Notice2023-22734
Submission for OMB Review; Comment Request; Extension: Rule 10b-17
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
October 16, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 198 (Monday, October 16, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 198 (Monday, October 16, 2023)]
[Notices]
[Page 71388]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-22734]
-----------------------------------------------------------------------
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.
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: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. 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) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> 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:
<a href="/cdn-cgi/l/email-protection#025250435d4f636b6e606d7a427167612c656d74"><span class="__cf_email__" data-cfemail="4a1a180b15072b23262825320a392f29642d253c">[email protected]</span></a>.
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
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on October 16, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.