SEC Keeps Broker Update Forms Rolling Smoothly
Published Date: 2/12/2026
Notice
Summary
The SEC is asking to keep using Rule 15b11-1 and Form BD-N, which help certain brokers and dealers register quickly and update their info if things change. This mostly affects a small group of futures brokers who spend just a couple of hours a year filing updates, costing about $866 annually. No big changes or new fees—just a smooth extension to keep things running on schedule.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Form BD-N filing burden continues
If you are a broker-dealer using notice registration under Rule 15b11-1 (CFTC-registered futures commission merchants or introducing brokers who are National Futures Association members and only transact security futures), you must continue to use Form BD‑N to register and to promptly file amendments when information becomes inaccurate. The SEC estimates about 9 filings per year (0 initial filings + 9 amendments), a total industry annual burden of 2.25 hours, at $385 per hour for a monetized cost of $866.25 per year (each amended filing ≈0.25 hours, ≈$96.25).
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