View Information Collection Request (ICR) Package
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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:
3235-0083
ICR Reference No:
202505-3235-013
Status:
Active
Previous ICR Reference No:
202205-3235-004
Agency/Subagency:
SEC
Agency Tracking No:
OMS
Title:
Registration of Municipal Securities Dealers (Form MSD, Form MSDW, and Rule 15Ba2-5 Statements)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
Yes
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
01/14/2026
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/08/2025
Terms of Clearance:
Supporting statement updated during OMB review.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2029
36 Months From Approved
01/31/2026
Responses
17
0
7
Time Burden (Hours)
28
0
11
Cost Burden (Dollars)
12,568
0
0
Abstract:
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.
Authorizing Statute(s):
US Code:
15 USC 78o-4
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:
90 FR 24835
06/12/2025
30-day Notice:
Federal Register Citation:
Citation Date:
90 FR 43275
09/08/2025
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Form MSD
SEC1534
Form MSD
Form MSDW
SEC1588
Form MSDW
Rule 15Ba2-5 Statements
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
17
7
0
0
10
0
Annual Time Burden (Hours)
28
11
0
0
17
0
Annual Cost Burden (Dollars)
12,568
0
0
0
12,568
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:
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.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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?
No
Agency Contact:
Matthew Newman 404 842-7614 newmanmat@sec.gov
Common Form ICR:
Yes
Description/Changes for Common Form Usage:
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.
Approved RCFs using this ICR
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:
(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:
09/08/2025
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