30 Day Notice

30 Day Notice 3235-0087.pdf

Rule 15Bc3-1, Form MDSW-Withdrawal from Registration of Municipal Securities Dealers

30 Day Notice

OMB: 3235-0087

Document [pdf]
Download: pdf | pdf
Federal Register / Vol. 84, No. 189 / Monday, September 30, 2019 / Notices
Law 94–409, that the Securities and
Exchange Commission staff will hold a
public roundtable on Thursday, October
3, 2019 at 9:30 a.m.
PLACE: The roundtable will be held in
Multi-Purpose Room LL–006 at the
Commission’s headquarters, 100 F
Street NE, Washington, DC.
STATUS: The meeting will begin at 9:30
a.m. and will be open to the public.
Seating will be on a first-come, firstserved basis. Doors will open at 9:00
a.m. Visitors will be subject to security
checks. The meeting will be webcast on
the Commission’s website at
www.sec.gov.
MATTERS TO BE CONSIDERED: The
Commission staff will host a roundtable
on combating elder investor fraud. The
roundtable is open to the public and the
public is invited to submit written
comments. This Sunshine Act notice is
being issued because a majority of the
Commission may attend the roundtable.
The agenda for the roundtable will
focus on the types of fraudulent and
manipulative schemes currently
targeting elder investors. The roundtable
will explore views from a broad range
of regulators and industry experts on
potential steps regulators, brokerdealers, investment advisers, and others
can take to identify and combat elder
investor fraud.
CONTACT PERSON FOR MORE INFORMATION:
For further information, please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: September 26, 2019.
Vanessa A. Countryman,
Secretary.
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87091; File No. SR–
NYSEArca–2019–49]

Self-Regulatory Organizations; NYSE
Arca Inc.; Notice of Withdrawal of
Proposed Rule Change To Amend the
NYSE Arca Options Fee Schedule To
Modify the Options Regulatory Fee

khammond on DSKJM1Z7X2PROD with NOTICES

September 24, 2019.

On July 2, 2019, NYSE Arca, Inc.
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’),1 and Rule 19b–4
thereunder,2 a proposed rule change to
amend the Exchange’s fee schedule to
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

VerDate Sep<11>2014

19:16 Sep 27, 2019

Jkt 247001

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–21105 Filed 9–27–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Extension:
Rule 15Bc3–1 and Form MDSW—
Withdrawal from Registration of
Municipal Securities Dealers, SEC File
No. 270–93, OMB Control No. 3235–
0087.

[FR Doc. 2019–21309 Filed 9–26–19; 4:15 pm]

1 15

modify the amount of its Options
Regulatory Fee. The proposed rule
change was immediately effective upon
filing with the Commission pursuant to
Section 19(b)(3)(A) of the Act.3 The
proposed rule change was published for
comment in the Federal Register on July
22, 2019.4 The Commission received
one comment letter, which criticized the
proposal.5 On September August 30,
2019, pursuant to Section 19(b)(3)(C) of
the Act, the Commission temporarily
suspended the proposed rule change
and instituted proceedings under
Section 19(b)(2)(B) of the Act to
determine whether to approve or
disapprove the proposed rule change.6
On September 16, 2019, the Exchange
withdrew the proposed rule change
(SR–NYSEArca–2019–49).

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 15Bc3–1 (17 CFR 240.15Bc3–1)
and Form MSDW (17 CFR 249.1110)
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
3 15

U.S.C. 78s(b)(3)(A).
Securities Exchange Act Release No. 86390
(July 16, 2019), 84 FR 35169.
5 See Letter to Vanessa Countryman, Secretary,
Commission, from Ellen Greene, Managing Director,
Securities Industry and Financial Markets
Association, dated August 27, 2019.
6 See Securities Exchange Act Release No. 86832,
84 FR 46980 (September 6, 2019).
7 17 CFR 200.30–3(a)(12).

51697

Rule 15Bc3–1 provides that a notice
of withdrawal from registration with the
Commission as a bank municipal
securities dealer must be filed on Form
MSDW. The Commission uses the
information contained in Form MSDW
in determining whether it is in the
public interest to permit a bank
municipal securities dealer to withdraw
its registration. This information is also
important to the municipal securities
dealer’s customers and to the public,
because it provides, among other things,
the name and address of a person to
contact regarding any of the municipal
securities dealer’s unfinished business.
Based upon past submissions of one
filing in 2016, two filings in 2017, zero
filings in 2018, and one filing so far in
2019, the staff estimates that, on an
annual basis, approximately one bank
municipal securities dealer will file a
notice of withdrawal from registration
with the Commission as a bank
municipal securities dealer on Form
MSDW. The staff estimates that the
average number of hours necessary to
comply with the notice requirements set
out in Rule 15Bc3–1 and Form MSDW
is 0.5 per respondent, for a total burden
of 0.5 hours per year. The staff estimates
that the average internal compliance
cost per hour is approximately $417.1
Therefore, the estimated total annual
cost of compliance is approximately
$209 per year (0.5 hours/year × $417/
hour = $208.5/year, rounded up to
$209).
Rule 15Bc3–1 does not contain an
explicit recordkeeping requirement, but
the instructions for filing Form MSDW
state that an exact copy should be
retained by the registrant. Providing the
information on the application is
mandatory in order to withdraw from
registration with the Commission as a
bank municipal securities dealer. The
information contained in the notice will
not be kept confidential.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory

4 See

PO 00000

Frm 00190

Fmt 4703

Sfmt 4703

1 The estimate of $417 per hour is for a
compliance attorney, based on the Securities
Industry and Financial Markets Association’s
Management & Professional Earnings in the
Securities Industry 2013, modified by Commission
staff to account for an 1800-hour work-year and
inflation, and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead.

E:\FR\FM\30SEN1.SGM

30SEN1

51698

Federal Register / Vol. 84, No. 189 / Monday, September 30, 2019 / Notices

Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (ii)
Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected]. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: September 24, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–21085 Filed 9–27–19; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87075; File No. SR–MSRB–
2019–11]

Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend MSRB Rule A–11,
on Assessments for Municipal Advisor
Professionals, To Increase the Annual
Professional Fee Over a Two-Year
Phase-In Period
September 24, 2019.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (‘‘Act’’
or ‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 notice is hereby given that
on September 11, 2019 the Municipal
Securities Rulemaking Board (‘‘MSRB’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I, II, and III below, which Items
have been prepared by the MSRB. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.

khammond on DSKJM1Z7X2PROD with NOTICES

I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The MSRB filed with the Commission
a proposed rule change to amend MSRB
Rule A–11, on assessments for
municipal advisor professionals, to
increase the annual professional fee
over a two-year phase-in period from
$500 to $1,000 (the ‘‘Revised
Professional Fee’’) for each person
associated with the municipal advisor
who is qualified as a municipal advisor
representative in accordance with
1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

VerDate Sep<11>2014

19:16 Sep 27, 2019

Jkt 247001

MSRB Rule G–3 and for whom the
municipal advisor has a Form MA–I 3 on
file with the Commission (each a
‘‘covered representative’’) and to make
other technical changes (the ‘‘proposed
rule change’’). The phase-in period of
the Revised Professional Fee will
operate as follows: 4
• MSRB fiscal year 2020 5 will be year
one of the phase-in period, with
municipal advisors being assessed $750
for each covered representative as of
January 31, 2020. The payment of $750
per such covered representative will be
due by April 30, 2020.
• The Revised Professional fee will be
fully phased-in during MSRB fiscal year
2021,6 with municipal advisors being
assessed $1,000 for each covered
representative as of January 31 of that
fiscal year. The payment of $1,000 per
such covered representative will be due
by April 30 of that fiscal year.
The MSRB has designated the
proposed rule change for immediate
effectiveness.
The text of the proposed rule change
is available on the MSRB’s website at
www.msrb.org/Rules-andInterpretations/SEC-Filings/2019Filings.aspx, at the MSRB’s principal
office, and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
MSRB included statements concerning
3 ‘‘Form MA–I: Information Regarding Natural
Persons Who Engage in Municipal Advisory
Activities,’’ is an SEC form that must be completed
and filed by a municipal advisor firm with respect
to each natural person associated with the firm and
engaged in municipal advisory activities on the
firm’s behalf, including employees of the firm.
Independent contractors are included in the
definition of ‘‘employee’’ for these purposes. The
same form is also used to amend a previously
submitted Form MA–I. A natural person doing
business as a sole proprietor must complete and file
Form MA–I in addition to Form MA. See
‘‘Instructions for the Form MA Series,’’ available at
https://www.sec.gov/about/forms/formmadata.pdf.
4 Consistent with the Board’s prohibition on
charging or otherwise passing through MSRB fees
to issuers, municipal advisors are prohibited from
charging or otherwise passing through any fees
required under Rule A–11 to their issuer clients.
See Release No. 34–81841 (October 10, 2017), 82 FR
48135, at note 9 and corresponding discussion
(October 16, 2017) (File No. SR–MSRB–2017–07)
(Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change to MSRB Rule A–11, on
Assessments for Municipal Advisor Professionals,
To Amend the Annual Municipal Advisor
Professional Fee).
5 The MSRB’s fiscal year 2020 commences on
October 1, 2019 and concludes on September 30,
2020.
6 The MSRB’s fiscal year 2021 commences on
October 1, 2020 and concludes on September 30,
2021.

PO 00000

Frm 00191

Fmt 4703

Sfmt 4703

the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The MSRB has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to adjust the annual municipal
advisor professional fee assessed on
municipal advisor firms to better defray
the costs and expenses of operating and
administering the MSRB. In the DoddFrank Wall Street Reform and Consumer
Protection Act of 2010 (the ‘‘Dodd-Frank
Act’’),7 Congress charged the
Commission and the MSRB with the
regulation of municipal advisors and, at
the same time, granted the MSRB
authority to charge municipal advisors
‘‘reasonable fees and charges’’ to defray
the overall ‘‘costs and expenses of
operating and administering the
Board.’’ 8 Since the passage of the DoddFrank Act, the MSRB has exercised this
statutory authority to implement a
comprehensive regulatory framework
for municipal advisors.9 In furtherance
of this framework, the MSRB adopted
7 Public

Law No. 111–203, 124 Stat. 1376 (2010).
15 U.S.C. 78o–4(b)(2)(J).
9 The MSRB developed professional qualification
exams, adopted new rules for municipal advisors,
and extended rules to municipal advisors that
previously applied only to brokers, dealers and
municipal securities dealers (collectively,
‘‘dealers.’’) These include, but are not limited to:
Rule G–44 regarding the supervisory and
compliance obligations of municipal advisors, see
Release No. 34–73415 (October 23, 2014), 79 FR
64423 (October 29, 2014) (File No. SR–MSRB–
2014–06) (SEC order approving Rule G–44); Rule G–
42 regarding the duties of non-solicitor municipal
advisors, see Release No. 34–76753 (December 23,
2015), 80 FR 81614 (December 30, 2015) (File No.
SR–MSRB–2015–03) (SEC order approving Rule G–
42); amendments to Rule G–20, on gifts, gratuities
and non-cash compensation, to extend provisions of
the rule to municipal advisors, see Release No. 34–
76381 (November 6, 2015), 80 FR 70271 (November
13, 2015) (File No. SR–MSRB–2015–09) (SEC order
approving amendments to Rule G–20); amendments
to Rule G–37, on political contributions and
prohibitions on municipal securities business, to
extend its provisions to municipal advisors, see
Release No. 34–76763 (December 23, 2015), 80 FR
81710 (December 30, 2015) (File No. SR–MSRB–
2015–14) (notice of filing of proposed amendments
to Rule G–37); and amendments to Rule G–3 to
establish registration and professional qualification
requirements for municipal advisors, see Release
No. 34–74384 (February 26, 2015), 80 FR 11706
(March 4, 2015) (File No. SR–MSRB–2014–08) (SEC
order approving registration and professional
qualification requirements for municipal advisor
representatives and municipal advisor principals).
8 See

E:\FR\FM\30SEN1.SGM

30SEN1


File Typeapplication/pdf
File Modified2019-09-28
File Created2019-09-28

© 2024 OMB.report | Privacy Policy