Document ID: SEC-2010-1769-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2010-11-17T05:00Z

[Federal Register Volume 75, Number 221 (Wednesday, November 17, 2010)]
[Notices]
[Pages 70309-70310]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28983]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of Investor Education and Advocacy, 
Washington, DC 20549-0213.

Extension:
    Rule 15Ba2-6T; OMB Control No. 3235-0659; SEC File No. 270-618.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (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 the following rule: Rule 
15Ba2-6T--Temporary Registration as a Municipal Advisor; Required 
Amendments; and Withdrawal from Temporary Registration (17 CFR 
240.15Ba2-6T) 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 (a) of Rule 15Ba2-6T requires municipal advisors, as 
defined in Section 15B(e)(4) of the Exchange Act (15 U.S.C. 78o-
4(e)(4)), to electronically file with the Commission on the 
Commission's Web site at the following link, Municipal Advisor 
Registration. The information set forth in Form MA-T (17 CFR 249.1300T) 
to temporarily register or withdraw from temporary registration.
    Paragraph (b)(1) of Rule 15Ba2-6T requires municipal advisors to 
promptly amend their temporary registration whenever information 
concerning Items 1 (Identifying Information) or 3 (Disciplinary 
Information) of Form MA-T becomes inaccurate in anyway.
    Paragraph (b)(2) of Rule 15Ba2-6T requires municipal advisors to 
promptly amend their temporary registration whenever they wish to 
withdraw from registration.
    Paragraph (c) of Rule 15Ba2-6T provides that every initial 
registration, amendment to registration, or withdrawal from 
registration filed pursuant to this rule constitutes a ``report'' 
within the meaning of applicable provisions of the Exchange Act.
    Paragraph (d) of Rule 15Ba2-6T provides that every Form MA-T, 
including every amendment to or withdrawal from registration, is 
considered filed with the Commission when the electronic form on the 
Commission's website is completed and the Commission has sent 
confirmation to the municipal advisor that the form was filed.
    Paragraph (e) of Rule 15Ba2-6T provides that all temporary 
registrations of municipal advisors will expire on the earlier of: (1) 
The date that the registration is approved or disapproved by the 
Commission pursuant to a final rule adopted by the Commission 
establishing another manner of registration and prescribing a form for 
the registration; (2) the date on which the municipal advisor's 
temporary registration is rescinded by the Commission; or (3) December 
31, 2011.
    Paragraph (f) of Rule 15Ba2-6T provides that Rule 15Ba2-6T will 
expire on December 31, 2011.
    The primary purpose of Rule 15Ba2-6T is to provide information 
about municipal advisors to investors and issuers, as well as the 
Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act.
    Commission staff estimates that approximately 1,000 municipal 
advisors will file Form MA-T. Commission staff estimates that each of 
the approximately 1,000 municipal advisors will spend an average of 2.5 
hours preparing each Form MA-T. Therefore, the estimated total 
reporting burden associated with completing Form MA-T is 2,500 hours. 
Additionally, Commission staff estimates that approximately 1,000 
municipal advisors will amend their Form MA-T once during the period of 
September 1, 2010 through December 31, 2011 and that it will take 
approximately 30 minutes to amend their form, which means the total 
burden associated with amending Form MA-T is 500 hours. Therefore, the 
total annual burden associated with completing and amending Form MA-T 
is 3,000 hours.
    The Commission believes that some municipal advisors will seek 
outside counsel to help them comply with the requirements of Rule 
15Ba2-6T and Form MA-T, and assumes that each of the 1,000 municipal 
advisors will consult outside counsel for one hour for this purpose. 
The hourly rate for an attorney is $400, according to the Securities 
Industry and Financial Markets Association's publication titled

[[Page 70310]]

Management & Professional Earnings in the Securities Industry 2009, as 
modified by Commission staff to account for an 1,800 hour work year and 
multiplied by 5.35 to account for bonuses, firm size, employee benefits 
and overhead. The Commission estimates the total cost for all 1,000 
municipal advisors to hire outside counsel to review their compliance 
with the requirements of Rule 15Ba2-6T and Form MA-T to be 
approximately $400,000.
    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.
    Please direct your written comments to: Thomas Bayer, Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or 
send an e-mail to: PRA_Mailbox@sec.gov.

     November 12, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-28983 Filed 11-16-10; 8:45 am]
BILLING CODE 8011-01-P