Registration of Municipal
Securities Dealers (Form MSD, Form MSDW, and Rule 15Ba2-5
Statements)
Revision of a currently approved collection
Yes
Regular
09/08/2025
Requested
Previously Approved
36 Months From Approved
09/30/2025
17
7
28
11
12,568
0
Under Section 15B(a) of the Exchange
Act (15 U.S.C. 78o-4(a)), municipal securities dealers which are
banks, or separately identifiable departments or divisions of banks
(collectively, “bank municipal securities dealers”) are required to
be registered with the Commission in accordance with such rules as
the Commission may prescribe as necessary or appropriate in the
public interest or for the protection of investors. Under Section
15B(c) of the Exchange Act (15 U.S.C. 78o-4(c)), any registered
municipal securities dealer may, upon such terms and conditions as
the Commission may deem necessary in the public interest or for the
protection of investors, withdraw from registration by filing a
written notice of withdrawal with the Commission. Rule 15Ba2-1 (17
CFR 240.15Ba2-1) provides that an application for registration by a
bank municipal securities dealer must be filed on Form MSD (17 CFR
249.1100). Rule 15Ba2-1 further provides that if the information
contained in any application for registration on Form MSD, or in
any amendment to such application, is or becomes inaccurate for any
reason, the applicant must promptly file an amendment on Form MSD
correcting such information. Rule 15Ba2-4 (17 CFR 240.15Ba2-4)
permits the successor to a registered municipal securities dealer
to assume immediate responsibility for the operation of the
predecessor’s business provided certain requirements are met,
including the filing of a successor application on Form MSD. Rule
15Bc3-1 (17 CFR 240.15Bc3-1) provides that bank municipal
securities dealers that wish to withdraw from registration must
file a notice of withdrawal from registration on Form MSDW (17 CFR
249.1110). Rule 15Bc3-1 further provides that, prior to filing a
notice of withdrawal from registration on Form MSDW, a bank
municipal securities dealer must amend Form MSD in accordance with
Rule 15Ba2-1(b) to update any inaccurate information. Rule 15Ba2-5
(17 CFR 240.15Ba2-5) permits a duly appointed (or duly qualified)
fiduciary to assume immediate responsibility for the operation of a
registered municipal securities dealer’s business. Under the rule,
the registration of a municipal securities dealer is deemed to be
the registration of any fiduciary, appointed or qualified by order,
judgment, or decree of a court of competent jurisdiction to
continue the business of such municipal securities dealer, provided
that such fiduciary files with the Commission, within 30 days after
entering upon the performance of his duties, a statement setting
forth as to such fiduciary substantially the same information
required by Form MSD or Form BD (“Rule 15Ba2-5 Statement”). The
Commission uses the information obtained from Form MSD, Form MSDW,
and Rule 15Ba2-5 Statement filings to, among other things,
determine whether bank municipal securities dealers, their Rule
15Ba2-4 successors, and their Rule 15Ba2-5 fiduciaries meet the
standards for registration set forth in the Exchange Act, and
whether it is in the public interest to permit a bank municipal
securities dealer to withdraw its registration. Certain provisions
of Rule 15Ba2-4 and Rule 15Bc3-1 apply to non-bank municipal
securities dealers which make registration filings on the standard
forms for brokers and dealers (Form BD instead of Form MSD, and
Form BDW instead of Form MSDW). Burden estimates for such non-bank
municipal securities dealers are accounted for in the Supporting
Statements for Form BD (OMB Control No. 3235-0012) and Form BDW
(OMB Control No. 3235-0018) and are not included herein.
US Code:
15
USC 78o-4 Name of Law: Securities Exchange Act of 1934
Revised estimates are based
upon: (1) the reinstatement of OMB Control No. 3235-0089 (Rule
15Ba2-4); (2) the consolidation of OMB Control Nos. 3235-0083,
3235-0087, 3235-0088, and 3235-0089 into OMB Control No. 3235-0083;
(3) recent three year averages of collection activities; and (4)
the inclusion of internal compliance costs (cost equivalents of
time burdens) in cost burden estimates. See Section 15 of the
Supporting Statement for further detail.
No
Yes
No
No
No
No
No
Matthew Newman 404 842-7614
newmanmat@sec.gov
Yes
The Board of Governors of the Federal Reserve
System (“Federal Reserve Board”), the Federal Deposit Insurance
Corporation (“FDIC”), and the Office of the Comptroller of the
Currency (“OCC”) each use Form MSD and Form MSDW in addition to the
Commission. The General Instructions of Form MSD, at Item K, and
the General Instructions of Form MSDW, at Item 2, require
respondents to file an original signed copy of each Form with the
applicant’s appropriate regulatory agency, i.e., the Federal
Reserve Board, FDIC, or OCC, determined in accordance with section
3(a)(34) of the Exchange Act (15 U.S.C. 78c(a)(34)), in addition to
filing copies of each Form with the Commission.
Agency/Sub Agency
RCF ID
RCF Title
RCF Status
IC Title
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form SEC1534 Form MSD
20250908_3235-0083_2025-17112_90 FR 43275_30-Day Submission Notice.pdf.pdf
Form MSD