Notice2021-16410
Proposed Collection; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 2, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 145 (Monday, August 2, 2021)</title>
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[Federal Register Volume 86, Number 145 (Monday, August 2, 2021)]
[Notices]
[Pages 41529-41530]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-16410]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-098, OMB Control No. 3235-0081]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Rule 12d2-1
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'') is soliciting comments on the existing
collection of information provided for in Rule 12d2-1(17 CFR 240.12d2-
1) under the Securities Exchange Act of 1934 (15 U.S.C. 78b et seq.)
(``Act''). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
On February 12, 1935, the Commission adopted Rule 12d2-1 \1\(''
Suspension of Trading'') to establish the procedures by which a
national securities exchange may suspend from trading a security that
is listed and registered on the exchange under Section 12(d) of the
Act.\2\ Under Rule 12d2-1, an exchange is permitted to suspend from
trading a listed security in accordance with its rules, and must
promptly notify the Commission of any such suspension, along with the
effective date and the reasons for the suspension.
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\1\ See Securities Exchange Act Release No. 98 (February 12,
1935).
\2\ See Securities Exchange Act Release No. 7011 (February 5,
1963), 28 FR 1506 (February 16, 1963).
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Any such suspension may be continued until such time as the
Commission may determine that the suspension is designed to evade the
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provisions of Section 12(d) of the Act and Rule 12d2-2 thereunder.\3\
During the continuance of such suspension under Rule 12d2-1, the
exchange is required to notify the Commission promptly of any change in
the reasons for the suspension. Upon the restoration to trading of any
security suspended under Rule 12d2-1, the exchange must notify the
Commission promptly of the effective date of such restoration.
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\3\ Rule 12d2-2 prescribes the circumstances under which a
security may be delisted from an exchange and withdrawn from
registration under Section 12(b) of the Act, and provides the
procedures for taking such action.
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The trading suspension notices serve a number of purposes. First,
they inform the Commission that an exchange has suspended from trading
a listed security or reintroduced trading in a previously suspended
security. They also provide the Commission with information necessary
for it to determine that the suspension has been accomplished in
accordance with the rules of the exchange, and to verify that the
exchange has not evaded the requirements of Section 12(d) of the Act
and Rule 12d2-2 thereunder by improperly employing a trading
suspension. Without Rule 12d2-1, the Commission would be unable to
fully implement these statutory responsibilities.
There are 24 national securities exchanges \4\ that are subject to
Rule 12d2-1. The burden of complying with Rule 12d2-1 is not evenly
distributed among the exchanges, however, since there are many more
securities listed on the New York Stock Exchange, Inc., the NASDAQ
Stock Market, and NYSE American LLC than on the other exchanges.\5\
There are approximately 878 responses \6\ under Rule 12d2-1 for the
purpose of suspension of trading from the national securities exchanges
each year, and the resultant aggregate annual reporting hour burden
would be, assuming on average one-half reporting hour per response, 439
annual burden hours for all exchanges. The related internal compliance
costs associated with these burden hours are $98,354 per year.
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\4\ The Exchanges are BOX Exchange LLC, Cboe BYX Exchange, Inc.,
Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGA Exchange,
Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., Investors
Exchange LLC, Long Term Stock Exchange, Inc., MEMX, LLC, Miami
International Securities Exchange, MIAX Emerald, LLC, MIAX PEARL,
LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX,
LLC, Nasdaq PHLX LLC, The Nasdaq Stock Market, New York Stock
Exchange LLC, NYSE Arca, Inc., NYSE Chicago, Inc., NYSE American
LLC, NYSE National, Inc.
\5\ In fact, some exchanges do not file any trading suspension
reports in a given year.
\6\ The 878 figure was calculated by averaging the numbers for
compliance in 2019 and 2020, which are 822 and 933, respectively.
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Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
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.
Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email
to: <a href="/cdn-cgi/l/email-protection#f7a7a5b6a8ba969e9b95988fb7849294d9909881"><span class="__cf_email__" data-cfemail="beeeecffe1f3dfd7d2dcd1c6fecddbdd90d9d1c8">[email protected]</span></a>.
Dated: July 28, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-16410 Filed 7-30-21; 8:45 am]
BILLING CODE 8011-01-P
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