SEC Extends Broker-Dealer Notice Form for Ongoing Compliance
Published Date: 12/10/2025
Notice
Summary
The SEC is asking for comments on keeping a rule that lets certain futures brokers register easily by filing a simple form called BD-N. This mostly affects a small group of brokers who trade futures, not regular securities, and the paperwork takes less than 3 hours a year, costing about $866. No big changes or new fees are planned, just an extension of the current process.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Simplified SEC Registration for Some Futures Brokers
If you are a futures commission merchant or an introducing broker registered with the Commodity Futures Trading Commission and a member of the National Futures Association (or another national securities association), and you are not required to register for transactions in securities other than security futures, you may register with the SEC by filing Form BD-N under Rule 15b11-1. The SEC estimates the industry-wide annual burden for Form BD-N is 2.25 hours (based on 9 amended filings), at $385 per hour, for a total monetized internal cost of approximately $866.25 per year; filers must promptly amend the form if information becomes inaccurate.
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