Municipal Securities Disclosure (17 CFR 240.15c2-12)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Non-Substantive Justification 12.15.08.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2008-12-17	Available
Non-Substantive Justification 12.15.08.doc	Supporting Statement A	Uploaded 2008-12-16	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
34930	Municipal Securities Disclosure (17 CFR 240.15c2-12)		Modified

ICR Details

OMB Control No: 3235-0372	ICR Reference No: 200812-3235-015
Status: Historical Active	Previous ICR Reference No: 200812-3235-013
Agency/Subagency: SEC	Agency Tracking No: TM 270-330
Title: Municipal Securities Disclosure (17 CFR 240.15c2-12)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/18/2009
	Date Received in OIRA: 12/17/2008
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2011	11/30/2011	11/30/2011
Responses	77,000	0	77,000
Time Burden (Hours)	64,541	0	64,541
Cost Burden (Dollars)	7,717,450	0	21,016,668

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Abstract: Rule 15c2-12, 17 CFR 240.15c2-12, under the Securities Exchange Act of 1934 requires underwriters of municipal securities: (1) to obtain and review a copy of an official statement deemed final by an issuer of the securities, except for the omission of specified information; (2) in non-competitively bid offerings, to make available, upon request, the most recent preliminary official statement, if any; (3) to contract with the issuer of the securities, or its agent, to receive, within specified time periods, sufficient copies of the issuer’s final official statement to comply both with this rule and any rules of the MSRB; (4) to provide, for a specified period of time, copies of the final official statement to any potential customer upon request; (5) before purchasing or selling municipal securities in connection with an offering, to reasonably determine that the issuer or other specified person has undertaken, in a written agreement or contract, for the benefit of holders of such municipal securities, to provide certain information about the issue or issuer on a continuing basis to the Municipal Securities Rulemaking Board in an electronic format as prescribed by the Municipal Securities Rulemaking Board; and (6) to obtain the information the issuer of the municipal security has undertaken to provide prior to recommending a transaction in the municipal security.

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Authorizing Statute(s): US Code: 15 USC 78b Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78c Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78j Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o-4 Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78q Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78w Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK20	Final or interim final rulemaking	73 FR 76103	12/13/2008

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Municipal Securities Disclosure (17 CFR 240.15c2-12)

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	77,000	77,000	0	0	0	0
Annual Time Burden (Hours)	64,541	64,541	0	0	0	0
Annual Cost Burden (Dollars)	7,717,450	21,016,668	0	0	-13,299,218	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The annual time burden has decreased primarily due to the reduction from 4 NRMSIRs to one sole repository (the MSRB). The increase in annual cost burden is primarily due to one-time start-up costs associated with acquiring and developing the necessary technology for electronic submissions and collections of information. As discussed in further detail in the Supporting Statement, in order to provide an estimate that is not under-inclusive the Commission has conservatively assumed the maximum costs associated with issuers acquiring this computer hardware and software. The Commission expects that most issuers already have the computer equipment and software associated with this annual cost estimate. Thus, the Commission believes that the actual annual costs for issuers associated with acquiring computer hardware and software will be substantially lower than the Commission’s estimate.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 12/17/2008

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