Notice2026-11129
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15g-2
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
June 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 106 (Wednesday, June 3, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]
[Notices]
[Page 33283]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11129]
[[Page 33283]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0434]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 15g-2
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 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``SEC'' or ``Commission'') is soliciting comments on the
proposed collection of information provided for in Rule 15g-2 (17 CFR
240.15g-2) under the Securities Exchange Act of 1934 (15 U.S.C 78a et
seq.) (``Exchange Act'').
In adopting Rule 15g-2, the Commission sought to combat the
unscrupulous, high-pressure sales tactics of certain broker-dealers by
imposing objective and readily reviewable requirements on the process
by which customers are induced to purchase low-priced stocks: \1\
---------------------------------------------------------------------------
\1\ See Exchange Act Release No. 51983 (Jul. 7, 2005), 70 FR
40613 (Jul. 13, 2005).
---------------------------------------------------------------------------
<bullet> Rule 15g-2(a) prohibits a broker-dealer from effecting a
transaction in a penny stock for, or with, the account of a customer
unless, prior to effecting the first such transaction, the broker-
dealer: (1) provides to the customer a disclosure document containing,
among other things, the information set forth in Schedule 15G under the
Exchange Act (``penny stock disclosure document''); and (2) receives a
signed and dated acknowledgement of receipt of that document by the
customer. The penny stock disclosure document gives several important
warnings to investors concerning the penny stock market, and cautions
investors against making a hurried investment decision;
<bullet> Rule 15g-2(b) prohibits a broker-dealer from effecting a
transaction in any penny stock for, or with, the account of a customer
less than two business days after the broker-dealer sends the customer
the penny stock disclosure document;
<bullet> Rule 15g-2(c) requires broker-dealers to maintain a copy
of a customer's written acknowledgement for at least three years
following the date on which the risk disclosure document was provided
to the customer, the first two years in an accessible place; and
<bullet> Rule 15g-2(d) requires a broker-dealer, upon request of a
customer, to furnish the customer with a copy of certain information
set forth on the Commission's website.
The Commission estimates that approximately 162 broker-dealers are
engaged in penny stock transactions and that each of these firms
processes an average of three new customers for penny stocks per week
(52 weeks per year x 3 transactions per week = 156 transactions per
year). The Commission further estimates that half (or 81) of the
broker-dealers send the penny stock disclosure documents by mail, and
the other half send them through electronic means such as email.
Because the Commission estimates that the copying and mailing of the
penny stock disclosure document takes approximately two minutes, there
is an aggregate annual burden of approximately 421.2 hours (2 minutes
per response x 1 hour per 60 minutes x 156 responses per respondent x
81 respondents) for this third-party disclosure burden. Additionally,
because the Commission estimates that sending the penny stock
disclosure document electronically takes approximately one minute,
there is an aggregate annual burden of approximately 210.6 hours (1
minutes per response x 1 hour per 60 minutes x 156 responses per
respondent x 81 respondents) for this third-party disclosure burden.
Broker-dealers also incur a recordkeeping burden of approximately
two minutes per response when processing penny stock disclosure
documents as required pursuant to Rule 15g-2(c). As such, respondents
incur an aggregate annual recordkeeping burden of approximately 842.4
hours (2 minutes per response x 1 hour per 60 minutes x 156 responses
per respondent x 162 respondents) for this recordkeeping burden.
In addition, approximately 25% of the 156 customers who receive a
penny stock disclosure document from their broker-dealer each year also
request that their broker-dealer provides them with the additional
information under Rule 15g-2(d), for a total of 39 customers per year
(156 respondents per year x 0.25). Because the Commission estimates
that the copying and mailing of the disclosure document containing the
additional information takes approximately two minutes, there is an
aggregate annual burden of approximately 210.6 hours (2 minutes per
customer x 1 hour per 60 minutes x 39 customers per respondent x 162
respondents) for this third-party disclosure burden.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (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,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#2676475643545149544d7443425345524f49486745526655434508414950"><span class="__cf_email__" data-cfemail="6636071603141109140d3403021305120f09082705122615030548010910">[email protected]</span></a> by August 3, 2026.
Dated: June 1, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-11129 Filed 6-2-26; 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 June 3, 2026.
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.