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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules
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the Federal Reserve, as of the fourth quarter of 2020 there are 3,638 bank holding companies and 11 savings and loan holding companies 7 insurance and 4 commercial.233 This totals 3,649.
6. Money transmitting businesses:
According to the FinCEN Money Services Business MSB Registrant Search Page, there are 24,124 registered MSBs as of October 15, 2021.234 Please note this count includes MSBs that are registered for activity including, but not limited to, money transmission. This count does not include MSB agents that would not be within the scope of the exemption since they are not registered with FinCEN.
7. Brokers or dealers in securities:
According to the SEC, the number of broker-dealers as of the end of the first quarter of 2021 is 3,532.
8. Securities exchanges and clearing agencies: The SEC provided the following estimates of exchanges and clearing agencies in August 2021: 24
national securities exchanges and 14
clearing agencies, which includes Proposed Rule Change Filings and Advance Notice Filings, totaling 38.
9. Other Exchange Act registered entities: The SEC provided the following estimates of other 1934 Act entities in August 2021: Two securities information processors, the Consolidated Quotation System and the Unlisted Trading Privileges competing consolidators are not yet required to be registered, but the transition period and compliance dates begin this year; one national securities association, FINRA;
525 municipal advisors FinCEN did not include in this count 21 banks that are municipal securities dealers due to the bank exemption estimated above; nine nationally recognized statistical rating organizations; two security-based swap repositories; three OTC derivatives dealers; and 373 registered transfer agents as of mid-2018. Totaling these estimates, 2 + 1 + 525 + 9 + 2 + 3 + 373
= 915. SEC also noted that securitybased swap dealers and execution facilities would be included in this exemption in the future, but registration is not yet required.235
10. Investment companies or investment advisers: According to 233 Federal Reserve Board of Governors, Supervision and Regulation Report April 2021, p.
33, available at https www.federalreserve.gov/
publications/files/202104-supervision-andregulation-report.pdf.
234 See FinCEN MSB Registrant search page, accessed from https www.fincen.gov/msbregistrant-search.
235 SEC also provided data regarding its general exemption authority pursuant to Section 36 of the 1934 Act: Maybe 30 entities have been granted exemptions from registration over the years, and many were temporary, and maybe 300 entities did
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information provided by the SEC, there are 2,773 registered investment companies number of trusts, not funds and 14,381 registered investment advisers as of June 30, 2021. This totals 17,154.
11. Venture capital fund advisers:
According to information provided by the SEC, there are 1,498 exempt reporting advisers utilizing the exemption from registration as an adviser solely to one or more venture capital funds as of June 30, 2021.
12. Insurance companies: According to the Treasury Departments Federal Insurance Office, there are 4,738
insurance companies, which include the following U.S. insurance underwriting entities by type: 3,471 members of an insurance group; 1,103 standalone; and 164 alien surplus lines. These totals were aggregated using a best efforts scrubbing approach applied to a S&P
Global regulatory filings dataset on July, 2, 2021 and, for that reason, should be regarded as estimates or broadly indicative of the sector.
13. State licensed insurance producers: According to the National Association of Insurance Commissioners website, as of January 26, 2021 there were more than 236,000
business entities licensed to provide insurance services in the United States.236
14. Commodity Exchange Act registered entities: The Commodity Futures Trading Commission CFTC
provided the following breakdown of companies related to this exemption as of July 2021. For part I: Designated Contract Market 16; Swap Execution Facility 20; Designated Clearing Organization 15; and Swap Data Repository, Provisionally-registered 3totaling 54. For part II: Futures Commission Merchant 61; Introducing Broker in Commodities 1,055;
Commodity Pool Operators 1,266;
Commodity Trading Advisory 1,757;
Retail Foreign Exchange Dealer 4;
Swap Dealer, Provisionally-registered 109; and Major Swap Participant 0
totaling 4,252. These totals combined equal 4,306.
15. Accounting firms: FinCEN
searched the Public Company Accounting Oversight Boards PCAOB
Registered Firms list, accessible on their website, and identified 851 firms as of not have to register due to exemptions from defined terms granted under this authority. However, these are rough estimates, and given their relatively small value, FinCEN is not including them in the estimate of this exemption.
236 NAIC, Producer Licensing, January 26, 2021, available at https content.naic.org/cipr_topics/
topic_producer_licensing.htm.

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October 20, 2021.237 FinCEN searched for firms in the United States, Northern Mariana Islands, and Puerto Rico and totaled those with the status of Currently Registered or Withdrawal Pending.
16. Public utilities: FinCEN relies upon the U.S. Census Bureaus 2018
Statistics of U.S. Businesses SUSB data for this estimate. FinCEN accessed the publicly available 2018 SUSB annual data tables by establishment industry and the U.S. & states, 6-digit NAICS
Excel file. The Excel file lists the total firms in the United States with the NAICS code of 22: Utilities as 6,028.238
SUSB data only includes entities that reported employees in the reporting year. FinCEN understands that firms may operate in multiple NAICS code industries; therefore this number could include firms that partly operate as utilities and partly as other types of exempt entities. Additionally, each firm in Census data may include multiple entities. FinCEN scaled this estimate to 6,100.17.239
17. Financial market utilities:
According to the designated financial market utilities listed on the Federal Reserves website, there are eight such entities.240 While the website has not been updated since January 29, 2015, FinCEN understands this estimate is still applicable.
18. Pooled investment vehicles:
According to information provided by SEC, as of June 30, 2021 there were 114,765 pooled investment vehicle clients reported by registered investment advisers. Of these, 5,671 are registered with a foreign financial regulatory authority. FinCEN subtracted these for a total of 109,094.241
19. Tax-exempt entities: FinCEN
relies upon IACA survey data, which requested specific counts of nonprofits.
FinCEN used the same per capita methodology described with respect to the IACA survey numbers above to identify an estimate of total nonprofits.
FinCEN identified the total number of nonprofit corporations reported by each 237 See PCAOB, Registration, Annual and Special Reporting, available at https rasr.pcaobus.org/
Search/Search.aspx.
238 See U.S. Census Bureau, U.S. & states, 6-digit NAICS, 2018, available at https www.census.gov/
data/tables/2018/econ/susb/2018-susbannual.html.
239 This was calculated by multiplying the estimate by a 2018 scaling factor of 1.011972411.
240 Federal Reserve Board of Governors, Designated Financial Market Utilities, January 29, 2015, available at https www.federalreserve.gov/
paymentsystems/designated_fmu_about.htm.
241 This estimate may not account for foreign pooled investment vehicles advised by banks, credit unions, or broker-dealers. FinCEN requests any available information on estimates of pooled investment vehicles advised by such entities.

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