Notice2023-28785
Submission for OMB Review; Comment Request; Extension: Rule 15c2-7
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
December 29, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 249 (Friday, December 29, 2023)</title>
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[Federal Register Volume 88, Number 249 (Friday, December 29, 2023)]
[Notices]
[Page 90222]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28785]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-420, OMB Control No. 3235-0479]
Submission for OMB Review; Comment Request; Extension: Rule 15c2-
7
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
15c2-7 (17 CFR 240.15c2-7) under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.).
Rule 15c2-7 places disclosure requirements on broker-dealers who
have correspondent relationships, or agreements identified in the Rule,
with other broker-dealers. Whenever any such broker-dealer enters a
quotation for a security through an inter-dealer quotation system, Rule
15c2-7 requires the broker-dealer to disclose these relationships and
agreements in the manner required by the Rule. The inter-dealer
quotation system must also be able to make these disclosures public in
association with the quotation the broker-dealer is making.
When Rule 15c2-7 was adopted in 1964, the information it requires
was necessary for execution of the Commission's mandate under the
Securities Exchange Act of 1934 to prevent fraudulent, manipulative,
and deceptive acts by broker-dealers. In the absence of the information
collection required under Rule 15c2-7, investors and broker-dealers
would have been unable to accurately determine the market depth of, and
demand for, securities in an inter-dealer quotation system.
There are approximately 3,493 broker-dealers registered with the
Commission. Any of these broker-dealers could be potential respondents
for Rule 15c2-7, so the Commission is using that number as the number
of respondents. Rule 15c2-7 applies only to quotations entered into an
inter-dealer quotation system, such as OTC Link, operated by OTC
Markets Group Inc. (``OTC Link''). According to a representative of OTC
Link, it has not received any Rule 15c2-7 notices since the previous
PRA extension for Rule 15c2-7 in 2020; nor does OTC Link anticipate
receiving any Rule 15c2-7 notices. However, because such notices could
be made, the Commission estimates that one filing is made annually
pursuant to Rule 15c2-7.
Based on prior industry reports, the Commission estimates that the
average time required to enter a disclosure pursuant to the Rule is .75
minutes, or 45 seconds. The Commission sees no reason to change this
estimate. We estimate that impacted respondents spend a total of .0125
hours per year to comply with the requirements of Rule 15c2-7 (1 notice
(x) 45 seconds/notice).
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 January 29, 2024 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#c29290839d8fa3abaea0adba82b1a7a1eca5adb4"><span class="__cf_email__" data-cfemail="08585a4957456961646a6770487b6d6b266f677e">[email protected]</span></a>.
Dated: December 26, 2023.
Christina Z. Milnor,
Assistant Secretary.
[FR Doc. 2023-28785 Filed 12-28-23; 8:45 am]
BILLING CODE 8011-01-P
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