Broker-Dealers Must Keep Submitting Form BD
Published Date: 11/20/2025
Notice
Summary
The SEC is asking for comments to keep collecting info from broker-dealers using Rule 15b1-1 and Form BD, which help register and track these financial pros. This affects anyone who wants to be or stay a registered broker-dealer, municipal securities dealer, or government securities broker-dealer. No big changes or new costs are planned, but the SEC wants to keep the paperwork smooth and clear.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Broker‑Dealer Registration Continues
If you want to be, or remain, a registered broker‑dealer, municipal securities dealer, or government securities broker‑dealer, you must continue to use Rule 15b1‑1 and Form BD to register and update your information with the SEC. The SEC is seeking comment but is not proposing big changes to the paperwork process in this notice (comments due January 20, 2026).
Paperwork Time and Cost Burden Quantified
The SEC estimates 9,481 annual Form BD responses (160 initial filings and 9,321 amendments), producing about 3,547 industry‑wide hours per year. The staff uses $385/hour for a Compliance Manager and estimates a total internal compliance cost of $1,365,595 per year. Each initial Form BD takes about 2.75 hours and each amended filing about 20 minutes, per the notice.
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