Notice2021-24144
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
November 5, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 212 (Friday, November 5, 2021)</title>
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[Federal Register Volume 86, Number 212 (Friday, November 5, 2021)]
[Notices]
[Pages 61356-61357]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-24144]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-421, OMB Control No. 3235-0481]
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: U.S. Securities and
Exchange Commission, Office of FOIA Services, 100 F Street NE,
Washington, DC 20549-2736
Extension:
Rule 15c2-8
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (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 15c2-8 (17 CFR 240.15c2-
8). The Commission plans to submit this existing collection of
information to the Office of Management and Budget for extension and
approval.
Rule 15c2-8 under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.) requires broker-dealers to deliver preliminary and/or
final prospectuses to certain people under certain circumstances. In
connection with securities offerings generally, including initial
public offerings (``IPOs''), the rule requires broker-dealers to take
reasonable steps to distribute copies of the preliminary or final
prospectus to anyone who makes a written request, as well as any
broker-dealer who is expected to solicit purchases of the security and
who makes a request. In connection with IPOs, the rule requires a
broker-dealer to send a copy of the preliminary prospectus to any
person who is expected to receive a confirmation of sale (generally,
this means any person who is expected to actually purchase the security
in the offering) at least 48 hours prior to the sending of such
confirmation. This requirement is sometimes referred to as the ``48
hour rule.''
Additionally, managing underwriters are required to take reasonable
steps to ensure that all broker-dealers participating in the
distribution of or trading in the security have sufficient copies of
the preliminary or final prospectus, as requested by them, to enable
such broker-dealer to satisfy their respective prospectus delivery
obligations pursuant to Rule 15c2-8, as well as Section 5 of the
Securities Act of 1933.
Rule 15c2-8 implicitly requires that broker-dealers collect
information, as such collection facilitates compliance with the rule.
There is no requirement to submit collected information to the
Commission. In order to comply with the rule, broker-dealers
participating in a securities offering must keep accurate records of
persons who have indicated interest in an IPO or requested a
prospectus, so that they know to whom they must send a prospectus.
The Commission estimates that the time broker-dealers will spend
complying with the collection of information required by the rule is
24,200 hours for equity IPOs and 29,320
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hours for other offerings. The Commission estimates that the total
annualized cost burden (copying and postage costs) is $48,400,000 for
IPOs and $1,172,800 for other offerings.
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
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be 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 John
R. Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email
to: <a href="/cdn-cgi/l/email-protection#a0f0f2e1ffedc1c9ccc2cfd8e0d3c5c38ec7cfd6"><span class="__cf_email__" data-cfemail="7d2d2f3c22301c14111f12053d0e181e531a120b">[email protected]</span></a>.
Dated: November 1, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-24144 Filed 11-4-21; 8:45 am]
BILLING CODE 8011-01-P
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