Notice2024-25925
Submission for OMB Review; Comment Request; Extension: Rule 12d2-1
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 8, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 217 (Friday, November 8, 2024)</title>
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[Federal Register Volume 89, Number 217 (Friday, November 8, 2024)]
[Notices]
[Pages 88842-88843]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25925]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-098, OMB Control No. 3235-0081]
Submission for OMB Review; Comment Request; Extension: Rule 12d2-
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
[[Page 88843]]
(``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 12d2-1 (17 CFR
240.12d2-1), under the Securities Exchange Act of 1934 (15 U.S.C. 78a
et seq.) (``Act'').
On February 12, 1935, the Commission adopted Rule 12d2-1 \1\
(``Suspension of Trading'') which sets forth the conditions and
procedures under which a security may be suspended from trading under
Section 12(d) of the Act.\2\ Rule 12d2-1 provides the procedures by
which a national securities exchange may suspend from trading a
security that is listed and registered on the exchange. 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
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 Exchange, and the NYSE American LLC than on the other
exchanges.\5\ There are approximately 658 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, 329 annual burden hours for all exchanges. The
related internal compliance costs associated with these burden hours
are $79,618 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 658 figure was calculated by averaging the numbers for
compliance in 2021, 2022 and 2023, which are 538, 622 and 814,
respectively.
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The collection of information obligations imposed by Rule 12d2-1 is
mandatory. The response will be available to the public and will not be
kept confidential.
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 within 30 days of publication of this notice
by December 9, 2024 to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> or
<a href="/cdn-cgi/l/email-protection#b4f9f6ec9afbf9f69afbfde6f59ae7f1f7ebd0d1c7dfebdbd2d2ddd7d1c6f4dbd9d69ad1dbc49ad3dbc2"><span class="__cf_email__" data-cfemail="024f405a2c4d4f402c4d4b50432c5147415d666771695d6d64646b616770426d6f602c676d722c656d74">[email protected]</span></a>, and (ii) Austin Gerig,
Director/Chief Data Officer, Securities and Exchange Commission, c/o
Tanya Ruttenberg, 100 F Street NE, Washington, DC 20549, or by sending
an email to: <a href="/cdn-cgi/l/email-protection#1f4f4d5e40527e76737d70675f6c7a7c31787069"><span class="__cf_email__" data-cfemail="7e2e2c3f21331f17121c11063e0d1b1d50191108">[email protected]</span></a>.
Dated: November 4, 2024.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-25925 Filed 11-7-24; 8:45 am]
BILLING CODE 8011-01-P
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