Rule 104, 17 CFR 242.104 (Stabilizing and other activities in connection with an offering)

OMB 3235-0465

OMB 3235-0465

Rule 104 requires that participants in a distribution collect the required information and provide the required notice regarding stabilizing, syndicate covering transactions, and penalty bids. The proposed amendments would require managing underwriters to identify or designate syndicate covering bids as such wherever communicated and would ban the use of penalty bids. The Commission does not receive this information and only examines it in the event of investigation. Investors, and the market in general, use this information in evaluating the price of the security in distribution.

The latest form for Rule 104, 17 CFR 242.104 (Stabilizing and other activities in connection with an offering) expires 2023-06-30 and can be found here.


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