Municipal Securities Disclosure (17 CFR 240.15c2-12)

Forms and Documents

Document Name	Status
PRA Supporting Statement (Rule 15c2-12 - FINAL).pdf Supporting Statement A	2018-08-24

IC Document Collections

IC ID	Document Title	Status
34930	Issuers Annual Filing Third-Party Disclosure	Modified
226209	Broker Dealers third party disclosure one-time burden	Modified
226208	Municipal Securities Rulemaking Board Recordkeeping one-time burden	Modified
226206	One-time cost for Issuers to revise continuing disclosure agreement	Modified
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	Modified
215165	Issuers (event notices) Third Party Dislosure	Modified
199950	Municipal Securities Rulemaking Board Recordkeeping	Modified

ICR Details

OMB Control No: 3235-0372	ICR Reference No: 201806-3235-007
Status: Active	Previous ICR Reference No: 201703-3235-012
Agency/Subagency: SEC	Agency Tracking No: OMS-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: Approved without change	Conclusion Date: 11/26/2018
	Date Received in OIRA: 08/24/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2021	36 Months From Approved	11/30/2018
Responses	205,449	0	156,390
Time Burden (Hours)	903,805	0	634,457
Cost Burden (Dollars)	19,549,000	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	Final or interim final rulemaking	83 FR 44700	08/31/2018

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 9

IC Title	Form No.	Form Name
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
One-time cost for Issuers to revise continuing disclosure agreement
Municipal Securities Rulemaking Board Recordkeeping one-time burden
Issuers that use the services of a designated agent
Broker Dealers third party disclosure one-time burden

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ICR Summary 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	205,449	156,390	0	30,451	18,608	0
Annual Time Burden (Hours)	903,805	634,457	0	25,408	243,940	0
Annual Cost Burden (Dollars)	19,549,000	9,760,000	0	5,379,000	4,410,000	0

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 Commission adopted amendments to Exchange Act Rule 15c2-12. As discussed in the supporting statement, the Commission added new paragraphs (15) and (16) to Rule 15c2-12(b)(5)(i)(C). The burden increase due to agency discretion reflects the increased burden and cost as a result of these new paragraphs.

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Annual Cost to Federal Government: $6,900

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 08/24/2018

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