Municipal Securities Disclosure (17 CFR 240.15c2-12)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
OMS -- Rule 15c2-12 PRA Extension Supporting Statement (9.24.15).pdf	Supporting Statement A	Uploaded 2015-09-24	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
34930	Issuers Annual Filing Third-Party Disclosure		Modified
215170	Issuers that use the services of a designated agent		New
215169	Broker Dealers Third Party Disclosure		New
215167	Issuers (failure to file notices) Third Party Disclosure		New
215165	Issuers (event notices) Third Party Dislosure		New
199950	Municipal Securities Rulemaking Board Recordkeeping		Modified

ICR Details

OMB Control No: 3235-0372	ICR Reference No: 201409-3235-042
Status: Historical Active	Previous ICR Reference No: 201110-3235-016
Agency/Subagency: SEC	Agency Tracking No: TM-270-330
Title: Municipal Securities Disclosure (17 CFR 240.15c2-12)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/03/2015
	Date Received in OIRA: 02/26/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2018	36 Months From Approved	11/30/2015
Responses	156,390	0	268,630
Time Burden (Hours)	634,457	0	162,877
Cost Burden (Dollars)	9,760,000	0	10,534,116

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Abstract: Rule 15c2-12 is intended to enhance disclosure, and thereby reduce fraud, in the municipal securities market by establishing standards for obtaining, reviewing, and disseminating information about municipal securities by their underwriters.

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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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 68730	11/18/2004
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 9758	02/24/2015
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 6

table that charts list of burden

IC Title	Form No.	Form Name
Issuers that use the services of a designated agent
Issuers (event notices) Third Party Dislosure
Broker Dealers Third Party Disclosure
Issuers (failure to file notices) Third Party Disclosure
Issuers Annual Filing Third-Party Disclosure
Municipal Securities Rulemaking Board Recordkeeping

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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	156,390	268,630	0	0	-112,240	0
Annual Time Burden (Hours)	634,457	162,877	0	0	471,580	0
Annual Cost Burden (Dollars)	9,760,000	10,534,116	0	0	-774,116	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 information collection associated with Rule 15c2-12 applies to broker-dealers, issuers of municipal securities, and the Municipal Securities Rulemaking Board ("MSRB") . Commission staff is changing the estimated burdens for broker-dealers, issuers, and the MSRB based upon industry input in the comments received pursuant to the 60-day comment period. The estimated burdens suggested by the commenters varied widely; most commenters provided ranges in recognizing that "one size does not fit all with respect to the burdens of the Rule upon market participants." Commission staff believes the revised estimates reflect the average burden incurred by all respondents, as opposed to the particular experience of individual entities. The increases reflect a change in the number of issuers from 12,000 to 20,000. The adjustments have resulted in an increase in the annual time burden of 471,580 hours and an annual cost decrease of $774,116.00. The attached supporting statement discusses the changes in more detail.

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Annual Cost to Federal Government: $6,900

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 02/26/2015

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