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OMB Control No: 3235-0372	ICR Reference No: 200808-3235-002
Status: Historical Inactive	Previous ICR Reference No: 200610-3235-027
Agency/Subagency: SEC	Agency Tracking No: TM 270-330
Title: Municipal Securities Disclosure (17 CFR 240.15c2-12)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 11/26/2008
	Date Received in OIRA: 10/07/2008
Terms of Clearance: Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2011	36 Months From Approved	03/31/2010
Responses	77,000	0	12,000
Time Burden (Hours)	64,541	0	123,850
Cost Burden (Dollars)	21,016,668	0	0

Abstract: Rule 15c2-12, 17 CFR 240.15c2-12, under the Securities Exchange Act of 1934 requires underwriters of municipal securities: (1) to obtain and review a copy of an official statement deemed final by an issuer of the securities, except for the omission of specified information; (2) in non-competitively bid offerings, to make available, upon request, the most recent preliminary official statement, if any; (3) to contract with the issuer of the securities, or its agent, to receive, within specified time periods, sufficient copies of the issuers final official statement to comply both with this rule and any rules of the MSRB; (4) to provide, for a specified period of time, copies of the final official statement to any potential customer upon request; (5) before purchasing or selling municipal securities in connection with an offering, to reasonably determine that the issuer or other specified person has undertaken, in a written agreement or contract, for the benefit of holders of such municipal securities, to provide certain information about the issue or issuer on a continuing basis to the Municipal Securities Rulemaking Board in an electronic format as prescribed by the Municipal Securities Rulemaking Board; and (6) to obtain the information the issuer of the municipal security has undertaken to provide prior to recommending a transaction in the municipal security.

Authorizing Statute(s): US Code: 15 USC 78b Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78c Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78j Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o-4 Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78q Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78w Name of Law: Securities Exchange Act of 1934

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK20	Proposed rulemaking	73 FR 46137	08/07/2008

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Municipal Securities Disclosure (17 CFR 240.15c2-12)

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	77,000	12,000	65,000
Annual Time Burden (Hours)	64,541	123,850	-59,309
Annual Cost Burden (Dollars)	21,016,668	0	21,016,668

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The annual time burden has decreased primarily due to the reduction from 4 NRMSIRs to one sole repository (the MSRB). The increase in annual cost burden is primarily due to one-time start-up costs associated with acquiring and developing the necessary technology for electronic submissions and collections of information. As discussed in further detail in the Supporting Statement, in order to provide an estimate that is not under-inclusive the Commission has conservatively assumed the maximum costs associated with issuers acquiring this computer hardware and software. The Commission expects that most issuers already have the computer equipment and software associated with this annual cost estimate. Thus, the Commission believes that the actual annual costs for issuers associated with acquiring computer hardware and software will be substantially lower than the Commissions estimate.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Mary Simpkins 202 551-5683

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