Broker-Dealer Registration and Reporting

The Securities and Exchange Commission is proposing technical amendments to Form BD, the uniform broker-dealer registration form, and related rules under the Securities Exchange Act of 1934. The proposed amendments would modify the version of Form BD that was adopted in 1996 but never implemented. The primary purpose of the amendments is to aid the implementation of electronic filing in the new, Internet-based Central Registration Depository system. This computer system, which is operated by the National Association of Securities Dealers, Inc., maintains registration information regarding broker-dealers and their registered personnel. The formatting and technical changes proposed today are needed to accommodate the shift from the network-based architecture and proprietary software approach anticipated in the 1996 Central Registration Depository system to the new, Internet-based system.