View Information Collection Request (ICR) Package
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View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0372
ICR Reference No:
201409-3235-042
Status:
Historical Active
Previous ICR Reference No:
201110-3235-016
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-330
Title:
Municipal Securities Disclosure (17 CFR 240.15c2-12)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/03/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/26/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2018
36 Months From Approved
11/30/2015
Responses
156,390
0
268,630
Time Burden (Hours)
634,457
0
162,877
Cost Burden (Dollars)
9,760,000
0
10,534,116
Abstract:
Rule 15c2-12 is intended to enhance disclosure, and thereby reduce fraud, in the municipal securities market by establishing standards for obtaining, reviewing, and disseminating information about municipal securities by their underwriters.
Authorizing Statute(s):
US Code:
15 USC 78b
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 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 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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 68730
11/18/2004
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 9758
02/24/2015
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
6
IC Title
Form No.
Form Name
Broker Dealers Third Party Disclosure
Issuers (event notices) Third Party Dislosure
Issuers (failure to file notices) Third Party Disclosure
Issuers Annual Filing Third-Party Disclosure
Issuers that use the services of a designated agent
Municipal Securities Rulemaking Board Recordkeeping
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
156,390
268,630
0
0
-112,240
0
Annual Time Burden (Hours)
634,457
162,877
0
0
471,580
0
Annual Cost Burden (Dollars)
9,760,000
10,534,116
0
0
-774,116
0
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 information collection associated with Rule 15c2-12 applies to broker-dealers, issuers of municipal securities, and the Municipal Securities Rulemaking Board ("MSRB") . Commission staff is changing the estimated burdens for broker-dealers, issuers, and the MSRB based upon industry input in the comments received pursuant to the 60-day comment period. The estimated burdens suggested by the commenters varied widely; most commenters provided ranges in recognizing that "one size does not fit all with respect to the burdens of the Rule upon market participants." Commission staff believes the revised estimates reflect the average burden incurred by all respondents, as opposed to the particular experience of individual entities. The increases reflect a change in the number of issuers from 12,000 to 20,000. The adjustments have resulted in an increase in the annual time burden of 471,580 hours and an annual cost decrease of $774,116.00. The attached supporting statement discusses the changes in more detail.
Annual Cost to Federal Government:
$6,900
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
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
Common Form ICR:
No
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:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(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;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
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.
Certification Date:
02/26/2015
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