ``A state, the District 
of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, 
or any subdivision or regulatory body thereof.''
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    \1\ A ``full withdrawal'' terminates registration with the SEC, 
all SROs, and all jurisdictions. However, a ``partial withdrawal'' 
terminates registration with specific jurisdictions and SROs, but 
does not terminate registration with the SEC and at least one SRO 
and jurisdiction.
    \2\ Section 15(b) of the Securities Exchange Act of 1934 
(``Exchange Act'') provides that broker-dealers can register and 
withdraw from registration under procedures developed by the 
Commission. Exchange Act Rule 15b1-1 requires that an application 
for registration of a broker or dealer that is filed pursuant to 
Section 15(b) of the Exchange Act be filed on Form BD in accordance 
with the instructions on the form. Exchange Act Rule 15b6-1 requires 
that a notice of withdrawal from registration as a broker or dealer 
filed pursuant to Section 15(b) of the Exchange Act be filed on Form 
BDW in accordance with the instructions on the form.
    \3\ Exchange Act Rel. No. 48774 (November 12, 2003), 68 FR 65332 
(November 19, 2003).
    \4\ Exchange Act Rel. No. 53615 (April 7, 2006), 71 FR 19226 
(April 13, 2006).
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I. Certain Findings

    Under the Administrative Procedure Act (``APA''), notice of 
proposed rulemaking is not required when the agency, for good cause, 
finds ``that notice and public procedure thereon are impracticable, 
unnecessary, or contrary to the public interest.'' \5\ The Commission 
is making technical amendments to Item 2 of Form BD and Item 3 of Form 
BDW in light of the formation of or name changes to SROs and in light 
of new requirements for broker-dealer registration in the United States 
Virgin Islands.\6\ The Commission is also making conforming amendments 
to the definition of ``jurisdiction'' to include the United States 
Virgin Islands. These technical amendments will update the currently 
out-of-date list of SROs and government jurisdictions contained in Form 
BD and Form BDW, as well as provide related changes to the definition 
of ``jurisdiction'' in the forms. The Commission, therefore, finds that 
publishing the amendments for comment is unnecessary.\7\
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    \5\ 5 U.S.C. 553(b).
    \6\ The United States Virgin Islands Uniform Securities Act of 
2004 (``Uniform Securities Act'') became effective on February 12, 
2005. See 9 V.I. CODE ANN. Sec. Sec.  601-672 (2004). The Uniform 
Securities Act requires registration by broker-dealers. See 9 V.I 
CODE ANN. Sec.  631. Prior to the enactment of the Uniform 
Securities Act, the United States Virgin Islands did not have 
regulations that addressed broker-dealer registration and therefore 
it was not included as a jurisdiction on Form BD and Form BDW. 
Adding the United States Virgin Islands onto the list of 
jurisdictions would facilitate the use of these forms by broker-
dealers and would eliminate the need for separate paper filings of 
registration forms by broker-dealers in the United States Virgin 
Islands.
    \7\ For similar reasons, the amendments do not require analysis 
under the Regulatory Flexibility Act or analysis of major rule 
status under the Small Business Regulatory Enforcement Fairness Act. 
See 5 U.S.C. 601(2) (for purposes of Regulatory Flexibility Act 
analyses, the term ``rule'' means any rule for which the agency 
publishes a general notice of proposed rulemaking); 5 U.S.C. 
804(3)(C) (for purposes of Congressional review of agency 
rulemaking, the term ``rule'' does not include any rule of agency 
organization, procedure, or practice that does not substantially 
affect the rights or obligations of non-agency parties).
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    Publication of a substantive rule not less than 30 days before its 
effective date is required by the APA except as otherwise provided by 
the agency for good cause.\8\ For the same reasons described above with 
respect to notice and opportunity for comment, the Commission finds 
that there is good cause for making these technical amendments 
effective on April 23, 2007.
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    \8\ 5 U.S.C. 553(d).
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II. Consideration of Promotion of Efficiency, Competition, and Capital 
Formation

    Section 3(f) of the Exchange Act,\9\ provides that whenever the 
Commission is engaged in rulemaking and is required to consider or 
determine whether an action is necessary or appropriate in the public 
interest, the Commission shall consider, in addition to the protection 
of investors, whether the action will promote efficiency, competition, 
and capital formation. In addition, Section 23(a)(2) of the Exchange 
Act requires the Commission, in adopting rules under the Exchange Act, 
to consider the anticompetitive effects of such rules, if any, and to 
refrain from adopting a rule that would impose a burden on competition 
not necessarily or appropriate in furtherance of the purposes of the 
Exchange Act.\10\
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    \9\ 15 U.S.C. 78c(f).
    \10\ 15 U.S.C. 78w(a)(2).
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    Because the amendments are limited to technical amendments, we do 
not anticipate that any competitive advantages or disadvantages would 
be created. We do not expect the amendments, as technical amendments, 
to have a significant effect on efficiency, or on capital formation or 
the capital markets resulting from any obligations imposed by the 
Commission. As previously noted, however, there will be some increased 
efficiency in the administration of the United States Virgin Islands 
regulations because adding the United States Virgin Islands to the list 
of jurisdictions will facilitate the use of these forms by broker-
dealers doing business in that jurisdiction and will eliminate the need 
for separate paper filings of registration forms by these broker-
dealers.

III. Statutory Authority

    We are adopting the technical amendments to Forms BD and BDW under 
the authority set forth in the Exchange Act and, in particular, 
Sections 15(a), 15(b), 17(a), and 23(a) therein.\11\
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    \11\ 15 U.S.C. 78o(a), 78o(b), 78q(a), and 78w(a).
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Text of Form Amendments

List of Subjects in 17 CFR Part 249

    Broker-dealers, Reporting and recordkeeping requirements, 
Securities.

0
For the reasons set out in the preamble, 17 CFR part 249 is amended as 
follows:

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
1. The authority citation for Part 249 continues to read in part as 
follows:

    Authority: 15 U.S.C. 78a, et seq. and 7201 et seq.; and 18 
U.S.C. 1350, unless otherwise noted.
* * * * *

Sec.  249.501  [Amended]

0
2. Form BD (referenced in Sec.  249.501) is amended by:
0
a. In the Explanation of Terms, 1. General section, revising 
``JURISDICTION--A state, the District of Columbia, the Commonwealth of 
Puerto Rico, or any subdivision or regulatory body thereof.'' to read 
``JURISDICTION--A state, the District of Columbia, the Commonwealth of 
Puerto Rico, the U.S. Virgin Islands, or any subdivision or regulatory 
body thereof.''; and
0
b. In Item 2, revising the SRO and Jurisdiction tables.
    The revision reads as follows:
    Form BD
* * * * *
    2. * * *

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                                                                                                           ---
R        AMEX     BSE      CBOE     CHX      NSX      NASD     NQX      NYSE     PHLX     ARCA    ISE     OTHER
O                                                                                                         (speci
                                                                                                           fy)
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J        [ballot] Alabama     [ballot] Hawaii      [ballot] Michigan    [ballot] North       [ballot] Texas
                                                                         Carolina
U        [ballot] Alaska      [ballot] Idaho       [ballot] Minnesota   [ballot] North       [ballot] Utah
                                                                         Dakota
R        [ballot] Arizona     [ballot] Illinois    [ballot]             [ballot] Ohio        [ballot] Vermont
                                                    Mississippi

[[Page 20225]]

I        [ballot] Arkansas    [ballot] Indiana     [ballot] Missouri    [ballot] Oklahoma    [ballot] Virgin
                                                                                              Islands
S        [ballot] California  [ballot] Iowa        [ballot] Montana     [ballot] Oregon      [ballot] Virginia
D        [ballot] Colorado    [ballot] Kansas      [ballot] Nebraska    [ballot]             [ballot] Washington
                                                                         Pennsylvania
I        [ballot]             [ballot] Kentucky    [ballot] Nevada      [ballot] Puerto      [ballot] West
          Connecticut                                                    Rico                 Virginia
C        [ballot] Delaware    [ballot] Louisiana   [ballot] New         [ballot] Rhode       [ballot] Wisconsin
                                                    Hampshire            Island
T        [ballot] District    [ballot] Maine       [ballot] New Jersey  [ballot] South       [ballot] Wyoming
          of Columbia                                                    Carolina
I        [ballot] Florida     [ballot] Maryland    [ballot] New Mexico  [ballot] South
                                                                         Dakota
O        [ballot] Georgia     [ballot]             [ballot] New York    [ballot] Tennessee
                               Massachusetts
N
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* * * * *

0
3. Form BDW (referenced in Sec.  249.501a) is amended by:
0
a. In the Explanation of Terms section, revising ``The term 
JURISDICTION means a state, the District of Columbia, the Commonwealth 
of Puerto Rico, or any subdivision or regulatory body thereof.'' to 
read ``The term JURISDICTION means a state, the District of Columbia, 
the Commonwealth of Puerto Rico, the U.S. Virgin Islands, or any 
subdivision or regulatory body thereof.''; and
0
b. In Item 3, revising the SRO and Jurisdiction tables.
    The revision reads as follows:
    Form BDW
* * * * *
    3. * * *

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          ]        ]        ]        ]        ]        ]        ]        ]        ]        t]      t]      t]---
                                                                                                           ---
R        AMEX     BSE      CBOE     CHX      NSX      NASD     NQX      NYSE     PHLX     ARCA    ISE     OTHER
O                                                                                                         (speci
                                                                                                           fy)
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J        [ballot] Alabama     [ballot] Hawaii      [ballot] Michigan    [ballot] North       [ballot] Texas
                                                                         Carolina
U        [ballot] Alaska      [ballot] Idaho       [ballot] Minnesota   [ballot] North       [ballot] Utah
                                                                         Dakota
R        [ballot] Arizona     [ballot] Illinois    [ballot]             [ballot] Ohio        [ballot] Vermont
                                                    Mississippi
I        [ballot] Arkansas    [ballot] Indiana     [ballot] Missouri    [ballot] Oklahoma    [ballot] Virgin
                                                                                              Islands
S        [ballot] California  [ballot] Iowa        [ballot] Montana     [ballot] Oregon      [ballot] Virginia
D        [ballot] Colorado    [ballot] Kansas      [ballot] Nebraska    [ballot]             [ballot] Washington
                                                                         Pennsylvania
I        [ballot]             [ballot] Kentucky    [ballot] Nevada      [ballot] Puerto      [ballot] West
          Connecticut                                                    Rico                 Virginia
C        [ballot] Delaware    [ballot] Louisiana   [ballot] New         [ballot] Rhode       [ballot] Wisconsin
                                                    Hampshire            Island
T        [ballot] District    [ballot] Maine       [ballot] New Jersey  [ballot] South       [ballot] Wyoming
          of Columbia                                                    Carolina
I        [ballot] Florida     [ballot] Maryland    [ballot] New Mexico  [ballot] South
                                                                         Dakota
O        [ballot] Georgia     [ballot]             [ballot] New York    [ballot] Tennessee
                               Massachusetts
N
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    By the Commission.

    Dated: April 19, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-7746 Filed 4-23-07; 8:45 am]

BILLING CODE 8010-01-P