30 Day Notice

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Federal Register / Vol. 88, No. 198 / Monday, October 16, 2023 / Notices

Rule 17a–11 was adopted on July 11,
1971 in response to an operational crisis
in the securities industry between 1967
and 1970. Rule 17a–11 requires brokerdealers that are experiencing financial
or operational difficulties to provide
notice to the Commission, the brokerdealer’s designated examining authority
(‘‘DEA’’), and the Commodity Futures
Trading Commission (‘‘CFTC’’) if the
broker-dealer is registered with the
CFTC as a futures commission
merchant. Rule 17a–11 is an integral
part of the Commission’s financial
responsibility program which enables
the Commission, a broker-dealer’s DEA,
and the CFTC to increase surveillance of
a broker-dealer experiencing difficulties
and to obtain any additional
information necessary to gauge the
broker-dealer’s financial or operational
condition.
Rule 17a–11 also requires over-thecounter derivatives dealers and brokerdealers that are permitted to compute
net capital pursuant to Appendix E to
Exchange Act Rule 15c3–1 to notify the
Commission when their tentative net
capital drops below certain levels.
To ensure the provision of these types
of notices to the Commission, Rule 17a–
11 requires every national securities
exchange or national securities
association to notify the Commission
when it learns that a member brokerdealer has failed to send a notice or
transmit a report required under the
rule.
Compliance with the rule is
mandatory. The Commission will
generally not publish or make available
to any person notices or reports received
pursuant to Rule 17a–11. The
Commission believes that information
obtained under Rule 17a–11 relates to a
condition report prepared for the use of
the Commission, other federal
governmental authorities, and securities
industry self-regulatory organizations
responsible for the regulation or
supervision of financial institutions.
The Commission estimates that the
total hour burden under Rule 17a–11 is
approximately 274 hours per year.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent by

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November 15, 2023 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: October 10, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–22732 Filed 10–13–23; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–427, OMB Control No.
3235–0476]

Submission for OMB Review;
Comment Request; Extension: Rule
10b–17
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 10b–17 (17 CFR 240.10b–17),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 10b–17 requires any issuer of a
class of securities publicly traded by the
use of any means or instrumentality of
interstate commerce or of the mails or
of any facility of any national securities
exchange to give notice of the following
specific distributions relating to such
class of securities: (1) a dividend or
other distribution in cash or in kind
other than interest payments on debt
securities; (2) a stock split or reverse
stock split; or (3) a rights or other
subscription offering. Notice shall be
either given to the Financial Industry
Regulatory Authority, Inc. as successor
to the National Association of Securities
Dealers, Inc. or in accordance with the
procedures of the national securities
exchange upon which the securities are
registered. The Commission may
exempt an issuer of over-the-counter
(but not listed) securities from the
notice requirement. The requirements of
Rule 10b–17 do not apply to redeemable
securities of registered open-end
investment companies or unit
investment trusts.

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The information required by Rule
10b–17 is necessary for the execution of
the Commission’s mandate under the
Securities Exchange Act of 1934 to
prevent fraudulent, manipulative, and
deceptive acts and practices. The
Commission has found that not
requiring formal notices of the types of
distributions covered by Rule 10b–17
has led to a number of abuses including
purchasers not being aware of their
rights to such distributions. It is only
through formal notice of the
distribution, including the date of the
distribution, that current holders,
potential buyers, or potential sellers of
the securities at issue will know their
rights to the distribution and make an
informed decision as to whether to buy
or sell a security.
There are approximately 7,588
respondents per year. These
respondents make approximately 29,952
responses per year. Each response takes
approximately 10 minutes to complete.
Thus, the total hour burden per year is
approximately 4,992 hours. The total
internal labor cost of compliance for
respondents associated with providing
notice under Rule 10b–17 is
approximately $431,258.88.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent by
November 15, 2023 to (i)
www.reginfo.gov/public/do/PRAMain
and (ii) David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected].
Dated: October 10, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–22734 Filed 10–13–23; 8:45 am]
BILLING CODE 8011–01–P

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