[Federal Register Volume 76, Number 19 (Friday, January 28, 2011)]
[Notices]
[Pages 5223-5224]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-1820]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: U.S. Securities and
Exchange Commission, Office of Investor Education and Advocacy,
Washington, DC 20549-0213.
Extension:
Rule 15Ba2-6T, OMB Control No. 3235-0659, SEC File No. S7-19-10.
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in the following rule: Rule
15Ba2-6T--Temporary Registration as a Municipal Advisor; Required
Amendments; and Withdrawal from Temporary Registration (17 CFR
240.15Ba2-6T) under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.) (``Exchange Act''). The Commission plans to submit this
existing collection of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Paragraph (a) of Rule 15Ba2-6T requires municipal advisors, as
defined in Section 15B(e)(4) of the Exchange Act (15 U.S.C. 78o-
4(e)(4)), to electronically file with the Commission on the
Commission's Web site at the following link, Municipal Advisor
Registration, the information set forth in Form MA-T (17 CFR 249.1300T)
to temporarily register or withdraw from temporary registration.
Paragraph (b)(1) of Rule 15Ba2-6T requires municipal advisors to
promptly amend their temporary registration whenever information
concerning Items 1 (Identifying Information) or 3 (Disciplinary
Information) of Form MA-T becomes inaccurate in anyway.
Paragraph (b)(2) of Rule 15Ba2-6T requires municipal advisors to
promptly amend their temporary registration whenever they wish to
withdraw from registration.
Paragraph (c) of Rule 15Ba2-6T provides that every initial
registration, amendment to registration, or withdrawal from
registration filed pursuant to this rule constitutes a ``report''
within the meaning of applicable provisions of the Exchange Act.
Paragraph (d) of Rule 15Ba2-6T provides that every Form MA-T,
including every amendment to or withdrawal from registration, is
considered filed with the Commission when the electronic form on the
Commission's Web site is completed and the Commission has sent
confirmation to the municipal advisor that the form was filed.
Paragraph (e) of Rule 15Ba2-6T provides that all temporary
registrations of municipal advisors will expire on the earlier of: (1)
The date that the registration is approved or disapproved by the
Commission pursuant to a final rule adopted by the Commission
establishing another manner of registration and prescribing a form for
the registration; (2) the date on which the municipal advisor's
temporary registration is rescinded by the Commission; or (3) December
31, 2011.
Paragraph (f) of Rule 15Ba2-6T provides that Rule 15Ba2-6T will
expire on December 31, 2011.
The primary purpose of Rule 15Ba2-6T is to provide information
about municipal advisors to investors and issuers, as well as the
Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act.
Commission staff estimates that approximately 1,000 municipal
advisors will file Form MA-T. Commission staff estimates that each of
the approximately 1,000 municipal advisors will spend an average of 2.5
hours preparing each Form MA-T. Therefore, the estimated total
reporting burden associated with completing Form MA-T is 2,500 hours.
Additionally, Commission staff estimates that approximately 1,000
municipal advisors will amend their Form MA-T once during the period of
September 1, 2010 through December 31, 2011 and that it will take
approximately 30 minutes to amend their form, which means the total
[[Page 5224]]
burden associated with amending Form MA-T is 500 hours. Therefore, the
total annual burden associated with completing and amending Form MA-T
is 3,000 hours.
The Commission believes that some municipal advisors will seek
outside counsel to help them comply with the requirements of Rule
15Ba2-6T and Form MA-T, and assumes that each of the 1,000 municipal
advisors will consult outside counsel for one hour for this purpose.
The hourly rate for an attorney is $400, according to the Securities
Industry and Financial Markets Association's publication titled
Management & Professional Earnings in the Securities Industry 2009, as
modified by Commission staff to account for an 1,800 hour work year and
multiplied by 5.35 to account for bonuses, firm size, employee benefits
and overhead. The Commission estimates the total cost for all 1,000
municipal advisors to hire outside counsel to review their compliance
with the requirements of Rule 15Ba2-6T and Form MA-T to be
approximately $400,000.
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 control number.
The public may view the background documentation for this
information collection at the following Web site, http://www.reginfo.gov. Comments should be directed to: (i) Desk Officer for
the Securities and Exchange Commission, Office of Information and
Regulatory Affairs, Office of Management and Budget, Room 10102, New
Executive Office Building, Washington, DC 20503, or by sending an e-
mail to: [email protected]; and (ii) Thomas Bayer, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312 or send an
email to: [email protected]. Comments must be submitted to OMB
within 30 days of this notice.
Dated: January 18, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-1820 Filed 1-27-11; 8:45 am]
BILLING CODE 8011-01-P