Form BD Amendments: Suspension of Compliance Date

SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 249 [Release No. 34–37632; File No. S7–2–95] RIN 3235–AG25 Form BD Amendments AGENCY: Securities and Exchange Commission. ACTION: Final rule: Suspension of compliance date for Form BD amendments. SUMMARY: The Securities and Exchange Commission is suspending the compliance date for recent amendments to Form BD, the uniform broker-dealer registration form under the Securities Exchange Act of 1934, as it applies to filings made by all registered broker￾dealers and broker-dealer applicants. EFFECTIVE DATE: The effective date for amendments to Form BD adopted by the Securities and Exchange Commission on July 12, 1996 and published on July 18,

Federal Register / Vol. 61, No. 175 / Monday, September 9, 1996 / Rules and Regulations 47413 1 17 CFR 240.15b1–1; 17 CFR 249.501. 2Securities Exchange Act Release No. 37431 (Jul. 12, 1996), 61 FR 37357 (Jul. 18, 1996) (‘‘Adopting Release’’). 1996 (61 FR 37357) remains August 19, 1996. Effective September 9, 1996, the compliance date with respect to these amendments to Form BD is suspended. The Commission will publish in the Federal Register a document notifying the public of a new compliance date. FOR FURTHER INFORMATION CONTACT: Glenn J. Jessee, Special Counsel, (202) 942–0073, Office of Chief Counsel, Division of Market Regulation, Securities and Exchange Commission, 450 Fifth Street, N.W., Mail Stop 5–10, Washington, D.C. 20549. SUPPLEMENTARY INFORMATION: On July 12, 1996, the Securities and Exchange Commission (‘‘Commission’’) adopted amendments to Form BD,1 the uniform application form for broker-dealer registration under the Securities Exchange Act of 1934.2 As discussed in the Adopting Release, the use of Form BD, as amended on July 12, 1996, is intended to coincide with the implementation of the redesigned Central Registration Depository (‘‘CRD’’), a computer system operated by the National Association of Securities Dealers, Inc. (‘‘NASD’’) that maintains registration information regarding broker-dealers and their registered personnel. Among other things, the redesigned CRD system will allow broker-dealers to file Form BD electronically. The implementation of the redesigned CRD is being accomplished in phases. On May 20, 1996, the NASD began a two-month test of the system with the voluntary participation of several NASD member firms and one service bureau. Following completion of the test, it was expected that on July 29, 1996, broker￾dealers participating in the test would begin filing all of their registration and licensing information electronically with the redesigned CRD on a pilot basis. Then, on September 9, 1996, it was expected that the NASD would begin Phase I of the implementation of the redesigned CRD system, at which time registered broker-dealers and broker-dealer applicants would be required to begin using Form BD, as amended on July 12, 1996. The test of the redesigned CRD system that began on May 20, however, revealed that additional changes are needed in the software that will be used by broker￾dealers to make electronic filings and that broker-dealers need more time to prepare their internal operations and infrastructure to support electronic filing. As a result, the NASD has determined to delay further implementation of the redesigned CRD system until early in 1997. Because of this delay, the Commission is suspending the compliance date for Form BD, as amended on July 12, 1996, for all registered broker-dealers and broker-dealer applicants. Accordingly, broker-dealers and broker-dealer applicants should continue to use Form BD, as revised November 16, 1992. At such time as another date for the start of Phase I is determined, the Commission expects that it will set appropriate compliance dates for the amendments to Form BD and publish a document in the Federal Register notifying the public of such compliance dates. Dated: September 4, 1996. By the Commission. Jonathan G. Katz, Secretary. [FR Doc. 96–22939 Filed 9–6–96; 8:45 am] BILLING CODE 8010–01–P