Federal Register 60-Day Collection Notice

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Federal Register / Vol. 91, No. 126 / Thursday, July 2, 2026 / Notices

Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the filing will
be available for inspection and copying
at the principal office of the Exchange.
Do not include personal identifiable
information in submissions; you should
submit only information that you wish
to make available publicly. We may
redact in part or withhold entirely from
publication submitted material that is
obscene or subject to copyright
protection.
All submissions should refer to file
number SR–ISE–2026–34 and should be
submitted on or before July 23, 2026.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.65
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–13357 Filed 7–1–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0681]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rules
15Ba1–1 to 15Ba1–8—Registration of
Municipal Advisors and Forms MA,
MA–I, MA–W, and MA–NR

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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.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) is soliciting
comments on the mandatory collection
of information related to the registration
of municipal advisors provided for in
Rules 15Ba1–1 to 15Ba1–8 (17 CFR
240.15Ba1–1 to 17 CFR 240.15Ba1–8)
and Forms MA (17 CFR 249.1300), MA–
I (17 CFR 249.1310), MA–W (17 CFR
249.1320), and MA–NR (17 CFR
249.1330) 1 under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.) (the ‘‘Exchange Act’’). The
65 17 CFR 200.30–3(a)(12).
1 Reference copies of the forms and instructions
are available at https://www.sec.gov/files/
formma.pdf (Form MA), https://www.sec.gov/files/
formma-i.pdf (Form MA–I), https://www.sec.gov/
files/formma-w.pdf (Form MA–W), https://
www.sec.gov/files/formma-nr.pdf (Form MA–NR),
and https://www.sec.gov/files/formmadata.pdf
(Instructions for the Form MA Series).

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Commission plans to submit this
existing collection of information to the
Office of Management and Budget
(‘‘OMB’’) for extension and approval.
Specific requests for comment are set
forth in Section IX below.
In 2010, the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(‘‘Dodd-Frank Act’’) amended Section
15B of the Exchange Act to require a
new class of regulated persons,
‘‘municipal advisors,’’ to register with
the Commission.2 Section 15B(a)(1)(B)
of the Exchange Act, as added by the
Dodd-Frank Act, makes it unlawful for
a municipal advisor to provide advice to
or on behalf of a municipal entity or
obligated person with respect to
municipal financial products or the
issuance of municipal securities, or to
undertake certain solicitations of a
municipal entity or obligated person,
unless the municipal advisor is
registered with the Commission.3
On September 20, 2013, the
Commission adopted Rules 15Ba1–1
through 15Ba1–8 and Rule 15Bc4–1
under the Exchange Act to establish the
rules by which a municipal advisor
must obtain, maintain, and terminate its
registration with the Commission.4 The
rules, among other things: (i) require
municipal advisors to file Forms MA,
MA–I, MA–W, and MA–NR with the
Commission to obtain, maintain, or
terminate their registration with the
Commission, (ii) require municipal
advisors to maintain certain books and
records in accordance with the
Exchange Act, (iii) interpret the
definition of the term ‘‘municipal
advisor,’’ (iv) interpret the statutory
exclusions to that definition, and (v)
provide certain additional regulatory
exemptions.5 The rules became effective
on January 13, 2014; however, on
January 13, 2014, the Commission
temporarily stayed such rules until July
1, 2014.6 Amendments to Forms MA
and MA–I designed to eliminate aspects
of the forms that request filers to
provide certain forms of personally
identifiable information of natural
persons, including Social Security
2 See 15 U.S.C. 78o–4; Dodd-Frank Act, Public
Law 111–203, title IX, section 975, July 21, 2010,
124 Stat. 1915–1923, available at https://
www.govinfo.gov/content/pkg/PLAW-111publ203/
pdf/PLAW-111publ203.pdf.
3 See 15 U.S.C. 78o–4(a)(1)(B).
4 See Registration of Municipal Advisors,
Exchange Act Release No. 70462 (Sept. 20, 2013),
78 FR 67468 (Nov. 12, 2013), available at https://
www.govinfo.gov/content/pkg/FR-2013-11-12/pdf/
2013-23524.pdf.
5 See id.
6 See Registration of Municipal Advisors;
Temporary Stay of Final Rule, Exchange Act
Release No. 71288 (Jan. 13, 2014), 79 FR 2777 (Jan.
16, 2014), available at https://www.govinfo.gov/
content/pkg/FR-2014-01-16/pdf/2014-00740.pdf.

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numbers, dates of birth, and foreign
identity numbers became effective on
May 14, 2018.7
I. Forms MA and MA–I
Rule 15Ba1–2 requires each person
applying for registration with the
Commission as a municipal advisor to
file electronically with the Commission
Form MA and, with respect to each
natural person associated with the
municipal advisory firm who engages in
municipal advisory activities on its
behalf, Form MA–I.8 Rule 15Ba1–5 and
the Instructions for the Form MA Series
require municipal advisors to amend
Form MA annually; amend Form MA
whenever certain information
previously provided therein becomes
inaccurate or materially inaccurate;
amend Form MA–I whenever the
information previously provided therein
becomes inaccurate for any reason; and
amend Form MA–I to indicate that an
individual is no longer an associated
person of the municipal advisory firm
filing the form or no longer engaged in
municipal advisory activities on its
behalf.9 Rule 15Ba1–7 requires
municipal advisors to report succession
of registration on Form MA.10
Forms MA and MA–I help ensure that
the Commission can make information
about municipal advisors transparent
and easily accessible to the investing
public, including municipal entities and
obligated persons who engage
municipal advisors; investors who may
purchase securities from offerings in
which municipal advisors participated;
and other regulators. Further, the
information provided on Forms MA and
MA–I expands the amount of publicly
available information about municipal
advisors and their associated persons,
including conflicts of interest and
disciplinary history. Although much of
the information required by Form MA is
already publicly available with respect
to municipal advisors that are already
registered with the Commission as
investment advisers or broker-dealers,
many municipal advisors that are not
currently registered with the
Commission in another capacity will
7 See Amendments to Forms and Schedules to
Remove Provision of Certain Personally Identifiable
Information, Exchange Act Release No. 83097 (Apr.
24, 2018), 83 FR 22190 (May 14, 2018), available
at https://www.govinfo.gov/content/pkg/FR-201805-14/pdf/2018-10227.pdf.
8 See 17 CFR 240.15Ba1–2. The terms ‘‘municipal
advisor’’ and ‘‘municipal advisory firm’’ are used
interchangeably herein. Both terms include sole
proprietors. See Instructions for the Form MA
Series, at 19, available at https://www.sec.gov/files/
formmadata.pdf.
9 See 17 CFR 240.15Ba1–5; Instructions for the
Form MA Series, at 2–3 & 4–5, available at https://
www.sec.gov/files/formmadata.pdf.
10 See 17 CFR 240.15Ba1–7.

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Federal Register / Vol. 91, No. 126 / Thursday, July 2, 2026 / Notices

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make this information available for the
first time. Consequently, the rules and
forms allow municipal entities and
obligated persons, as well as others, to
become more fully informed about
municipal advisors in a more efficient
manner.
In addition, the requirement that each
municipal advisory firm register with
the Commission on Form MA and
complete Form MA–I with respect to
each natural person who is a person
associated with the municipal advisor
and engages in municipal advisory
activities on its behalf will help ensure
that the Commission has information to
oversee respondents and their activities
in the municipal securities market
effectively. In particular, the
information provided in Form MA will
be used to determine whether to grant
a municipal advisor’s application for
registration or to institute proceedings
to determine whether registration
should be denied. The information will
also be used to focus examinations and
aid in risk-based examinations.
Moreover, Forms MA and MA–I will
enable the Commission to obtain an
accurate estimate of the number of
municipal advisors, by size and by
municipal advisory activity; analyze
data regarding the various types of
municipal advisory activities; and
evaluate the disciplinary history of all
municipal advisors and associated
persons, including regulatory, civil, and
criminal proceedings.
The requirement that a municipal
advisor file amendments to Forms MA
and MA–I will help ensure the
availability of up-to-date information
about municipal advisors and their
associated persons.
No assurances of confidentiality are
provided with respect to Forms MA and
MA–I, except with respect to certain
private residential addresses reported
therein. Forms MA and MA–I require
applicants and registered municipal
advisors to report various addresses,
which may include private residential
addresses. However, where the forms
request an address, the applicant or
registrant is asked to indicate whether
the address provided is a private
residence and is advised that, if so, the
private residential address will not be
included in publicly available versions
of the form.
Form MA
The initial application for municipal
advisor registration under Form MA is
a one-time reporting burden. The
Commission estimates that this
collection of information would apply
to approximately 15 new municipal
advisory firms that will submit new

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Form MA applications in each of the
next three years.11 This estimate is
based on existing Form MA submission
data. Over the three years of the
information collection, the total
estimated number of Form MA
applicants would be 45, or 15 per
year.12 The Commission further
estimates that the average amount of
time for a municipal advisory firm to
complete Form MA would be
approximately 3.5 hours. This figure is
based on the estimated average amount
of time for a municipal advisory firm to
complete Form MA and the estimated
average amount of time for an
investment adviser to complete Part 1A
of Form ADV. Thus, the Commission
estimates that the aggregate annual
reporting burden placed on Form MA
applicants will be approximately 53
hours.13
In addition to filing initial Form MA
applications, the rules require
municipal advisory firms to amend
Form MA once annually (Form MA–A)
and after the occurrence of any
enumerated material event (Form MA/
A). The requirement to amend Form MA
is an ongoing annual reporting burden
that applies to all registered municipal
advisory firms. As of December 31,
2025, there were approximately 419
municipal advisors registered with the
Commission and, as noted above, the
Commission anticipates receiving 15
new Form MA submissions annually in
each of the next three years; however,
the Commission also estimates that it
will receive an average of 21
withdrawals on Form MA–W annually
in each of the next three years,14 and the
Commission further estimates that it
will enter orders cancelling or revoking
the registration of 4 municipal advisors
on average in each of the next three
years,15 for a net decrease of 10
municipal advisors annually in each of
11 The estimate is derived by averaging the
number of Form MA filings over the last three
calendar years. There were 11 Form MA
submissions in 2023, 20 Form MA submissions in
2024, and 13 Form MA submissions in 2025.
12 15 (estimated number of Form MA applicants,
year one) + 15 (estimated number of Form MA
applicants, year two) + 15 (estimated number of
Form MA applicants, year three) = 45.
13 15 (estimated number of Form MA applicants
per year) × 3.5 hours (average time required to
submit a completed Form MA) = 52.5 hours.
14 See infra Section II.
15 The estimate is derived by averaging the
number of CANCELLATION–MA and
REVOCATION–MA filings over the last three
calendar years. There were 8 CANCELLATION–MA
filings in 2023, 1 CANCELLATION–MA filing in
2024, and 1 CANCELLATION–MA filing in 2025.
There were 0 REVOCATION–MA filings in 2023, 0
REVOCATION–MA filings in 2024, and 0
REVOCATION–MA filings in 2025. ((8 + 0) + (1 +
0) + (1 + 0)) ÷ 3 = 3.33, rounded up to 4.

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the next three years.16 Therefore, the
Commission expects that the rules’
requirement to amend Form MA will
apply to approximately 409 municipal
advisors in year one, approximately 399
municipal advisors in year two, and
approximately 389 municipal advisors
in year three, or 399 respondents on
average.17 The Commission estimates
that the average amount of time for a
municipal advisor to prepare an annual
amendment to Form MA would be
approximately 1.5 hours. The
Commission further estimates that the
average amount of time necessary to
prepare any interim updating
amendment to Form MA other than the
required annual amendment would be
approximately 0.5 hours. This figure is
based on the burden estimates for an
interim updating amendment for Form
ADV. The Commission estimates that
each municipal advisor would likely
submit two Form MA amendments
annually in each of the next three
years—one annual amendment and one
interim updating amendment. Thus, the
Commission estimates that the total
annual reporting burden to amend Form
MA would be approximately 818 hours
in year one,18 798 hours in year two,19
and 778 hours in year three,20 or
approximately 2,394 hours over a threeyear period. The annual reporting
burden per respondent to amend Form
MA per year is 2.0 hours.
The Commission estimates that the
average internal cost of compliance per
16 15 ¥ (21 + 4) = ¥ 10.
17 (409 (year one) + 399 (year two) + 389 (year
three)) ÷ 3 = 399.
18 ((409 (number of municipal advisors required
to submit an annual amendment to Form MA in
year one) × 1.5 hours (average estimated time to
prepare an annual amendment to Form MA)) × 1.0
(number of annual amendments per year)) + ((409
(number of municipal advisors required to submit
an interim updating amendment to Form MA in
year one) × 0.5 hours (average estimated time to
prepare an interim updating amendment to Form
MA)) × 1.0 (number of interim updating
amendments per year)) = 818 hours.
19 ((399 (number of municipal advisors required
to submit an annual amendment to Form MA in
year two) × 1.5 hours (average estimated time to
prepare an annual amendment to Form MA)) × 1.0
(number of annual amendments per year)) + ((399
(number of municipal advisors required to submit
an interim updating amendment to Form MA in
year two) × 0.5 hours (average estimated time to
prepare an interim updating amendment to Form
MA)) × 1.0 (number of interim updating
amendments per year)) = 798 hours.
20 ((389 (number of municipal advisors required
to submit an annual amendment to Form MA in
year three) × 1.5 hours (average estimated time to
prepare an annual amendment to Form MA)) × 1.0
(number of annual amendments per year)) + ((389
(number of municipal advisors required to submit
an interim updating amendment to Form MA in
year three) × 0.5 hours (average estimated time to
prepare an interim updating amendment to Form
MA)) × 1.0 (number of interim updating
amendments per year)) = 778 hours.

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hour (occupational hourly rate) 21
associated with the completion,
amendment, and submission of Form
MA is approximately $271.22
In summary, the Commission
estimates that, over a three-year period,
the total reporting burden for the
completion, amendment, and
submission of Form MA would be 2,552
hours ($691,592 cost equivalent),23 or
851 hours ($230,621) per year when
21 To calculate the occupational hourly rates used
in this 60-Day Collection Notice, the Commission
uses occupational mean hourly wage data from the
Occupational Employment and Wage Statistics
(‘‘OEWS’’) program of the Bureau of Labor Statistics
(‘‘BLS’’) for ‘‘Securities, Commodity Contracts, and
Other Financial Investments and Related
Activities’’ (NAICS 523). See ‘‘Occupational
Employment and Wage Statistics,’’ BLS, https://
www.bls.gov/oes; see also ‘‘Standard Occupational
Classification,’’ BLS, https://www.bls.gov/soc
(describing occupational classification system used
by BLS); Exec. Off. of the President, Off. of Mgmt.
& Budget, North American Industry Classification
System (2022), available at https://www.census.gov/
naics/reference_files_tools/2022_NAICS_
Manual.pdf (describing the industry classification
system used by BLS and other agencies). The mean
hourly wage for each occupation is adjusted for
changes in the seasonally adjusted employment cost
index for private wages and salaries between the
data reference period and when the data are
released by BLS. See ‘‘Employment Cost Index,’’
BLS, https://www.bls.gov/eci. The adjusted mean
hourly wage is then multiplied by a factor that
accounts for nonwage costs borne by employers,
such as bonuses, benefits, and overhead. This factor
is calculated as an average over the 10 most recently
available years of data of the ratio of the Bureau of
Economic Analysis’s annual gross output data for
NAICS 523 to total annual wages across all
occupations for NAICS 523 in the OEWS data. See
‘‘Gross Output by Industry,’’ U.S. Bureau of
Economic Analysis, https://www.bea.gov/data/
industries/gross-output-by-industry; ‘‘Occupational
Employment and Wage Statistics,’’ BLS, https://
www.bls.gov/oes. The final product is the
occupational hourly rate. See generally ‘‘Updated
Methodology for Calculating Occupational Hourly
Rates’’ (Dec. 19, 2025), available at https://
www.sec.gov/files/method-occupational-hourlyrates.pdf.
22 This estimate uses a blended rate for Financial
Examiners (SOC Code 13–2061) ($375/hour), and
Bookkeeping, Accounting, and Auditing Clerks
(SOC Code 43–3031) ($167/hour). ($375/hour +
$167/hour) ÷ 2 = $271/hour. See generally BLS,
OEWS, ‘‘13–2061 Financial Examiners,’’ https://
www.bls.gov/oes/2023/may/oes132061.htm
(‘‘Enforce or ensure compliance with laws and
regulations governing financial and securities
institutions and financial and real estate
transactions. May examine, verify, or authenticate
records.’’); BLS, OEWS, ‘‘43–3031 Bookkeeping,
Accounting, and Auditing Clerks,’’ https://
www.bls.gov/oes/2019/may/oes433031.htm
(‘‘Compute, classify, and record numerical data to
keep financial records complete. Perform any
combination of routine calculating, posting, and
verifying duties to obtain primary financial data for
use in maintaining accounting records. May also
check the accuracy of figures, calculations, and
postings pertaining to business transactions
recorded by other workers. Excludes ‘Payroll and
Timekeeping Clerks’ (43–3051).’’).
23 (45 (municipal advisory firms required to file
Form MA, over three years) × 3.5 hours (average
estimated time to complete Form MA)) + 2,394
(total reporting burden to amend Form MA, over
three years) = 2,551.5 hours.

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annualized over three years. The
average reporting burden per
respondent would be approximately
6.40 hours ($1,734 cost equivalent),24 or
approximately 2.13 hours ($577) per
year when annualized over three years.
The Commission further believes that
some municipal advisory firms would
seek outside counsel or outside
compliance consultants to help them
comply with the requirements of the
final rules and to complete Form MA.
For PRA purposes, the Commission
assumes that all 45 municipal advisory
firms registering on Form MA during
the three-year period would, on average,
consult with outside counsel or outside
compliance consultants for one hour,
and would cost $25,875 for all
municipal advisory firms.25 Thus, the
Commission estimates that, over a threeyear period, the total additional cost
burden for all municipal advisory firms
to hire outside counsel and outside
compliance consultants to complete
Form MA would be approximately
$25,875,26 or $8,625 per year when
annualized over three years.
Form MA–I
The initial completion of Form MA–
I for each natural person who is a
person associated with a municipal
advisor is a one-time reporting burden.
The Commission estimates that
municipal advisors would need to
submit a new Form MA–I for
approximately 370 individuals annually
in each of the next three years.27 This
estimate is based on existing Form MA–
I submission data. Over the three years
of the information collection, the total
estimated number of Form MA–I
submissions would be approximately
1,110.28 The Commission further
24 2,552 (estimated average total burden to
complete and amend Form MA, annually) ÷ 399
(estimated average number of respondents
annually) = 6.40 hours.
25 45 (estimated number of municipal advisory
firms that would hire outside counsel or outside
compliance consultants, over three years) × 1 hour
(average estimated time spent by outside counsel to
help a municipal advisory firm comply with the
rule) × $575 (estimated blended average hourly rate
for an outside attorney and outside compliance
consultant) = $25,875. The hourly cost estimate of
$575 uses a blended rate for Lawyers (SOC Code
23–1011) ($774/hour), and Financial Examiners
(SOC Code 13–2061) ($375/hour). ($774/hour +
$375/hour) ÷ 2 = $574.5/hour, rounded up. See
generally supra note 21.
26 See supra note 25.
27 The estimate is derived by averaging the
number of Form MA–I submissions over the last
three calendar years and rounding up. There were
344 Form MA–I submissions in 2023, 385 Form
MA–I submissions in 2024, and 379 Form MA–I
submissions in 2025. (344 (2023) +385 (2024) + 379
(2025)) ÷ 3 = 369.33.
28 370 (estimated number of Form MA–I
submissions, year one) + 370 (estimated number of
Form MA–I submissions, year two) + 370 (estimated

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estimates that the average amount of
time for a municipal advisory firm to
complete each Form MA–I would be
approximately three hours. Accordingly,
the Commission estimates that
respondents will spend approximately
3,330 hours completing Form MA–I
over the three-year period. The
estimated average annual reporting
burden per respondent to submit new
Form MA-Is is approximately 2.89
hours.29
In addition, municipal advisory firms
will need to complete amendments to
Form MA–I (Form MA–I/A) whenever
the information previously provided
therein becomes inaccurate, or to
indicate that the individual is no longer
an associated person of the municipal
advisor or no longer engages in
municipal advisory activities on its
behalf. As discussed above, as of
December 31, 2025, there were
approximately 419 municipal advisors
registered with the Commission, and the
Commission estimates that
approximately 45 firms will submit
Form MA applications over the next
three years.30 These firms would need to
prepare amendments to Form MA–I for
approximately 3,573 associated persons
in year one,31 3,943 associated persons
in year two,32 and 4,313 associated
persons in year three.33 During calendar
years 2023, 2024, and 2025, municipal
advisors submitted approximately 0.39
Form MA–I amendments for each Form
MA–I on file or, approximately, 1,232
Form MA–I amendments per year.34
number of Form MA–I submissions, year three) =
1,110.
29 ((1,110 (estimated total burden to complete
Form MA–I, year one) ÷ 370 (estimated number of
respondents, year one)) + (1,110 (estimated total
burden to complete Form MA–I, year two) ÷ 385
(estimated number of respondents, year two)) +
(1,110 (estimated total burden to complete Form
MA–I, year three) ÷ 400 (estimated number of
respondents, year three))) ÷ 3 = 2.89 hours.
30 See supra Section I, Form MA.
31 3,203 (estimated number of active Form MA–
I submissions on file with the Commission as of
December 31, 2025) + 370 (estimated number of
Form MA–I submissions, year one) = 3,573. The
estimated number of active Form MA–I filings is
derived by taking the total number of Form MA–
I submissions filed with the Commission from the
inception of the rules to December 31, 2025, and
subtracting the total number of Form MA–I/A
withdrawals filed with the Commission from the
inception of the rules to December 31, 2025. 9,596
(Form MA–I submissions)—6,393 (Form MA–I/A
withdrawals) = 3,203 active Form MA-Is on file.
32 3,573 (estimated number of active MA–I
submissions on file with the Commission after year
one) + 370 (estimated number of MA–I submissions,
year two) = 3,943.
33 3,943 (estimated number of active Form MA–
I submissions on file with the Commission after
year two) + 370 (estimated number of MA–I
submissions, year three) = 4,313.
34 (1,234 (number of MA–I/As filed in 2023) +
1,043 (number of MA–I/As filed in 2024) + 1,419
(number of MA–I/As filed in 2025)) ÷ 9,596

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The Commission, however, expects that
firms will file an increasing number of
Form MA–I amendments as the
municipal advisor registration regime
continues to mature. As a result, the
Commission estimates that a Form MA–
I respondent would submit an average
of 2.91 amendments annually in each of
the next three years,35 and that each
such amendment would take
approximately 0.5 hours to complete.
Thus, the Commission estimates that the
total annual burden municipal advisors
will incur to prepare amendments to
Form MA–I would be approximately
5,199 hours in year one,36 5,737 hours
in year two,37 and 6,275 hours in year
three,38 or approximately 17,211 hours
over a three-year period. This results in
an estimated average annual reporting
burden of 14.41 hours per respondent.39
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with the completion,
amendment, and submission of Form
MA–I is approximately $271.40
In summary, the Commission
estimates that, over a three-year period,
(estimated total number of MA-Is on file with the
Commission as of December 31, 2025) = 0.39. (1,234
(number of MA–I/As filed in 2023) + 1,043 (number
of MA–I/As filed in 2024) + 1,419 (number of MA–
I/As filed in 2025)) ÷ 3 = 1,232.
35 The estimate is derived by averaging the
number of amendments submitted by respondents
over the last three calendar years. In 2023, the
average number was 1,234 Form MA–I/As ÷ 428
municipal advisors = 2.88. In 2024, the average
number was 1,043 Form MA–I/As ÷ 425 municipal
advisors = 2.45. In 2025, the average number was
1,419 Form MA–I/As ÷ 419 municipal advisors =
3.39. Averaging the average number of amendments
for the last three calendar years: (2.88 (2023) + 2.45
(2024) + 3.39 (2025)) ÷ 3 = 2.91 amendments per
year.
36 (3,573 (estimated number of associated persons
for whom amendments to Form MA–I would need
to be filed, year one) × 2.91 (average number of
amendments per year)) × (0.50 hours (average
estimated time to prepare an amendment to Form
MA–I)) = 5,198.72 hours per year.
37 (3,943 (estimated number of associated persons
for whom amendments to Form MA–I would need
to be filed, year two) × 2.91 (average number of
amendments per year)) × (0.50 hours (average
estimated time to prepare an amendment to Form
MA–I)) = 5,737.07 hours per year.
38 (4,313 (estimated number of associated persons
for whom amendments to Form MA–I would need
to be filed, year three) × 2.91 (average number of
amendments per year)) × (0.50 hours (average
estimated time to prepare an amendment to Form
MA–I)) = 6,275.42 hours per year.
39 ((5,199 hours (estimated total annual reporting
burden for Form MA–I amendments, year one) ÷
409 (estimated number of respondents required to
amend Form MA–I, year one)) + (5,737 (estimated
total annual reporting burden for Form MA–I
amendments, year two) ÷ 399 (estimated number of
respondents required to amend Form MA–I, year
two)) + (6,275 (estimated total annual reporting
burden for Form MA–I amendments, year three) ÷
389 (estimated number of respondents required to
amend Form MA–I, year three))) ÷ 3 = 14.41 hours.
40 See supra notes 21–22.

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the total reporting burden for the
completion, amendment, and
submission of Form MA–I would be
20,541 hours ($5.6 million cost
equivalent),41 or 6,847 hours ($1.9
million) per year when annualized over
three years. The average reporting
burden per respondent would be
approximately 51.48 hours ($13,951 cost
equivalent), or approximately 17.16
hours ($4,650) per year when
annualized over three years.
II. Form MA–W
Rule 15Ba1–4 requires that notice of
withdrawal from registration as a
municipal advisor be filed electronically
with the Commission on Form MA–W.42
The requirement that a municipal
advisor file Form MA–W to withdraw
from registration will inform the
Commission that a municipal advisor is
no longer engaging in municipal
advisory activities.
No assurances of confidentiality are
provided with respect to Form MA–W.
Withdrawal from municipal advisor
registration is a one-time reporting
burden. The Commission estimates that
there would be approximately 21
withdrawals from Form MA registration
annually in each of the next three
years.43 Over the three years of the
information collection, the total
estimated number of Form MA–W
submissions would be 63.44
The Commission further estimates
that the average amount of time for a
municipal advisor to complete each
Form MA–W submission would be
approximately 0.5 hours.
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with the completion of Form
MA–W is approximately $271.45
In summary, the Commission
estimates that, over a three-year period,
the total one-time reporting burden for
the completion of Form MA–W would
be 31.5 hours ($8,537 cost equivalent),46
41 3,330 (estimated total burden to complete and
file Form MA-Is during three-year period) + 17,211
(estimated total burden to complete and file Form
MA–I amendments during three-year period) =
20,541 hours.
42 See 17 CFR 240.15Ba1–4.
43 The estimate of 21 Form MA–W submissions is
derived by averaging the number of Form MA–W
submissions over the last three calendar years and
rounding up. There were 21 Form MA–W
submissions in 2023, 22 Form MA–W submissions
in 2024, and 18 Form MA–W submissions in 2025.
44 21 (estimated number of Form MA–W
submissions, year one) + 21 (estimated number of
Form MA–W submissions, year two) + 21
(estimated number of Form MA–W submissions,
year three) = 63.
45 See supra notes 21–22.
46 63 (estimated number of Form MA–W
submissions, over three years) × 0.5 hours (average

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or approximately 10.5 hours ($2,845)
per year when annualized over three
years. The one-time reporting burden
would be 0.5 hours ($136) per
respondent.47
III. Form MA–NR
Rule 15Ba1–6 provides that each nonresident municipal advisor shall, at the
time of its application, furnish to the
Commission for itself and for each nonresident general partner, non-resident
managing agent, and non-resident
natural person associated with the
municipal advisor who engages in
municipal advisory activities on behalf
of the municipal advisor Form MA–NR,
which appoints an agent in the United
States for the service of process, as well
as an opinion of counsel on Form MA
stating that the municipal advisor can,
as a matter of law, provide the
Commission with access to its books
and records as required by law and
submit to inspection and examination
by the Commission.48
The requirement that a non-resident
municipal advisor complete Form MA–
NR, and furnish Form MA–NR for its
non-resident general partners, nonresident managing agents, and
associated persons engaged in
municipal advisory activities, will help
minimize legal or logistical obstacles
that the Commission may encounter
when attempting to effect service,
conserve Commission resources, and
avoid potential conflicts of law. The
requirement that a non-resident
municipal advisor provide an opinion of
counsel on Form MA will help ensure
that such non-resident municipal
advisor can provide access to its books
and records and submit to inspection
and examination by the Commission.
No assurances of confidentiality are
provided with respect to Form MA–NR.
The Commission estimates that
approximately four municipal advisors
will have a non-resident general partner,
non-resident managing agent, or nonresident associated person 49 and such
advisors will submit a total of
approximately seven Form MA–NRs
annually in each of the next three
estimated time to complete Form MA–W) = 31.5
hours.
47 31.5 hours (total burden to complete Form MA–
W, over three years) ÷ 63 (total number of MA–W
submissions, over three years) = 0.5 hours.
48 See 17 CFR 240.15Ba1–6.
49 The estimate is derived by averaging the
number of Form MA–NR respondents over the last
three calendar years and rounding up. There were
three Form MA–NR respondents in 2023, two Form
MA–NR respondent in 2024, and six Form MA–NR
respondents in 2025.

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years.50 These estimates are based on
existing Form MA–NR submission data.
Over three years, the four non-resident
municipal advisor respondents would
file approximately 21 Form MA–NRs.51
The Commission further estimates
that the average amount of time to
complete each Form MA–NR would be
approximately one hour. This figure is
based on the burden estimates for
completing Form ADV–NR. Thus, the
Commission estimates that the total
annual burden to complete Form MA–
NR would be approximately 28 hours,52
or approximately 7 hours per
respondent annually.53
In addition, each respondent that
submits a Form MA–NR must also
provide an opinion of counsel on Form
MA stating that the municipal advisor
can, as a matter of law, provide the
Commission with access to its books
and records as required by law and
submit to inspection and examination
by the Commission. The Commission
estimates that such an opinion of
counsel would take three hours to
complete. Thus, the Commission
estimates that the total annual burden to
provide the opinions of counsel would
be approximately 12 hours, or 36 hours
over the three-year period.54
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with the completion of Form
MA–NR is approximately $271.55
In summary, the Commission
estimates that, over a three-year period,
the total reporting burden for the
completion of Form MA–NR would be
approximately 64 hours ($17,344 cost
equivalent),56 or approximately 21.3
hours ($5,772) per year when
annualized over three years. The
reporting burden per respondent would
50 The estimate is derived by averaging the
number of Form MA–NR submissions over the last
three calendar years and rounding up. There were
six Form MA–NR submissions in 2023, six Form
MA–NR submissions in 2024, and eight Form MA–
NR submissions in 2025.
51 7 (estimated number of Form MA–NR
submissions, year one) + 7 (estimated number of
Form MA–NR submissions, year two) + 7 (estimated
number of Form MA–NR submissions, year three)
= 21.
52 (7 (estimated Form MA–NR submissions each
year) × 4 (estimated number of respondents each
year)) × 1 hour (average estimated time to complete
Form MA–NR) = 28 hours.
53 28 hours (estimated total annual burden to
complete and file Form MA–NRs) ÷ 4 (estimated
number of respondents, annually) = 7 hours.
54 4 (non-resident municipal advisory firms
expected to provide opinion of counsel, annually)
× 3.0 hours (average estimated time to provide an
opinion of counsel) = 12 hours.
55 See supra notes 21–22.
56 28 hours (total burden to complete Form MA–
NR) + 36 hours (total burden to provide opinions
of counsel) = 64 hours.

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be approximately 16 hours ($4,336 cost
equivalent),57 or approximately 5.3
hours ($1,436) per year when
annualized over three years.
The Commission further believes that
non-resident municipal advisors would
seek outside counsel to comply with the
opinion of counsel requirements of
Form MA–NR. The Commission
estimates that this would add $1,584 in
outside legal costs per respondent.58
Thus, the Commission estimates that the
total annual cost for all non-resident
municipal advisory firms to hire outside
counsel as part of providing an opinion
of counsel would be $6,336,59 or
$19,008 over the three-year period.
IV. Consent To Service of Process From
Certain Associated Persons
Rule 15Ba1–8 and Form MA–I require
each municipal advisory firm to obtain
and retain, for not less than five years,
a written consent from each natural
person associated with the municipal
advisor who engages in municipal
advisory activities on its behalf that
service of any civil action brought by, or
notice of any proceeding before, the SEC
or any self-regulatory organization
(‘‘SRO’’) in connection with the
individual’s municipal advisory
activities may be given by registered or
certified mail to the individual’s address
given in Item 1 of Form MA–I.60
The requirement that a municipal
advisor obtain and retain a consent to
service of process from certain
associated persons will help minimize
legal or logistical obstacles that the
Commission and SROs may encounter
when attempting to effect service,
conserve Commission and SRO
resources, and avoid potential conflicts
of law. The associated recordkeeping
requirement will help ensure that such
natural persons have indeed executed
consents to service of process and will
57 64 hours (estimated total burden to complete
Form MA–NR and opinion of counsel, over three
years) ÷ 4 (estimated number of non-resident
municipal advisory firms) = 16 hours.
58 The $1,584 figure is based on an hourly cost
estimate of $528 on average for outside counsel and
three hours of work. Based on previous burden
estimates, the Commission estimated that outside
counsel will take, on average, three hours to assist
in the preparation of the opinion of counsel, for an
average cost of $1,584 per respondent. The hourly
cost estimate of $528 uses a blended rate for
Lawyers (SOC Code 23–1011) ($774/hour), and
Paralegals and Legal Assistants (SOC Code 23–
2011) ($281/hour). ($774/hour + $281/hour) ÷ 2 =
$527.5/hour, rounded up. See generally supra note
21.
59 4 (non-resident municipal advisory firms
expected to provide opinion of counsel, annually)
× $1,584 (average estimated cost to hire outside
counsel to provide an opinion of counsel) = $6,336.
60 See 17 CFR 240.15Ba1–8(a)(8); Form MA–I,
Item 7, available at https://www.sec.gov/files/
formMA–I.pdf.

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allow Commission staff to examine such
consents to service of process.
The consent to service of process from
certain associated persons is a one-time
recordkeeping burden. Over three years,
the Commission estimates that all 45
new municipal advisory firms expected
to register with the Commission will
need to complete a written consent to
service of process from each natural
person engaged in municipal advisory
activities on their behalf.61 The
Commission further estimates that each
municipal advisory firm would spend
approximately one hour to draft a
template document to use in obtaining
the written consents to service of
process, amounting to an initial, onetime burden of approximately 45 hours
over three years,62 or 15 hours per year.
In addition to the one-time burden
borne by new municipal advisory firms
that register with the Commission
during the three-year period, the
Commission estimates that existing
municipal advisory firms would need to
obtain 370 consents to service of process
from natural persons that begin
engaging in municipal advisory
activities on their behalf in each of the
next three years. The Commission
further estimates that, after the written
consents are drafted, it will take
municipal advisory firms approximately
0.10 hours to obtain each consent. Thus,
the Commission estimates that
municipal advisory firms would spend
approximately 111 hours over the threeyear period obtaining written consents
from their associated persons,63 or 37
hours per year. Based on existing
registration data, the Commission
estimates that approximately 35 of the
111 hours municipal advisory firms will
spend obtaining written consents will
be borne by newly registered firms,
while approximately 76 of such hours
will be borne by municipal advisory
firms currently registered with the
Commission.64
61 Rule 15Ba1–8(a)(8) requires each municipal
advisory firm to retain written consents to service
of process from each natural person who is a person
associated with the municipal advisor and engages
in municipal advisory activities solely on behalf of
such registered municipal advisor.
62 45 (estimated number of applicants for
municipal advisor registration over the three-year
period) × 1.0 hour (estimated time required to draft
a template to use in obtaining the written consents
to service of process) = 45 hours.
63 (370 (estimated number of Form MA–I
submissions, year one) + 370 (estimated number of
Form MA–I submissions, year two) + 370 (estimated
number of Form MA–I submissions, year three)) ×
0.10 hours (estimated time required to obtain the
written consents to service of process) = 111 hours.
64 Current registration data indicate that the
average number of associated persons per
municipal advisory firm is approximately 7.64
(3,203 (estimated number of active Form MA–I

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The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with obtaining written
consents to service of process is
approximately $271.65
In summary, the Commission
estimates that, over a three-year period,
the total recordkeeping burden for all
municipal advisory firms to obtain
written consents to service of process
from each natural person engaged in
municipal advisory activities on their
behalf would be 156 hours ($42,276 cost
equivalent),66 or 52 hours ($14,092) per
year when annualized over three years.
The recordkeeping burden per
respondent would be approximately
0.39 hours ($106 cost equivalent),67 or
approximately 0.13 hours ($35) per year
when annualized over three years.

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V. Books and Records To Be Made and
Maintained by Municipal Advisors
Rule 15Ba1–8 requires all registered
municipal advisors to maintain, for not
less than five years, true, accurate, and
current books and records relating to
their municipal advisory activities.68
The requirement that a municipal
advisor make and keep books and
records, including written
communications and records of
associated persons, will help to ensure
submissions on file with the Commission as of
December 31, 2025) ÷ 419 (estimated number of
municipal advisors registered with the Commission
as of December 31, 2025) = 7.64). Accordingly,
based on the Commission’s assumption that it will
receive 15 new Form MA applications per year over
the three-year period, those new applicants will
also submit approximately 115 new Form MA–Is
per year over the three-year period (15 new Form
MA applications, annually) × 7.64 (average number
of associated persons per municipal advisory firm)
= 114.6. (115 (estimated number of Form MA–I
submissions by new registrants, year 1) + 115
(estimated number of Form MA–I submission by
new registrants, year 2) + 115 (estimated number of
Form MA–I submissions by new registrants, year 3))
× 0.10 hours (estimated time required to obtain the
written consents to service of process) = 34.5 hours.
65 See supra notes 21–22.
66 Total estimated annual burden: 15 hours (onetime burden to draft template document) + 37 hours
(ongoing burden to obtain consent) = 52 hours. 52
hours (estimated burden for all municipal advisory
firms to obtain written consents to service of
process from each natural person engaged in
municipal advisory activities on their behalf, year
one) + 52 hours (estimated burden to obtain written
consents to service of process from each natural
person engaged in municipal advisory activities on
their behalf, year two) + 52 hours (estimated burden
to obtain written consents to service of process from
each natural person engaged in municipal advisory
activities on their behalf, year three) = 156 hours.
67 156 hours (total estimated annual burden for all
municipal advisory firms to obtain written consents
to service of process from each natural person
engaged in municipal advisory activities on their
behalf, during the three-year period) ÷ 399
(estimated average number of registered municipal
advisory firms, during the three-year period) =
0.391 hours.
68 See 17 CFR 240.15Ba1–8.

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that records of the respondent’s primary
municipal advisory activities, as well as
the activities of its associated persons,
exist. The Commission and other
regulators could potentially request
books and records during an
examination to evaluate the municipal
advisor’s compliance with the Exchange
Act, the rules thereunder, and
Municipal Securities Rulemaking Board
(‘‘MSRB’’) rules, as well as for other
regulatory purposes.
The maintenance of books and
records is an ongoing annual
recordkeeping burden. The Commission
estimates that this collection of
information currently applies to
approximately 419 municipal advisory
firms, and further estimates that it will
apply to approximately 409, 399, and
389 municipal advisors annually in
each of the next three years,
respectively.69
The Commission further estimates
that the average annual burden for a
municipal advisory firm to comply with
the recordkeeping requirements would
be approximately 182 hours. Thus, the
Commission estimates that the total
ongoing recordkeeping burden for the
three-year period would be 217,854
hours.70 The estimated annual
recordkeeping burden over the threeyear period would be 74,438 hours in
year one; 71 72,618 hours in year two; 72
and 70,798 hours in year three.73
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with this recordkeeping
burden is approximately $271.74
In summary, the Commission
estimates that, over a three-year period,
69 See supra Section I, Form MA.
70 (409 (estimated number of municipal advisors
after year one) × 182 hours (estimated time spent
by municipal advisors to ensure annual compliance
with the books and records requirement)) + 399
(estimated number of municipal advisors after year
two) × 182 hours (estimated time spent by
municipal advisors to ensure annual compliance
with books and records requirement)) + 389
(estimated number of municipal advisors after year
three) × 182 hours (estimated time spent by
municipal advisors to ensure annual compliance
with books and records requirement)) = 217,854
hours.
71 (409 (estimated number of municipal advisors
after year one) × 182 hours (estimated time spent
by municipal advisors to ensure annual compliance
with the books and records requirement) = 74,438
hours.
72 (399 (estimated number of municipal advisors
after year two) × 182 hours (estimated time spent
by municipal advisors to ensure annual compliance
with the books and records requirement) = 72,618
hours.
73 (389 (estimated number of municipal advisors
after year three) × 182 hours (estimated time spent
by municipal advisors to ensure annual compliance
with the books and records requirement) = 70,798
hours.
74 See supra notes 21–22.

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the total recordkeeping burden would
be 217,854 hours ($59 million cost
equivalent),75 or 72,618 hours ($19.7
million) when annualized over three
years. The estimated annual
recordkeeping burden per respondent
would be 182 hours ($49,322).
VI. Independent Registered Municipal
Advisor Exemption
Rule 15Ba1–1(d)(3)(vi) exempts from
the definition of ‘‘municipal advisor’’
any person engaging in municipal
advisory activities in a circumstance in
which a municipal entity or obligated
person is otherwise represented by an
independent registered municipal
advisor with respect to the same aspects
of a municipal financial product or an
issuance of municipal securities,
provided that certain written
requirements are satisfied.76
The requirement that certain written
representations and disclosures be made
in order for a person to be exempt from
the definition of municipal advisor
(where a municipal entity or obligated
person is represented by an
independent registered municipal
advisor with respect to the same aspects
of a municipal financial product or an
issuance of municipal securities) will
allow the Commission staff to determine
whether a person engaging in municipal
advisory activities has failed to register
with the Commission. Further, the
information will allow municipal
entities and obligated persons to
understand whether a person is acting
as a municipal advisor.
The written representations required
pursuant to the exemption when a
municipal entity or obligated person is
represented by an independent
registered municipal advisor is a onetime third-party disclosure burden. The
Commission estimates that this
collection of information would apply
to approximately 157 respondents
annually in each of the next three
years.77 The Commission further
estimates that each respondent seeking
to rely on this exemption would need
approximately one hour to draft a
template document to use in obtaining
the written representation, amounting to
75 See supra note 70 and accompanying text.
76 See 17 CFR 240.15Ba1–1(d)(3)(vi).
77 Estimate based on information obtained from
Mergent Municipal Bond Securities Database. The
estimate is derived by averaging the number of
underwriters that participated in negotiated
transactions from 2023 to 2025. There were 158
underwriters that participated in negotiated
transactions in 2023, 160 underwriters that
participated in negotiated transactions in 2024, and
153 underwriters that participated in negotiated
transactions in 2025.

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an initial, one-time burden of
approximately 157 hours.78
The Commission also recognizes that
respondents will be subject to a
recurring burden each time they seek to
rely on this exemption. The
Commission estimates that respondents
may seek the exemption on
approximately 12,381 transactions
annually in each of the next three
years.79 The Commission further
estimates that a person seeking to rely
on this exemption would need
approximately 0.25 hours to obtain a
written representation from a municipal
entity or obligated person, amounting to
an annual ongoing burden of
approximately 3,095.25 hours,80 or
9,286 hours over the three-year period.
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate) related
to the exemption when a municipal
entity or obligated person is represented
by an independent registered municipal
advisor is approximately $271.81
In summary, the Commission
estimates that, over a three-year period,
the total one-time third-party disclosure
burden related to the exemption when
a municipal entity or obligated person is
represented by an independent
registered municipal advisor would be
9,443 hours ($2.6 million cost
equivalent),82 or 3,148 hours ($853,108)
per year when annualized over three
years. The third-party disclosure burden
per respondent would be approximately
60.15 hours ($16,300 cost equivalent),83
78 157 (estimated number of respondents that will
seek to rely on the exemption) × 1.0 hours
(estimated time required to draft the written
representation) = 157 hours. The Commission
believes that once these disclosures have been
drafted, such language would become part of the
standard municipal advice documentation and,
accordingly, there would be no further ongoing
associated burden.
79 Estimate based on information obtained from
Mergent Municipal Bond Securities Database. The
estimate is derived by averaging the number of
negotiated deals using an underwriter each year
from 2023 to 2025 and rounding up. There were
11,825 negotiated deals using an underwriter in
2023, 12,545 negotiated deals using an underwriter
in 2024, and 12,771 negotiated deals using an
underwriter in 2025.
80 12,381 (estimated average number of negotiated
deals per year) × 0.25 hours (estimated time
required to obtain the written representation) =
3,095.25 hours.
81 See supra notes 21–22.
82 (157 hours (estimated time to draft a template
document to use in obtaining the written
representation, year one) + 9,286 hours (estimated
time to obtain a written representation from a
municipal entity or obligated person, three-year
period) = 9,443 hours.
83 9,443 hours (total burden related to the
exemption when a municipal entity or obligated
person is represented by an independent registered
municipal advisor, over three years) ÷ 157
(estimated number of persons who will seek to rely
on the exemption) = 60.15 hours.

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or 20.05 hours ($5,434) per year when
annualized over three years.
VII. Exception to Definition of
Municipal Escrow Investments
Section 15B of the Exchange Act
provides in pertinent part that, unless
registered with the Commission, a
municipal advisor may not provide
advice to or on behalf of a municipal
entity or obligated person with respect
to ‘‘municipal financial products,’’ a
term that is defined to include
‘‘investment strategies’’ such as: (i) the
recommendation of and brokerage of
‘‘municipal escrow investments,’’ and
(ii) plans or programs for the investment
of the ‘‘proceeds of municipal
securities.’’ 84 Rule 15Ba1–1(h)(2)
provides that in determining whether or
not funds to be invested or reinvested
constitute ‘‘municipal escrow
investments,’’ a person may rely on
representations in writing made by a
knowledgeable official of the municipal
entity or obligated person whose funds
are to be invested or reinvested
regarding the nature of such
investments, provided that the person
seeking to rely on such representations
has a reasonable basis for such
reliance.85
The exception to the definition of
municipal escrow investments for
reasonable reliance will allow the
Commission staff to determine whether
a person engaging in municipal advisory
activities has failed to register with the
Commission.
The written representations required
to qualify for the exception for
reasonable reliance on representations
related to municipal escrow investments
is a one-time third-party disclosure
burden. The Commission believes that
state-registered investment advisers
with municipal entity clients are the
persons most likely to rely on this
exception. The Commission estimates
that approximately 611 persons may
seek to rely on this exception.86
The Commission further estimates
that each person seeking to rely on this
exception would need approximately
one hour to draft a template document
to use in obtaining the written
representation, amounting to an initial,
one-time burden of approximately 611
84 See 15 U.S.C. 78o–4(a)(1)(B), (e)(3), (e)(5).
85 See 17 CFR 240.15Ba1–1(h)(2).
86 The Commission estimates in this section are
based on information reported directly by stateregistered-only investment advisers (i.e., not dual
registrants) in Item 5.D.(i)(1) within Form ADV, as
of December 31, 2025. The number of stateregistered investment advisers that reported state or
municipal government entity clients in Item
5.D.(i)(1) within Form ADV = 611.

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hours.87 In addition, the Commission
estimates that, once drafted, a person
seeking to rely on this exception would
need approximately 0.25 hours to obtain
a written representation from its client
each time they seek to rely on the
exception. Based on responses to Form
ADV, the Commission estimates that
persons that would seek to rely on this
exception have approximately 1,855
clients that are municipal entities.88
Thus, the Commission estimates that the
burden to obtain the written
representation would be 471 hours.89
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with the exception for
reasonable reliance on representations
related to municipal escrow investments
is approximately $271.90
In summary, the Commission
estimates that, over a three-year period,
the one-time total third-party disclosure
burden for all persons to rely on the
exception for reasonable reliance on
representations related to municipal
escrow investments would be 1,082
hours ($293,222 cost equivalent),91 or
361 hours ($97,831) per year when
annualized over three years. The onetime third-party disclosure burden per
respondent would be approximately
1.77 hours ($480 cost equivalent),92 or
approximately 0.59 hours ($160) per
year when annualized over three years.
VIII. Exception to Definition of
Proceeds of Municipal Securities
Rule 15Ba1–1(m)(3) provides that in
determining whether or not funds to be
invested constitute ‘‘proceeds of
municipal securities’’ (see Section VII
above), a person may rely on
representations in writing made by a
knowledgeable official of the municipal
entity or obligated person whose funds
87 611 (estimated number of persons who will
seek to rely on the exception) × 1.0 hours (estimated
time required to draft the written representation) =
611 hours.
88 The number of state or municipal government
entity clients reported by state-registered
investment advisers in Item 5.D.(i)(1) within Form
ADV = 1,885.
89 1,885 (estimated number of clients from which
written representation will be obtained) × 0.25
hours (estimated time required to obtain the written
representation) = 471.25 hours.
90 See supra notes 21–22.
91 611 hours (estimated time to draft a template
document to use in obtaining the written
representation, over three years) + 471 hours
(estimated time required to obtain the written
representations from clients, over three years) =
1,082 hours.
92 1,082 hours (total burden related to the
exception for reasonable reliance on representations
related to municipal escrow investments, during the
three-year period) ÷ 611 (estimated number of
persons who will seek to rely on the exception,
during the three-year period) = 1.77 hours.

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Federal Register / Vol. 91, No. 126 / Thursday, July 2, 2026 / Notices
are to be invested regarding the nature
of such funds, provided that the person
seeking to rely on such representations
has a reasonable basis for such
reliance.93
The exception to the definition of
proceeds of municipal securities for
reasonable reliance will allow the
Commission staff to determine whether
a person engaging in municipal advisory
activities has failed to register with the
Commission.
The written representations required
to qualify for the exception for
reasonable reliance on representations
related to proceeds of municipal
securities is a one-time third-party
disclosure burden. The Commission
believes the persons most likely to rely
on this exception are state-registered
investment advisers with clients that
are: (i) state or municipal government
entities, or (ii) certain pooled
investment vehicles in which municipal
entities invest. Based on responses to
Form ADV, the Commission estimates
that approximately 669 persons may
seek to rely on this exception.94
The Commission further estimates
that each person seeking to rely on this
exception would need approximately
one hour to draft a template document
to use in obtaining the written
representation, amounting to an initial,
one-time burden of approximately 669
hours.95 In addition, the Commission
estimates that, once drafted, a person
seeking to rely on this exception would
need approximately 0.25 hours to obtain
a written representation from its client
each time they seek to rely on the
exception. Based on responses to Form
ADV, the Commission estimates that
persons that would seek to rely on this
exception have approximately 3,326

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93 See 17 CFR 240.15Ba1–1(m)(3).
94 The Commission estimates in this section are
based on information reported directly by stateregistered-only investment advisers (i.e., not dual
registrants) in Items 5.D.(i)(1) and 5.D.(f)(1) within
Form ADV, as of December 31, 2025. The number
of state-registered investment advisers that reported
pooled investment vehicle clients (other than
investment company and business development
company clients) in Item 5.D.(f)(1) within Form
ADV = 480. The percentage of state-registered
investment advisers that reported state or municipal
government entity clients in Item 5.D.(f)(1) within
Form ADV, out of the total number of stateregistered investment advisers = 12%. (480 × .12)
= approximately 58 state-registered investment
advisers with clients that are pooled investment
vehicles (other than registered investment
companies and business development companies)
in which municipal entities invest. The number of
state-registered investment advisers that reported
state or municipal government entity clients in Item
5.D.(i)(1) within Form ADV = 611. (58 + 611) = 669
respondents.
95 669 (estimated number of respondents that will
seek to rely on the exception) × 1.0 hours (estimated
time required to draft the written representation) =
669 hours.

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clients that are state or municipal
government entities or that are pooled
investment vehicles (other than
registered investment companies and
business development companies) with
municipal entity investors.96 Thus, the
Commission estimates that the burden
to obtain the written representation
would be 832 hours.97
The Commission estimates that the
average internal cost of compliance per
hour (occupational hourly rate)
associated with the exception for
reasonable reliance on representations
related to proceeds of municipal
securities is approximately $271.98
In summary, the Commission
estimates that, over a three-year period,
the total one-time third-party disclosure
burden for all persons to rely on the
exception for reasonable reliance on
representations related to proceeds of
municipal securities would be 1,501
hours ($406,771 cost equivalent),99 or
500.33 hours ($135,589) per year when
annualized over three years. The onetime third-party disclosure burden per
respondent would be approximately
2.24 hours ($607),100 or approximately
0.75 hours ($203) per year when
annualized over three years.
IX. Requests for Comment
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will
have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
imposed by the proposed collection of
96 The number of state or municipal government
entity clients reported by state-registered
investment advisers in Item 5.D.(i)(1) within Form
ADV = 1,885 clients. The number of pooled
investment vehicle clients (other than investment
company and business development company
clients) reported by state-registered investment
advisers in Item 5.D.(f)(1) within Form ADV = 1,441
clients. (1,885 + 1,441) = 3,326 clients.
97 3,326 (estimated number of clients from which
written representation will be obtained) × 0.25
hours (estimated time required to obtain the written
representation) = approximately 832 hours.
98 See supra notes 21–22.
99 669 hours (estimated time to draft a template
document to use in obtaining the written
representation, during the three-year period) + 832
hours (estimated time required to obtain the written
representations from clients, during the three-year
period) = 1,501 hours.
100 1,501 hours (total burden related to the
exception for reasonable reliance on representations
related to proceeds of municipal securities, over
three years) ÷ 669 (estimated number of persons
who will seek to rely on the exception, over three
years) = 2.24 hours.

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information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
collection techniques or other forms of
information technology.
Written comments are also invited on
the following topics:
1. With the exception of outside legal
costs associated with Forms MA and
MA–NR, the Commission has
historically estimated that the rules and
forms, including the recordkeeping
requirements of Rule 15Ba1–8, would
result in no cost to respondents beyond
internal time burdens. What additional
costs associated with the rules and
forms should the Commission consider
incorporating in its estimates, including
start-up costs, maintenance costs, and
purchases of services (e.g., paying
outside consultants, contractors, legal
advisors, or subscription-based services
for activities required by the rules and
forms)? Per OMB guidance, such
estimates should generally not include
purchases of equipment or services, or
portions thereof, made: (1) prior to
October 1, 1995, (2) to achieve
regulatory compliance with
requirements not associated with the
information collection, (3) for reasons
other than to provide information or
keep records for the government, or (4)
as part of customary and usual business
or private practices.
2. In its PRA Supporting Statements
for this information collection, the
Commission has historically estimated
that no persons who rely on the
independent registered municipal
advisor exemption under Rule 15Ba1–
1(d)(3)(vi) are small entities. Is that an
accurate estimate for the next three
years? What methodology and data
source(s) should the Commission use to
estimate how many persons who rely on
the independent registered municipal
advisor exemption are small entities?
3. The Commission and Office of
Municipal Securities (‘‘OMS’’) staff
participate in an ongoing dialogue with
representatives of the municipal advisor
industry through public conferences,
meetings, and informal exchanges. What
additional steps should the Commission
and OMS staff take to ascertain and act
upon burdens confronting the
municipal advisor industry on an
ongoing basis?
4. What specific questions related to
the registration of municipal advisors
(including with respect to Rules 15Ba1–
1 to 15Ba1–8, Forms MA, MA–I, MA–
W, and MA–NR, and the Instructions for

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Federal Register / Vol. 91, No. 126 / Thursday, July 2, 2026 / Notices

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the Form MA Series) should be clarified
in public statements by Commission
staff, such as in speeches or in updates
to the Registration of Municipal
Advisors FAQs? 101
5. What enhancements should the
Commission make to the EDGAR filing
system to improve the user experience
of electronically completing and filing
Forms MA, MA–I, and MA–W? When
completing Forms MA, MA–I, and MA–
W on the EDGAR filing system, are there
any technical issues with the system
that the Commission needs to resolve?
When completing Forms MA, MA–I,
and MA–W on the EDGAR filing system,
are there any specific items for which
the system should display a pop-up
message clarifying how to complete that
item?
6. What enhancements should the
Commission make to the EDGAR
website or to SEC.gov to improve the
public accessibility of information filed
on Forms MA, MA–I, MA–W, and MA–
NR?
7. Since August 2025, the
Commission has published a ‘‘Statistics
& Data Visualizations’’ web page on
SEC.gov related to municipal advisors
registered with the Commission.102
What enhancements should the
Commission make to that web page in
particular (e.g., publishing additional
charts or data)?
8. Are there any aspects of Rules
15Ba1–1 to 15Ba1–8, Forms MA, MA–
I, MA–W, and MA–NR, or the
Instructions for the Form MA Series that
the Commission should view as
imposing a requirement with no
corresponding regulatory benefit?
9. Prior to engaging in municipal
advisory activities, a firm must register
as a municipal advisor with the
Commission, and then separately
register as a municipal advisor with the
MSRB under MSRB Rule A–12. Does the
MSRB’s separate registration
requirement lead to unnecessary
duplication?
10. Should the Commission consider
amending any aspects of Rules 15Ba1–
1 to 15Ba1–8, Forms MA, MA–I, MA–
W, and MA–NR, or the Instructions for
the Form MA Series (including the
Glossary of Terms)?
11. Should the Commission consider
amending any aspects of the EDGAR
Filer Manual to clarify the filing process
101 See Registration of Municipal Advisors:
Frequently Asked Questions (Jan. 10, 2014;
additional FAQs issued in 2014, 2017, 2023, and
2025), https://www.sec.gov/about/divisions-offices/
office-municipal-securities/registration-municipaladvisors.
102 See Statistics & Data Visualizations: Municipal
Advisors, https://www.sec.gov/data-research/
statistics-data-visualizations/municipal-advisors.

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for Forms MA, MA–I, MA–W, and MA–
NR? 103
12. Should the Commission consider
defining which municipal advisors
constitute small entities for purposes of
the Regulatory Flexibility Act
(‘‘RFA’’)? 104 If so, what metric should
be used to determine small entity
status? What should the ceiling for
small entity status be under that metric?
Please direct your written comments
on this 60-Day Collection Notice to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via
email to PaperworkReductionAct@
sec.gov by August 31, 2026. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: June 29, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–13358 Filed 7–1–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–105798; File No. SR–
NYSEAMER–2026–52]

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Amend Rule 7.31E, Orders
and Modifiers
June 29, 2026.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on June 16,
2026, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
103 See, e.g., EDGAR Filer Manual—Volume II:
EDGAR Filing, Version 77 (Mar. 16, 2026), at 8–112,
available at https://www.sec.gov/files/edgar/
filermanual/edgarfm-vol2-v77.pdf.
104 For example, Exchange Act Rule 0–10 defines
which regulated entities qualify as small entities for
purposes of the RFA, but that rule does not speak
to municipal advisors. See 17 CFR 240.0–10.
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.

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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 7.31E (Orders and Modifiers)
relating to Limit Orders. The proposed
rule change is available on the
Exchange’s website at www.nyse.com
and at the principal office of the
Exchange.
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
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Rule 7.31E (Orders and Modifiers) to
provide for the operation of routable
Limit Orders as Inside Limit Orders,
unless otherwise specified.
Rule 7.31E(a)(2) defines a Limit Order
as an order to buy or sell a stated
amount of a security at a specified price
or better. Unless otherwise specified,
the working price and the display price
of a Limit Order equal the limit price of
the order, it is eligible to be routed, and
it is ranked Priority 2—Display Orders.
Rule 7.31E(a)(2)(A) currently provides
that a marketable Limit Order to buy
(sell) will trade with all sell (buy) orders
on the Exchange Book priced at or
below (above) the PBO (PBB) before
routing to the PBO (PBB) and may route
to prices higher (lower) than the PBO
(PBB) only after trading with orders to
sell (buy) on the Exchange Book at each
price point. Once no longer marketable,
the Limit Order will be ranked and
displayed on the Exchange Book.
The Exchange proposes to amend its
rules to provide that routable Limit
Orders would no longer operate as
described in current Rule 7.31E(a)(2)(A),
but would instead function like an
Inside Limit Order as described in
current Rule 7.31E(a)(3).
Rule 7.31E(a)(3) defines an Inside
Limit Order as a Limit Order that is to
be traded at the best price obtainable

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