Municipal Securities Disclosure (17 CFR 240.15c2-12)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
PRA SUPPORTING STATEMENT FINAL.pdf	Supporting Statement A	Uploaded 2017-03-30	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
34930	Issuers Annual Filing Third-Party Disclosure		Modified
226209	Broker Dealers third party disclosure one-time burden		New
226208	Municipal Securities Rulemaking Board Recordkeeping one-time burden		New
226206	One-time cost for Issuers to revise continuing disclosure agreement		New
215170	Issuers that use the services of a designated agent		Modified
215169	Broker Dealers Third Party Disclosure		Modified
215167	Issuers (failure to file notices) Third Party Disclosure		Unchanged
215165	Issuers (event notices) Third Party Dislosure		Modified
199950	Municipal Securities Rulemaking Board Recordkeeping		Unchanged

ICR Details

OMB Control No: 3235-0372	ICR Reference No: 201703-3235-012
Status: Historical Inactive	Previous ICR Reference No: 201409-3235-042
Agency/Subagency: SEC	Agency Tracking No: TM-270-330
Title: Municipal Securities Disclosure (17 CFR 240.15c2-12)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 06/21/2017
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/30/2017
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

table that charts list comparision

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

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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 78o(c) 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-AL97	Proposed rulemaking	82 FR 13928	03/15/2017

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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: 9

table that charts list of burden

IC Title	Form No.	Form Name
Broker Dealers Third Party Disclosure
Broker Dealers third party disclosure one-time burden
Issuers (event notices) Third Party Dislosure
Issuers (failure to file notices) Third Party Disclosure
Issuers Annual Filing Third-Party Disclosure
Issuers that use the services of a designated agent
Municipal Securities Rulemaking Board Recordkeeping
Municipal Securities Rulemaking Board Recordkeeping one-time burden
One-time cost for Issuers to revise continuing disclosure agreement

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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 MSRB. The Commission is changing the estimated burdens for brokers-dealers, issuers and the MSRB as a result of amendments to Rule 15c2-12 proposed by the Commission. For broker-dealers, the Commission has estimated that the proposed amendments would require broker-dealers to spend ten additional hours, per broker-dealer, to determine whether issuers or obligated persons have failed to comply, in all material respects, with any previous undertakings in a written contract or agreement specified in Rule 15c2-12(b)(5)(i), resulting in an additional 2,500 hours annually. The Commission has also estimated that each broker-dealer would incur a one-time paperwork burden of 30 minutes each to have its internal compliance attorney prepare and issue a notice advising its employees about the proposed revisions to Rule 15c2-12, including any updates to policies and procedures affected by the proposed amendments, resulting in a one-time burden of 125 hours. For issuers, the Commission has estimated that the proposed amendments would increase the total number of event notices submitted by issuers annually by approximately 2,200 notices. Based on the estimate that each event notice would take on average approximately two hours to prepare and submit, the proposed amendments would result in an additional 4,400-hour burden to issuers, and a total burden on issuers of 603,658 hours. The Commission has also estimated that issuers that use the services of a designated agent for submission of event notices to the MSRB could incur additional costs of approximately six percent associated with the proposed amendments, so that the average total annual cost that would be incurred by issuers that use the services of a designated agent under the proposed amendments would be $10,335,000. The Commission has estimated that the proposed amendments would require the MSRB to spend approximately 1,162 hours in the first year to implement the necessary modifications to EMMA to add additional disclosure events for a total one-time first-year burden of 13,861 hours, but would not increase the MSRB’s current burden of 12,699 hours in subsequent years. Thus, the Commission has estimated that the proposed amendments to Rule 15c2-12 would result in a total industry-wide one-time hour burden increase of approximately 1,287 hours and a total industry-wide ongoing annual hour burden increase of approximately 6,900 hours.

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Annual Cost to Federal Government:

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: 03/30/2017

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