OMB files this
comment in accordance with 5 CFR 1320.11( c ). This OMB action is
not an approval to conduct or sponsor an information collection
under the Paperwork Reduction Act of 1995. This action has no
effect on any current approvals. If OMB has assigned this ICR a new
OMB Control Number, the OMB Control Number will not appear in the
active inventory. For future submissions of this information
collection, reference the OMB Control Number provided. Pursuant to
5 CFR 1320.11(c), OMB files this comment on this information
collection request (ICR). The agency shall examine public comment
in response to the NPRM and will describe in the supporting
statement of its next collection any public comments received
regarding the collection as well as why (or why it did not)
incorporate the commenter’s recommendation. The next submission to
OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
11/30/2020
36 Months From Approved
11/30/2020
461
0
461
2,909
0
2,909
0
0
0
Rule 15c2-11, adopted September 13,
1971, effective December 13, 1971 (see 36 FR 18641), prohibits
broker-dealers from establishing arbitrary quotations for
infrequently traded over-the-counter securities and from fraudulent
or manipulative trading of the securities of shell corporations by
requiring broker-dealers to 1) review information about the issuer
when they first publish or resume publishing a quotation for a
covered security; 2) document that review; and 3) make the
information available to other persons upon request. The Commission
recently proposed amendments to provide greater transparency to
investors and other market participants by requiring that
information about the issuer and the security be current and
publicly available; limit certain existing exceptions to the Rule,
including the “piggyback exception,” to provide greater protections
to retail investors; reduce regulatory burdens on broker-dealers
for the publication of quotations of certain OTC securities that
may be less susceptible to potential fraud and manipulation, such
as securities of certain issuers with higher capitalization and
securities that were issued in underwritten offerings; and
streamline the Rule, remove obsolete provisions without undermining
the important investor protections of the Rule, and make technical,
non-substantive changes.
US Code:
15 USC 78o(c)(2) and 78w Name of Law: Sections 15(c)(2) and
23(a) of the Securities Exchange Act of 1934.
US Code: 15
USC 78w(a) Name of Law: Section 23(a) of the Securities
Exchange Act of 1934
The Commission's proposed rules
would revise the existing IC in the rule and would add several new
ICs, due to the new recordkeeping requirements that would be in the
rule. These revisions are discussed in more detail in the
Supporting Statement.
$0
No
No
No
No
No
No
Uncollected
Sam Litz 202 551-8309
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
3235-0202 Supporting Statement (Proposed Rule Amendments 2019).pdf
Recordkeeping Associated with the initial publication or submission of a quotation in a quotation medium