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OMB Control No: 3235-0372	ICR Reference No: 200908-3235-008
Status: Historical Inactive	Previous ICR Reference No: 200812-3235-015
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: 11/09/2009
	Date Received in OIRA: 09/08/2009
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	11/30/2012	36 Months From Approved	01/31/2012
Responses	99,157	0	77,000
Time Burden (Hours)	83,140	0	64,541
Cost Burden (Dollars)	9,283,451	0	7,717,450

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-AJ66	Proposed rulemaking	74 FR 36832	07/24/2009

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 Agency Discretion
Annual Number of Responses	99,157	77,000	22,157
Annual Time Burden (Hours)	83,140	64,541	18,599
Annual Cost Burden (Dollars)	9,283,451	7,717,450	1,566,001

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The ongoing annual aggregate information collection burden for the proposed amendments to the Rule would be 83,140 hours (300 hours (total estimated burden for broker-dealers) + 73,768 hours (total estimated burden for issuers) + 9,030 hours (total estimated burden for the MSRB) + 42 hours (one-time burden for broker-dealers amortized over three years) = 83,140 hours). The current annual aggregate information collection burden for the Rule indicated in the 2008 PRA Submission is 64,541 hours. Therefore, the Commission estimates that the ongoing annual aggregate information collection burden for Rule 15c2-12 would be increased by 18,599 hours (83,140 64,541 = 18,599) under the proposed amendments. For the reasons described in the Supporting Statement, the Commission estimates the total additional annual cost for all respondents under the proposed amendment will be approximately $1,566,001. The estimated annual cost for all respondents under the current Rule is $7,717,450. Under the proposed amendments to the Rule, the total annual cost for all respondents would be $9,283,451. Please see the Supporting Statement for further detail.

Annual Cost to Federal Government: $3,500

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)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Mary Simpkins 202 551-5683

View ICR - OIRA Conclusion