Form T-4 30 Day Federal Register Notice

Federal Register / Vol. 87, No. 141 / Monday, July 25, 2022 / Notices

lotter on DSK11XQN23PROD with NOTICES1

information obtained from Form MSD
filings to The Commission uses the
information obtained from Form MSD
filings to determine whether bank
municipal securities dealers meet the
standards for registration set forth in the
Exchange Act, to make information
about particular bank municipal
securities dealers available to customers
and members of the public, and to
develop risk assessment information
about bank municipal securities dealers.
Form MSD is a one-time registration
form that must be amended only if it
becomes inaccurate. Based upon past
submissions of zero initial filings and 14
amendments in 2019, zero initial filings
and three amendments in 2020, zero
initial filings and one amendment in
2021, and zero initial filings and zero
amendments so far in 2022, the
Commission estimates that on an annual
basis approximately one respondent
will use Form MSD for an initial
registration application, and that
approximately six respondents will
utilize Form MSD for an amendment,
for a total of seven respondents per year.
The time required to complete Form
MSD varies with the size and
complexity of the bank municipal
securities dealer’s proposed operations.
Bank personnel that prepare Form MSD
filings previously indicated that it can
take up to 15 hours for a bank with a
large operation and many employees to
complete the form, but that smaller
banks with fewer personnel can
complete the form in one to two hours.
We believe that most recent applications
have come from smaller banks. Also,
amendments to form MSD are likely to
require significantly less time. We
estimate that the total annual burden is
currently approximately 11 hours at an
average of 1.5 hours per respondent. (7
respondents/year × 1.5 hours/
respondent = 10.5 hours/year rounded
up to 11). The staff estimates that the
average internal compliance cost per
hour is approximately $406.1 Therefore,
the estimated total annual internal cost
of compliance is approximately $4,263
per year (10.5 hours/year × $406/hour =
$4,263/year).
Rule 15Ba2–1 does not contain an
explicit recordkeeping requirement, but
the rule does require the prompt
correction of any information on Form
MSD that becomes inaccurate, meaning
that bank municipal securities dealers
1 The estimate of $406 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 1,800-hour work-year and
inflation, and multiplied by 5.35 to account for
bonuses, firm size, employee benefits and overhead.

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need to maintain a current copy of Form
MSD indefinitely. In addition, the
instructions for filing Form MSD state
that an exact copy should be retained by
the registrant. Providing the information
on the application is mandatory in order
to register with the Commission as a
bank municipal securities dealer. The
information contained in the
application 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. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent by
August 24, 2022 to (i) www.reginfo.gov/
public/do/PRAMain and (ii) David
Bottom, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o John Pezzullo, 100 F
Street NE, Washington, DC 20549, or by
sending an email to: PRA_Mailbox@
sec.gov.
Dated: July 19, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.

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Act of 1939 (77 U.S.C. 77aaa et seq.).
Form T–4 takes approximately 5 hours
per response to prepare and is filed by
approximately 3 respondents. We
estimate that 25% of the 5 burden hours
(1 hour per response) is prepared by the
filer for a total reporting burden of 3
hours (1 hour per response × 3
responses).
An agency may conduct or sponsor,
and a person is not required to respond
to, a collection of information unless it
displays a currently valid control
number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by August 24, 2022 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: July 19, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–15781 Filed 7–22–22; 8:45 am]

[FR Doc. 2022–15785 Filed 7–22–22; 8:45 am]

BILLING CODE 8011–01–P

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–124, OMB Control No.
3235–0107]

Submission for OMB Review;
Comment Request: Extension: Form
T–4
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Form T–4 (17 CFR 269.4) is a form
used by an issuer to apply for an
exemption under Section 304(c) (15
U.S.C. 77ddd (c)) of the Trust Indenture

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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–95314; File No. SR–CBOE–
2022–015]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change, as Modified by
Amendment No. 1, To Amend Rule 10.3
Regarding Margin Requirements
July 19, 2022.

I. Introduction
On March 30, 2022, Cboe Exchange,
Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change SR–CBOE–2022–
015 (‘‘Proposed Rule Change’’) pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 and Rule 19b-4 2 thereunder, to
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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