Notice2023-24370
Proposed Collection; Comment Request; Extension: Rule 12f-1
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 3, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 212 (Friday, November 3, 2023)</title>
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[Federal Register Volume 88, Number 212 (Friday, November 3, 2023)]
[Notices]
[Pages 75630-75631]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-24370]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-139, OMB Control No. 3235-0128]
Proposed Collection; Comment Request; Extension: Rule 12f-1
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'') is soliciting comments on the existing
collection of information provided for in Rule 12f-1 (17 CFR 240.12f-
1), under the Securities Exchange Act of 1934 (``Act'') (15 U.S.C. 78a
et seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
Rule 12f-1 (``Rule''), originally adopted in 1979 pursuant to
Sections 12(f) and 23(a) of the Act, and as further modified in 1995
and 2005, sets forth the requirements for filing an exchange
application to reinstate unlisted trading privileges (``UTP'') in a
security in which UTP has been suspended by the Commission pursuant to
Section 12(f)(2)(A) of the Act. Under Rule 12f-1, an exchange must
submit one copy of an application for reinstatement of UTP to the
Commission that contains specified information, as set forth in the
Rule. The application for reinstatement, pursuant to the Rule, must
provide the name of the issuer, the title of the security, the name of
each national securities exchange, if any, on which the security is
listed or admitted to unlisted trading privileges, whether transaction
information concerning the security is reported pursuant to an
effective transaction reporting plan contemplated by Rule 601 of
Regulation NMS, the date of the Commission's suspension of unlisted
trading privileges in the security on the exchange, and any other
pertinent
[[Page 75631]]
information related to whether the reinstatement of UTP in the subject
security is consistent with the maintenance of fair and orderly markets
and the protection of investors. Rule 12f-1 further requires a national
securities exchange seeking to reinstate its ability to extend unlisted
trading privileges in a security to indicate that it has provided a
copy of such application to the issuer of the security, as well as to
any other national securities exchange on which the security is listed
or admitted to unlisted trading privileges.
The information required by Rule 12f-1 enables the Commission to
make the necessary findings under the Act prior to granting
applications to reinstate unlisted trading privileges. This information
is also made available to members of the public who may wish to comment
upon the applications. Without the Rule, the Commission would be unable
to fulfill these statutory responsibilities.
There are currently 24 national securities exchanges subject to
Rule 12f-1. The burden of complying with Rule 12f-1 arises when a
potential respondent seeks to reinstate its ability to extend unlisted
trading privileges to any security for which unlisted trading
privileges have been suspended by the Commission, pursuant to Section
12(f)(2)(A) of the Act. The staff estimates that each application would
require approximately one hour to complete. Thus, each potential
respondent would incur on average one burden hour in complying with the
Rule.
The Commission staff estimates that there could be as many as 24
responses annually for an aggregate annual hour burden for all
respondents of approximately 24 hours (24 responses x 1 hour per
response). Each respondent's related internal cost of compliance for
Rule 12f-1 would be approximately $242.00 (the cost of one hour of
professional work of a paralegal needed to complete the application).
The total annual cost of compliance for all potential respondents,
therefore, is approximately $5,808 (24 responses x $242.00 per
response).
Compliance with Rule 12f-1 is mandatory. Rule 12f-1 does not have a
record retention requirement per se. However, responses made pursuant
to Rule 12f-1 are subject to the recordkeeping requirements of Rules
17a-3 and 17a-4 of the Act. Information received in response to Rule
12f-1 shall not be kept confidential; the information collected is
public information.
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
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 by
January 2, 2024.
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
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to:
<a href="/cdn-cgi/l/email-protection#b7e7e5f6e8fad6dedbd5d8cff7c4d2d499d0d8c1"><span class="__cf_email__" data-cfemail="e0b0b2a1bfad81898c828f98a0938583ce878f96">[email protected]</span></a>.
Dated: October 31, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-24370 Filed 11-2-23; 8:45 am]
BILLING CODE 8011-01-P
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