Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 112 / Thursday, June 12, 2025 / Notices
pursuant to Section 19(b)(3)(A) of the
Act 27 and Rule 19b–4(f)(6) 28
thereunder. At any time within 60 days
of the filing of the proposed rule change,
the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Vanessa A. Countryman,
Secretary.

Electronic Comments

BILLING CODE 8011–01–P

• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBZX–2025–073 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–CboeBZX–2025–073. This
file number should be included on the
subject line if email is used. To help the
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
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
khammond on DSK9W7S144PROD with NOTICES

available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
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–CboeBZX–2025–073 and should be
submitted on or before July 3, 2025.

27 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.

[FR Doc. 2025–10643 Filed 6–11–25; 8:45 am]

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0083; OMB Control
No. 3235–0087; OMB Control No. 3235–
0088; and OMB Control No. 3235–0089]

Proposed Collection; Comment
Request; Revision: Exchange Act Rule
15Ba2–1 and Form MSD; Revision:
Exchange Act Rule 15Bc3–1 and Form
MSDW; Revision: Exchange Act Rule
15Ba2–5; and Reinstatement With
Change: Exchange Act Rule 15Ba2–4
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.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) is soliciting
comments on the mandatory collections
of information provided for in the
following rules and forms under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’): (1)
Rule 15Ba2–1 (17 CFR 240.15Ba2–1)
and Form MSD 1 (17 CFR 249.1100)
(OMB Control No. 3235–0083); (2) Rule
15Bc3–1 (17 CFR 15Bc3–1) and Form
MSDW 2 (17 CFR 249.1110) (OMB

28 17

VerDate Sep<11>2014

15:57 Jun 11, 2025

Jkt 265001

29 17

CFR 200.30–3(a)(12).
MSD and the General Instructions of Form
MSD are available at https://www.sec.gov/about/
forms/formmsd.pdf.
2 Form MSDW and the General Instructions of
Form MSDW are available at https://www.sec.gov/
files/formmsdw.pdf.
1 Form

PO 00000

Frm 00060

Fmt 4703

Sfmt 4703

24835

Control No. 3235–0087); (3) Rule
15Ba2–5 (17 CFR 240.15Ba2–5) (OMB
Control No. 3235–0088); and (4) Rule
15Ba2–4 (17 CFR 240.15Ba2–4) (OMB
Control No. 3235–0089).
Because each information collection
relates to the registration of municipal
securities dealers, the Commission
believes that it would promote
efficiency to consolidate these
information collections into a single
control number—revised OMB Control
No. 3235–0083—and discontinue the
other three control numbers upon Office
of Management and Budget (‘‘OMB’’)
approval. As part of this process, the
Commission plans to submit the
existing information collections (OMB
Control Nos. 3235–0083, 3235–0087,
and 3235–0088) to OMB for revision,
extension, and approval, and seek OMB
approval to temporarily reinstate, with
change, inactive OMB Control No.
3235–0089 prior to its discontinuation.
The Commission is also requesting
approval to designate revised OMB
Control No. 3235–0083 as a ‘‘common
form’’ for purposes of PRA
submissions 3 because 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.4
Finally, in the process of conducting
the PRA analysis reflected in section I
below, the Commission has identified
certain technical and/or administrative
revisions that it anticipates making to
the General Instructions of Form MSD,
the General Instructions of Form
3 See ROCIS PRA Module User Guide v.8.2, at
110–111 (Mar. 2024), available at https://
www.rocis.gov/rocis/viewResources.do (‘‘A
‘common form’ is an information collection that can
be used by two or more agencies, or governmentwide, for the same purpose. The Common Forms
Module [in ROCIS] allows a ‘host’ agency to obtain
[OMB] approval of an information collection for use
by one or more ‘using’ agencies. After OMB grants
approval, any prospective using agency that seeks
to collect identical information for the same
purpose can obtain approval to use the ‘common
form’ by providing its agency-specific information
to OMB (e.g., burden estimates and number of
respondents) . . . . The host agency will indicate
in the Federal Register notices that it is requesting
approval of a common form and, if known, identify
other agencies that may use the information
collection. Both the Federal Register notices and
the ICR should account only for the burden
imposed by the host agency’s use of the common
form. Once the host agency has received approval
from OMB, any agency will be able to request OMB
approval for its use of the common form in ROCIS
by providing its agency specific information to
OMB (e.g., burden estimates and number of
respondents). Additional public notice by those
agencies will not be required.’’).
4 See the General Instructions of Form MSD at
Item K, and the General Instructions of Form
MSDW at Item 2.

E:\FR\FM\12JNN1.SGM

12JNN1

24836

Federal Register / Vol. 90, No. 112 / Thursday, June 12, 2025 / Notices

MSDW, and the Code of Federal
Regulations sections associated with
Form MSD (17 CFR 249.1100) and Form
MSDW (17 CFR 249.1110). These
anticipated revisions are outlined in
section II below. Among other things,
these anticipated revisions would: (1)
require only one copy of Form MSD and
Form MSDW to be filed with the
Commission (rather than three copies of
Form MSD and two copies of Form
MSDW); (2) provide online locations
where Forms MSD, MSDW, and BD are
available (rather than physical
locations); (3) update certain citations to
Municipal Securities Rulemaking Board
(‘‘MSRB’’) Rule G–1 (including updating
the definition of ‘‘municipal securities
dealer activities’’ in Form MSDW to cite
to MSRB Rule G–1); 5 (4) update certain
language to reflect amended versions of
the rules; (5) update the OCC’s mailing
address; (6) strike references to the
former Office of Thrift Supervision
(‘‘OTS’’) and its jurisdiction; (7) update
the OCC’s jurisdiction as the
appropriate regulatory agency for
federal savings associations and
departments or divisions of such
savings associations; and (8) strike the
Privacy Act Statement in the General
Instructions of Form MSD. Although the
Commission preliminarily finds that
these revisions would not require
publication for notice and comment
under the Administrative Procedure Act
because they relate solely to agency
procedures or practice and do not
substantially alter the rights and
obligations of non-agency parties 6 (or,
alternatively, because notice and
comment would be ‘‘unnecessary’’ 7),
the Commission nonetheless invites
comments on the anticipated revisions.
I. Paperwork Reduction Act Analysis

khammond on DSK9W7S144PROD with NOTICES

Rule 15Ba2–1, Rule 15Ba2–4, and Form
MSD
The Exchange Act regulates the
nation’s securities markets and the
securities professionals who participate
in those markets. The Securities Acts
Amendments of 1975 (the ‘‘1975
Amendments’’) amended the Exchange
Act to establish a framework for the
regulation of the activities of municipal
securities brokers and dealers.8
Under Section 15B(a) of the Exchange
Act (15 U.S.C. 78o–4(a)), as added by
the 1975 Amendments, municipal
5 MSRB Rule G–1 is available at https://
www.msrb.org/Rules-and-Interpretations/MSRBRules/General/Rule-G-1.
6 See 5 U.S.C. 553(b)(A).
7 See 5 U.S.C. 553(b)(B).
8 See Pub. L. 94–29, 89 Stat. 97, available at
https://www.govinfo.gov/content/pkg/STATUTE89/pdf/STATUTE-89-Pg97.pdf.

VerDate Sep<11>2014

15:57 Jun 11, 2025

Jkt 265001

securities dealers which are banks,9 or
separately identifiable departments or
divisions of banks 10 (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.
In October 1975, the Commission
adopted Rule 15Ba2–1 and Form
MSD.11 Rule 15Ba2–1 implements
Section 15B(a)(1) and (2) of the
Exchange Act by providing that an
application for registration by a bank
municipal securities dealer must be
filed on Form MSD. 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.
In July 1976, the Commission adopted
Rule 15Ba2–4.12 Rule 15Ba2–4
implements Section 15B(a)(1) and (2) of
the Exchange Act by permitting the
successor to a registered municipal
securities dealer to assume immediate
responsibility for the operation of the
predecessor’s business.13 Without the
rule, the successor would not be able to
assume operation until it registered as a
municipal securities dealer. Under the
rule, as amended,14 the registration of
9 See

Section 3(a)(30) of the Exchange Act [15
U.S.C. 78c(a)(30)] (defining the term ‘‘municipal
securities dealer’’); Section 3(a)(6) of the Exchange
Act [15 U.S.C. 78c(a)(6)] (defining the term ‘‘bank’’).
10 See MSRB Rule G–1 (defining the term
‘‘separately identifiable department or division of a
bank’’ and setting forth activities of the bank which
constitute municipal securities dealer activities);
see also Section 15B(b)(2)(H) of the Exchange Act
[15 U.S.C. 78o–4(b)(2)(H)] (requiring MSRB Rules to
define the term ‘‘separately identifiable department
or division,’’ as that term is used in Section 3(a)(30)
of the Exchange Act).
11 See Registration of Municipal Securities
Brokers and Dealers, Exchange Act Release No.
11742 (Oct. 15, 1975), 40 FR 49772 (Oct. 24, 1975)
and 40 FR 54425 (Nov. 24, 1975) (correction),
available at https://www.sec.gov/files/rules/final/
1977/34-11742.pdf.
12 See Municipal Securities Dealer Registration
and Withdrawal, Exchange Act Release No. 12602
(July 7, 1976), 41 FR 28947 (July 14, 1976), available
at https://archives.federalregister.gov/issue_slice/
1976/7/14/28945-28950.pdf#page=3.
13 Certain provisions of Rule 15Ba2–4 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.
14 See Registration of Successors to BrokerDealers and Investment Advisers, Exchange Act

PO 00000

Frm 00061

Fmt 4703

Sfmt 4703

the predecessor is deemed to remain
effective as the registration of the
successor, provided that that the
successor, within 30 days after such
succession, files an application for
registration on Form MSD, and the
predecessor files a notice of withdrawal
from registration on Form MSDW;
however, the registration of the
predecessor will cease to be effective as
the registration of the successor 45 days
after the application for registration on
Form MSD filed by such successor. As
amended, the rule also provides that, if
the succession is based solely on a
change in the predecessor’s date or state
of incorporation, form of organization,
or composition of a partnership, the
successor may, within 30 days after the
succession, amend the registration of
the predecessor dealer on Form MSD to
reflect these changes. Such amendment
is deemed to be an application for
registration filed by the predecessor and
adopted by the successor.
In August 1980, the Commission
adopted amendments to Form MSD 15
that: (1) amend Form MSD’s definition
of the phrase ‘‘municipal securities
dealer activities’’ in the instructions to
Form MSD to conform to the definition
of that term in MSRB Rule G–1; (2)
allow, under certain circumstances,
bank municipal securities dealers to
substitute Schedule A of Form MSD
with Form MSD–4 filed with the bank
regulatory agencies; 16 and (3) make
Release No. 31661 (Dec. 28, 1992), 58 FR 7, 7–8
(Jan. 4, 1993), available at https://archives.federal
register.gov/issue_slice/1993/1/4/6-11.pdf#page=2
(‘‘The Commission is adopting several technical
amendments to the broker-dealer successor rules
under the Exchange Act in order to address certain
ambiguities in the rules. . . . [R]ules 15Ba2–4 and
15Ba2–6, which govern the registration of
successors to municipal securities dealers, also
have been revised to be consistent with amended
rule 15b1–3.’’); id., 58 FR at 8, note 10 (‘‘Rule
15Ba2–6 also has been redesignated as rule 15Ba2–
4(b).’’).
15 See Registration of Municipal Securities
Dealers, Exchange Act Release No. 17100 (Aug. 28,
1980), 45 FR 58831 (Sept. 5, 1980), available at
https://archives.federalregister.gov/issue_slice/
1980/9/5/58831-58835.pdf.
16 In order to satisfy the requirements in MSRB
Rule G–7 with respect to information concerning
associated persons, the federal bank regulatory
agencies have uniformly adopted Form MSD–4,
which every bank municipal securities dealer is
required to submit to its appropriate regulatory
agency on behalf of each municipal securities
principal or municipal securities representative
associated with such bank dealer. See Form MSD–
4, ‘‘Uniform Application for Municipal Securities
Principal or Municipal Securities Representative
Associated with a Bank Municipal Securities
Dealer,’’ available at https://www.federal
reserve.gov/reportforms/forms/Form_MSD420190731_f.pdf (OMB Control No. 7100–0100
(Federal Reserve Board); OMB Control No. 3064–
0022 (FDIC); OMB Control No. 1557–0184 (OCC)).
MSRB Rule G–7 is available at https://
www.msrb.org/Rules-and-Interpretations/MSRBRules/General/Rule-G-7.

E:\FR\FM\12JNN1.SGM

12JNN1

Federal Register / Vol. 90, No. 112 / Thursday, June 12, 2025 / Notices

khammond on DSK9W7S144PROD with NOTICES

certain technical changes in Form MSD,
including a change that facilitates the
processing of registration forms filed by
successor applicants (applicants which
intend to succeed to and continue the
business of another registered municipal
securities dealer) by requiring that such
applicants check a box on the form
indicating their successor status.
The Commission has also adopted
amendments that: (1) in July 1985,
added a Privacy Act Statement to the
General Instructions of Form MSD; 17 (2)
in June 1997, removed language in the
General Instructions of Form MSD that
permitted the voluntary provision of
social security numbers; 18 (3) in January
2008, revised the General Instructions of
Form MSD to update the current list of
agencies with which the forms must be
filed to include the OTS, and to update
the addresses of the agencies listed on
the forms; 19 and (4) in April 2018,
revised Schedule A of Form MSD to
remove certain Personally Identifiable
Information (‘‘PII’’), namely references
to date of birth and place of birth.20
The Commission uses the information
obtained from Form MSD filings to,
among other things, determine whether
bank municipal securities dealers meet
the standards for registration set forth in
the Exchange Act, make information
about particular bank municipal
securities dealers available to customers
and members of the public, and develop
risk assessment information about bank
municipal securities dealers. The
information is also made available for
inspection by any interested person
because it is important to give investors
and the public an independent means of
obtaining or verifying information that
they may deem relevant regarding,
among other things, the municipal
securities dealer’s operations,
17 See Technical Revision of Form MSD, Exchange
Act Release No. 22208 (July 2, 1985), 50 FR 29948
(July 23, 1985), available at https://archives.federal
register.gov/issue_slice/1985/7/23/2993529955.pdf#page=12.
18 See Amendments to Forms and Schedules to
Remove Voluntary Provision of Social Security
Numbers, Exchange Act Release No. 38771 (June 25,
1997), 62 FR 35338 (July 1, 1997), available at
https://www.govinfo.gov/content/pkg/FR-1997-0701/pdf/97-17104.pdf.
19 See Technical Amendments to Forms MSD,
MSDW, BD–N, BD, BDW, ADV, and ADV–W and to
Exchange Act Rules 15b1–1, 15b3–1, 15b6–1,
15Ba2–2, 15Bc3–1, 15Ca1–1, 15Ca2–1, 15Cc1–1,
and 17a–3, and Advisers Act Rules 203–1, 203–3,
and 204–1, Exchange Act Release No. 57166 (Jan.
17, 2008), 73 FR 4690 (Jan. 28, 2008), available at
https://www.govinfo.gov/content/pkg/FR-2008-0128/pdf/E8-1171.pdf.
20 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.

VerDate Sep<11>2014

15:57 Jun 11, 2025

Jkt 265001

management, and disciplinary history,
and the qualifications and disciplinary
history of management, supervisory,
and certain other persons associated
with the municipal securities dealer,
with whom they may be entrusting a
substantial portion of their assets.
Certain identifying information for Form
MSD filings (e.g., entity name, filing
date, and document control number to
facilitate inspection) is also routinely
made available to the public on the
Commission’s Electronic Data
Gathering, Analysis, and Retrieval
(‘‘EDGAR’’) website. No assurances of
confidentiality are provided with
respect to Form MSD.
Form MSD is a one-time registration
form that is used for new applications
(Rule 15Ba2–1(a)) and successor
applications (Rule 15Ba2–4(a)). Form
MSD must be amended only if
information contained in the form is, or
becomes, inaccurate (Rule 15Ba2–1(b)),
or to update any inaccurate information
prior to filing a notice of withdrawal on
Form MSDW (Rule 15Bc3–1(a)). Form
MSD may also be amended to reflect
changes where a succession is based
solely on a change in the predecessor’s
date or state of incorporation, form of
organization, or composition of a
partnership (Rule 15Ba2–4(b)).
Based upon past submissions of 0
new applications, 16 amendments, and
0 successor applications in 2022, 1 new
application, 10 amendments, and 0
successor applications in 2023, and 0
new applications, 12 amendments, and
0 successor applications in 2024, the
Commission estimates that on an annual
basis approximately 1 respondent will
use Form MSD for a new application,21
approximately 13 respondents will use
Form MSD for an amendment,22 and
approximately 1 respondent will use
Form MSD for a successor application,23
for a total of approximately 15
respondents per year.24
The time required to complete Form
MSD varies with the size and
complexity of the bank municipal
securities dealer’s operations (or
proposed operations). Commission staff
understands that it can take up to 15
21 Average new applications on Form MSD per
year over the last three years: (0 (2022) + 1 (2023)
+ 0 (2024) = 1) ÷ 3 years = 0.33, rounded up to 1.
22 Average amendments on Form MSD per year
over the last three years: (16 (2022) + 10 (2023) +
12 (2024) = 38) ÷ 3 years = 12.67, rounded up to
13.
23 Average successor applications on Form MSD
per year over the last three years: (0 (2022) + 0
(2023) + 0 (2024) = 0) ÷ 3 years = 0, but estimated
at 1 to account for potential burden.
24 Total estimated Form MSD filings per year: 1
estimated new application + 13 estimated
amendments + 1 estimated successor application =
15 Form MSD filings.

PO 00000

Frm 00062

Fmt 4703

Sfmt 4703

24837

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 1 to
2 hours. Most recent new applications
have come from smaller banks. Also,
amendments to Form MSD are likely to
require significantly less time to
complete. Accordingly, Commission
staff estimates that the total annual
burden is currently approximately 23
hours at an average of 1.5 hours per
respondent. (15 respondents/year × 1.5
hours/respondent = 22.5 hours/year,
rounded up to 23 hours/year).
The staff estimates that the average
internal compliance cost per hour is
approximately $457.25 Therefore, the
estimated total annual internal cost of
compliance is approximately $10,511
per year (23 hours/year × $457/hour =
$10,511/year). The Commission does
not believe that respondents will incur
any costs in filing a Form MSD other
than the internal compliance cost
identified above.
Rule 15Bc3–1 and Form MSDW
Under Section 15B(c) of the Exchange
Act (15 U.S.C. 78o–4(c)), as added by
the 1975 Amendments, 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.
In July 1976, the Commission adopted
Rule 15Bc3–1 and Form MSDW.26 Rule
15Bc3–1 implements Section 15B(c)(3)
of the Exchange Act by providing that
bank municipal securities dealers that
wish to withdraw from registration must
file a notice of withdrawal from
registration on Form MSDW.27 Rule
15Bc3–1 further provides that, prior to
filing a notice of withdrawal from
registration on Form MSDW, a bank
25 The estimate of $457 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.
26 See Municipal Securities Dealer Registration
and Withdrawal, Exchange Act Release No. 12602
(July 7, 1976), 41 FR 28947 (July 14, 1976), available
at https://archives.federalregister.gov/issue_slice/
1976/7/14/28945-28950.pdf#page=3.
27 Certain provisions of 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.

E:\FR\FM\12JNN1.SGM

12JNN1

khammond on DSK9W7S144PROD with NOTICES

24838

Federal Register / Vol. 90, No. 112 / Thursday, June 12, 2025 / Notices
240.17a–4), and MSRB Rule G–9.30
Certain identifying information for Form
MSDW filings (e.g., entity name, filing
date, and document control number to
facilitate inspection) is also routinely
made available to the public on the
Commission’s EDGAR website. No
assurances of confidentiality are
provided with respect to Form MSDW.
The Commission estimates that the
average amount of time necessary to
complete Form MSDW is approximately
0.5 hours. Based upon past submissions
of 1 filing in 2022, 1 filing in 2023, and
1 filing in 2024, the Commission
estimates that approximately 1
respondent will use Form MSDW
annually,31 with a total hour burden for
all respondents of approximately 1 hour
per year (0.5 hours rounded up to 1).
This estimate is based on the
Commission staff’s experience in
administering the form.
The staff estimates that the average
internal compliance cost per hour is
approximately $457.32 Therefore, the
estimated total annual internal cost of
compliance is approximately $229 per
year (0.5 hours/year × $457/hour =
$228.5/year, rounded up to $229/year).
The Commission does not believe that
respondents will incur any costs in
filing a Form MSDW other than the
internal compliance cost identified
above.

municipal securities dealer must amend
Form MSD in accordance with Rule
15Ba2–1(b) to update any inaccurate
information.
In April 1999, the Commission
adopted amendments that revised Rule
15Bc3–1 to provide municipal securities
dealers adequate flexibility to bring
their business operations to an orderly
close in circumstances in which the 60day period previously provided under
Rule 15Bc3–1 would not be sufficient,
and to provide the Commission greater
flexibility in concluding investigations
of municipal securities dealers before
they complete the withdrawal process.28
In January 2008, the Commission
adopted amendments that revised the
General Instructions of Form MSDW to
update the current list of agencies with
which the forms must be filed to
include the OTS, and to update the
addresses of the agencies listed on the
forms.29
The Commission uses information
obtained from Form MSDW filings to,
among other things, determine whether
it is in the public interest to permit a
bank municipal securities dealer to
withdraw its registration. The
information is also made available for
inspection by any interested person
because it is important to give the
municipal securities dealer’s customers
and the public an independent means of
obtaining or verifying information that
they may deem relevant, including
whether the registrant owes money or
securities to any customer in connection
with its activities as a municipal
securities dealer, whether the registrant
is involved in any legal action or
proceeding, whether there are any
unsatisfied judgments or liens against
the registrant, and the name and address
of the person who has or will have
custody or possession of the registrant’s
books and records that are required to
be preserved pursuant to Section 17(a)
of the Exchange Act (15 U.S.C. 78q),
Rule 17a–4 thereunder (17 CFR

Rule 15Ba2–5 and Rule 15Ba2–5
Statements
In July 1976, the Commission adopted
Rule 15Ba2–5.33 Rule 15Ba2–5
implements Section 15B(a) of the
Exchange Act by permitting a duly
appointed (or duly qualified) fiduciary
to assume immediate responsibility for
the operation of a registered municipal
securities dealer’s business. Without the
rule, the fiduciary would not be able to
assume operation until it registered as a
municipal securities dealer. Under the
rule, the registration of a municipal
securities dealer is deemed to be the
registration of any executor,

28 See Broker-Dealer Registration and Reporting,
Exchange Act Release No. 41356 (Apr. 30, 1999), 64
FR 25144 (May 10, 1999), available at https://
www.govinfo.gov/content/pkg/FR-1999-05-10/pdf/
99-11359.pdf; see also Broker-Dealer Registration
and Reporting, Exchange Act Release No. 41672
(July 30, 1999), 64 FR 42594 (Aug. 5, 1999),
available at https://www.govinfo.gov/content/pkg/
FR-1999-08-05/pdf/99-20099.pdf (amendment to
Rule 15Bc3–1 applicable only to Form BDW filers).
29 See Technical Amendments to Forms MSD,
MSDW, BD–N, BD, BDW, ADV, and ADV–W and to
Exchange Act Rules 15b1–1, 15b3–1, 15b6–1,
15Ba2–2, 15Bc3–1, 15Ca1–1, 15Ca2–1, 15Cc1–1,
and 17a–3, and Advisers Act Rules 203–1, 203–3,
and 204–1, Exchange Act Release No. 57166 (Jan.
17, 2008), 73 FR 4690 (Jan. 28, 2008), available at
https://www.govinfo.gov/content/pkg/FR-2008-0128/pdf/E8-1171.pdf.

30 MSRB Rule G–9 is available at https://
www.msrb.org/Rules-and-Interpretations/MSRBRules/General/Rule-G-9.
31 Average Form MSDW filings per year over the
last three years: (1 (2022) + 1 (2023) + 1 (2024) =
3) ÷ 3 years = 1.
32 The estimate of $457 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.
33 Municipal Securities Dealer Registration and
Withdrawal, Exchange Act Release No. 12602 (July
7, 1976), 41 FR 28947 (July 14, 1976), available at
https://archives.federalregister.gov/issue_slice/
1976/7/14/28945-28950.pdf#page=3.

VerDate Sep<11>2014

15:57 Jun 11, 2025

Jkt 265001

PO 00000

Frm 00063

Fmt 4703

Sfmt 4703

administrator, guardian, conservator,
assignee for the benefit of creditors,
receiver, trustee in insolvency or
bankruptcy, or other 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 Rule
15Ba2–5 Statement is necessary to
ensure that the Commission and the
public have adequate information about
the fiduciary.
The Commission uses the information
obtained from Rule 15Ba2–5 Statements
to, among other things, determine
whether the fiduciary meets the
standards for registration set forth in the
Exchange Act and develop risk
assessment information about bank
municipal securities dealers. No
assurances of confidentiality are
provided with respect to Rule 15Ba2–5
Statements.
The burden of information collection
is estimated to involve approximately 1
respondent making 1 response per year
for both bank and non-bank municipal
securities dealers. The response is
estimated to require an average of 4
hours. Thus, the total compliance
burden is estimated to be 4 hours per
year. This burden is a one-time
reporting burden.
A Rule 15Ba2–5 statement must set
forth as to the fiduciary substantially the
same information required by Form
MSD or Form BD. Accordingly,
Commission staff estimates that the
approximate internal cost of compliance
per hour is the same as Form MSD
above ($457), resulting in a total annual
internal compliance cost of
approximately $1,828 (4 hours/year ×
$457/hour).
The Commission does not believe that
respondents will incur any costs in
filing a Rule 15Ba2–5 Statement other
than the internal compliance cost
identified above.
II. Anticipated Technical and/or
Administrative Revisions
The Commission anticipates making
the following technical and/or
administrative revisions to the General
Instructions of Form MSD, the General
Instructions of Form MSDW, and the
Code of Federal Regulations sections
associated with Form MSD (17 CFR
249.1100) and Form MSDW (17 CFR
249.1110).

E:\FR\FM\12JNN1.SGM

12JNN1

Federal Register / Vol. 90, No. 112 / Thursday, June 12, 2025 / Notices
General Instructions of Form MSD
The Commission anticipates
amending the General Instructions of
Form MSD as follows:
1. By revising Item B to replace the
SEC’s physical location with the URL
for Form MSD (https://www.sec.gov/
about/forms/formmsd.pdf).
2. By revising Item G(d) to replace
‘‘rule G–1(b)’’ with ‘‘rule G–1.’’
3. By revising Item H to replace
‘‘periodically’’ with ‘‘promptly,’’ as
reflected in Rule 15Ba2–1; and to insert
‘‘for any reason’’ after ‘‘inaccurate,’’ as
reflected in Rule 15Ba2–1.
4. By revising Item K to replace the
current requirement that Form MSD
must be filed ‘‘in triplicate’’ with the
Commission with the requirement to file
only one copy with the Commission; to
update the OCC’s mailing address; to
update the OCC’s current jurisdiction as
the appropriate regulatory agency for
federal savings associations and
departments or divisions of such
savings associations; and to strike the
reference to the former OTS and its
jurisdiction.
5. By revising the last sentence of Item
L(a) to reflect the current language in
Rule 15Ba2–4, as amended.
6. By revising Item L(c) to replace
‘‘appropriate regulatory authority’’ with
‘‘appropriate regulatory agency.’’
7. By striking Item M, ‘‘Privacy Act
Statement,’’ in its entirety.

khammond on DSK9W7S144PROD with NOTICES

General Instructions of Form MSDW
The Commission anticipates
amending the General Instructions of
Form MSDW as follows:
1. By revising Item 1 to quote the
current language in Rule 15Bc3–1, as
amended; to insert the language ‘‘with
respect to Form MSDW filers’’ after
‘‘which states;’’ and to omit the portions
of Rule 15Bc3–1 related to Form BDW
filers.
2. By revising Items 2 and 3 to replace
the current requirement that two copies
of Form MSDW must be filed with the
Commission with the requirement to file
only one copy with the Commission.
3. By revising Item 2 to update the
OCC’s mailing address; to update the
OCC’s current jurisdiction as the
appropriate regulatory agency for
federal savings associations and
departments or divisions of such
savings associations; and to strike the
reference to the former OTS and its
jurisdiction.
4. By revising Item 7(b) to strike the
current definition of ‘‘municipal
securities dealer activities’’ and replace
it with: ‘‘The term ‘municipal securities
dealer activities’ has the meaning set
forth in Municipal Securities

VerDate Sep<11>2014

15:57 Jun 11, 2025

Jkt 265001

24839

Rulemaking Board rule G–1, which
defines the terms ‘separately identifiable
department or division of a bank’ for
purposes of Section 3(a)(30) of the
Securities Exchange Act of 1934.’’

SECURITIES AND EXCHANGE
COMMISSION

17 CFR 249.1100

Self-Regulatory Organizations; NYSE
Texas, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Fee
Schedule To Adopt Listing and Annual
Fees

The Commission anticipates
amending 17 CFR 249.1100 as follows:
1. By revising the Note to replace the
SEC’s physical location with the URL
for Form BD (https://www.sec.gov/pdf/
formbd.pdf) and the URL for Form MSD
(https://www.sec.gov/about/forms/
formmsd.pdf).
17 CFR 249.1110
The Commission anticipates
amending 17 CFR 249.1110 as follows:
1. By revising the Note to replace the
SEC’s physical location with the URL
for Form MSDW (https://www.sec.gov/
files/formmsdw.pdf).
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
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 anticipated technical and/or
administrative revisions outlined above
in section II.
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 11, 2025. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: June 6, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–10646 Filed 6–11–25; 8:45 am]
BILLING CODE 8011–01–P

PO 00000

Frm 00064

Fmt 4703

Sfmt 4703

[Release No. 34–103203; File No. SR–
NYSETEX–2025–16]

June 6, 2025.

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 5,
2025, the NYSE Texas, Inc. (‘‘NYSE
Texas’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Fee Schedule to adopt listing and
annual fees applicable to Exchange
Traded Products and Structured
Products, as well as related annual fee
discounts for such products. The
Exchange proposes to implement these
fees effective June 5, 2025.4 The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, 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
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,
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 The Exchange previously filed to amend the Fee
Schedule on May 19, 2025 (SR–NYSETEX–2025–
12), then withdrew such filing and amended the
Fee Schedule on May 29, 2025 (SR–NYSETEX–
2025–15), which latter filing the Exchange
withdrew on June 5, 2025.
2 15

E:\FR\FM\12JNN1.SGM

12JNN1