Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)
Revision of a currently approved collection
No
Regular
Comment filed on proposed rule and continue
04/08/2020
02/06/2020
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 commenterâs recommendation. The next submission to OMB must include the draft final rule.
table that charts list comparision
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 âpiggyback exception,â 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
Reginfo record details
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