Proposed Collection; Comment Request; Extension: Rule 15c2-11, 21731-21732 [2023-07495]
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Federal Register / Vol. 88, No. 69 / Tuesday, April 11, 2023 / Notices
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the MSRB. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–MSRB–2023–01 and should
be submitted on or before April 26,
2023.
For the Commission, pursuant to delegated
authority.44
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–07502 Filed 4–10–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–196, OMB Control No.
3235–0202]
Proposed Collection; Comment
Request; Extension: Rule 15c2–11
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 15c2–11 (17 CFR
240.15c2–11) (‘‘Rule’’), under the
Securities Exchange Act of 1934 (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 15c2–11 governs the publication
of quotations for securities in a
quotation medium other than a national
securities exchange (i.e., over the
counter (‘‘OTC’’) securities). The Rule is
designed to prevent broker-dealers from
publishing or submitting quotations for
OTC securities that may facilitate a
fraudulent or manipulative scheme.
Subject to certain exceptions, the Rule
prohibits broker-dealers from publishing
any quotation for a security or, directly
or indirectly, submitting any quotation
for publication, in a quotation medium
unless they have reviewed specified
information concerning the issuer.
Based on the current structure of the
market, the Commission staff believes
that the recordkeeping and review
requirements under Rule 15c2–11 1
apply to 86 broker-dealers, one qualified
interdealer quotation system (‘‘Q–
IDQS’’), and one registered national
securities association.2 Based on
information provided by the Financial
Industry Regulatory Authority, Inc.
(‘‘FINRA’’), the Commission staff
understands that in the 2022 calendar
year, 377 Form 211 applications were
filed to initiate the publication or
submission of quotations of OTC
securities: 3 60 of these Forms 211
concerned OTC securities of prospectus
issuers, Regulation A (‘‘Reg. A’’) issuers,
and reporting issuers; 258 concerned
OTC securities of ‘‘exempt foreign
private issuers’’; and 59 concerned OTC
securities of ‘‘catch-all issuers.’’ The
collection of information that is
submitted to FINRA for review and
approval is currently not available to the
public from FINRA.
The Commission staff’s estimates of
the ongoing annual hour burdens
associated with the information
collection requirements prescribed in
the Rule are summarized in the chart
below.
Total annual
burden
industrywide
(hours)
Information collection
Recordkeeping associated with the initial publication or submission of a quotation in a quotation medium .....................................
Recordkeeping when relying on an exception under paragraph (f), that paragraph (b) information is current and publicly available ...................................................................................................................................................................................................
Recordkeeping obligations under unsolicited quotation exception under paragraph (f)(2) ................................................................
Recordkeeping obligations regarding the frequency of a priced bid or offer quotation under paragraph (f)(3)(i)(A) .........................
Recordkeeping obligations regarding determining shell status under the proviso in paragraph (f)(3)(i)(B) .......................................
Recordkeeping obligations regarding trading suspensions under the provision in paragraph (f)(3)(i)(B) ..........................................
Recordkeeping obligations for the exceptions under paragraph (f)(5)—Asset Test ...........................................................................
Recordkeeping obligations for the exceptions under paragraph (f)(5)—ADTV Test ..........................................................................
Recordkeeping obligations of broker-dealers relying on a Q-IDQS complying with information review requirement pursuant to
paragraph (a)(1)(ii) ...........................................................................................................................................................................
Recordkeeping obligations related to the creation of reasonable written policies and procedures under paragraph (a)(3) .............
44 17
CFR 200.30–3(a)(12).
2021, Commission staff issued a no-action
letter, stating that the staff of the Division of
Trading and Markets would not recommend
enforcement action under certain conditions for
quotations of certain fixed-income securities on the
over-the-counter markets to allow for an orderly
and good faith transition into compliance with Rule
15c2–11, as amended in 2020. In 2022, this letter
was withdrawn by the issuance of a new (but
consistent) no-action letter, which provides a
temporary staff position that expires on January 4,
2025. Because it is widely understood that brokerdealers and other respondents are relying on this
no-action position so that they do not need to
lotter on DSK11XQN23PROD with NOTICES1
1 In
VerDate Sep<11>2014
17:45 Apr 10, 2023
Jkt 259001
comply with the requirements of Rule 15c2–11 for
fixed income securities, the estimates contained
herein are made with regard to equity securities
only. Burden estimates that account for fixed
income securities are, therefore, subject to change.
2 In calendar year 2022, 86 broker-dealers
published quotations on OTC Markets Group’s
systems. The Commission staff believes that this
number reasonably estimates the number of brokerdealers that would engage in activities that would
subject them to Rule 15c2–11. Based on the current
structure of the market for quoted OTC securities,
the Commission staff believes that only one Q–
IDQS would engage in activities that would subject
it to Rule 15c2–11. There currently is one registered
PO 00000
Frm 00130
Fmt 4703
Sfmt 4703
21731
26,231
64,339
537,954
95,166
64,339
3
393
99,053
28
20
national securities association. 86 broker-dealers +
1 Q–IDQS + 1 registered national securities
association = 88 respondents.
3 A broker-dealer that initiates or resumes a
quotation in an OTC equity security is subject to
FINRA Rule 6432, which requires the broker-dealer
to demonstrate compliance with, among other
things, Rule 15c2–11 by filing Form 211. Given the
alignment of this FINRA requirement and Rule
15c2–11, the Commission staff believes that the
number of Forms 211 filed with FINRA in 2022
provides a reasonable baseline from which to
estimate the burdens associated with the
information review requirement under Rule 15c2–
11.
E:\FR\FM\11APN1.SGM
11APN1
21732
Federal Register / Vol. 88, No. 69 / Tuesday, April 11, 2023 / Notices
Total annual
burden
industrywide
(hours)
Information collection
Recordkeeping obligations of broker-dealers relying on publicly available determinations by Q–IDQSs or registered national securities associations pursuant to paragraph (d)(2)(ii) ......................................................................................................................
93,003
Total Hour Burden for all Respondents .......................................................................................................................................
980,529
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
June 12, 2023.
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: PRA_
Mailbox@sec.gov.
Dated: April 5, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–07495 Filed 4–10–23; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Issued on 04/03/2023.
Physical Loan Application Deadline
Date: 06/02/2023.
Economic Injury (EIDL) Loan
Application Deadline Date: 01/03/2024.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Recovery &
Resilience, U.S. Small Business
Administration, 409 3rd Street SW,
Suite 6050, Washington, DC 20416,
(202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
04/03/2023, applications for disaster
loans may be filed at the address listed
above or other locally announced
locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties (Physical Damage and
Economic Injury Loans): Kern,
Mariposa, Monterey, San Benito,
Santa Cruz, Tulare, Tuolumne.
Contiguous Counties (Economic Injury
Loans Only):
California: Alpine, Calaveras, Fresno,
Inyo, Kings, Los Angeles, Madera,
Merced, Mono, San Bernardino, San
Luis Obispo, San Mateo, Santa
Barbara, Santa Clara, Stanislaus,
Ventura.
The Interest Rates are:
DATES:
[Disaster Declaration #17842 and #17843;
CALIFORNIA Disaster Number CA–00376]
Presidential Declaration of a Major
Disaster for the State of California
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for the State of CALIFORNIA
(FEMA–4699–DR), dated 04/03/2023.
Incident: Severe Winter Storms,
Straight-line Winds, Flooding,
Landslides, and Mudslides.
Incident Period: 02/21/2023 and
continuing.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
17:45 Apr 10, 2023
Jkt 259001
For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
PO 00000
Frm 00131
Fmt 4703
Sfmt 4703
Percent
Non-Profit Organizations without Credit Available Elsewhere .....................................
2.375
The number assigned to this disaster
for physical damage is 17842 B and for
economic injury is 17843 0.
(Catalog of Federal Domestic Assistance
Number 59008)
Francisco Sa´nchez, Jr.,
Associate Administrator, Office of Disaster
Recovery & Resilience.
[FR Doc. 2023–07541 Filed 4–10–23; 8:45 am]
BILLING CODE 8026–09–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #17860; CALIFORNIA
Disaster Number CA–00375 Declaration of
Economic Injury
Administrative Declaration of an
Economic Injury Disaster for the State
of California
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a notice of an
Economic Injury Disaster Loan (EIDL)
declaration for the State of California
dated 04/05/2023.
Incident: Monterey Park Mass
Shooting and Related Investigation.
Incident Period: 01/21/2023 through
01/28/2023.
DATES: Issued on 04/05/2023.
Percent
Economic Injury (EIDL) Loan
Application Deadline Date: 01/05/2024.
ADDRESSES: Submit completed loan
4.750 applications to: U.S. Small Business
Administration, Processing and
2.375 Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
8.000
FOR FURTHER INFORMATION CONTACT: A.
4.000 Escobar, Office of Disaster Recovery &
Resilience, U.S. Small Business
2.375 Administration, 409 3rd Street SW,
Suite 6050, Washington, DC 20416,
(202) 205–6734.
2.375
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s EIDL declaration,
4.000 applications for economic injury
SUMMARY:
E:\FR\FM\11APN1.SGM
11APN1
]]>Agencies
[Federal Register Volume 88, Number 69 (Tuesday, April 11, 2023)]
[Notices]
[Pages 21731-21732]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07495]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-196, OMB Control No. 3235-0202]
Proposed Collection; Comment Request; Extension: Rule 15c2-11
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 15c2-11 (17 CFR
240.15c2-11) (``Rule''), under the Securities Exchange Act of 1934 (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 15c2-11 governs the publication of quotations for securities
in a quotation medium other than a national securities exchange (i.e.,
over the counter (``OTC'') securities). The Rule is designed to prevent
broker-dealers from publishing or submitting quotations for OTC
securities that may facilitate a fraudulent or manipulative scheme.
Subject to certain exceptions, the Rule prohibits broker-dealers from
publishing any quotation for a security or, directly or indirectly,
submitting any quotation for publication, in a quotation medium unless
they have reviewed specified information concerning the issuer.
Based on the current structure of the market, the Commission staff
believes that the recordkeeping and review requirements under Rule
15c2-11 \1\ apply to 86 broker-dealers, one qualified interdealer
quotation system (``Q-IDQS''), and one registered national securities
association.\2\ Based on information provided by the Financial Industry
Regulatory Authority, Inc. (``FINRA''), the Commission staff
understands that in the 2022 calendar year, 377 Form 211 applications
were filed to initiate the publication or submission of quotations of
OTC securities: \3\ 60 of these Forms 211 concerned OTC securities of
prospectus issuers, Regulation A (``Reg. A'') issuers, and reporting
issuers; 258 concerned OTC securities of ``exempt foreign private
issuers''; and 59 concerned OTC securities of ``catch-all issuers.''
The collection of information that is submitted to FINRA for review and
approval is currently not available to the public from FINRA.
---------------------------------------------------------------------------
\1\ In 2021, Commission staff issued a no-action letter, stating
that the staff of the Division of Trading and Markets would not
recommend enforcement action under certain conditions for quotations
of certain fixed-income securities on the over-the-counter markets
to allow for an orderly and good faith transition into compliance
with Rule 15c2-11, as amended in 2020. In 2022, this letter was
withdrawn by the issuance of a new (but consistent) no-action
letter, which provides a temporary staff position that expires on
January 4, 2025. Because it is widely understood that broker-dealers
and other respondents are relying on this no-action position so that
they do not need to comply with the requirements of Rule 15c2-11 for
fixed income securities, the estimates contained herein are made
with regard to equity securities only. Burden estimates that account
for fixed income securities are, therefore, subject to change.
\2\ In calendar year 2022, 86 broker-dealers published
quotations on OTC Markets Group's systems. The Commission staff
believes that this number reasonably estimates the number of broker-
dealers that would engage in activities that would subject them to
Rule 15c2-11. Based on the current structure of the market for
quoted OTC securities, the Commission staff believes that only one
Q-IDQS would engage in activities that would subject it to Rule
15c2-11. There currently is one registered national securities
association. 86 broker-dealers + 1 Q-IDQS + 1 registered national
securities association = 88 respondents.
\3\ A broker-dealer that initiates or resumes a quotation in an
OTC equity security is subject to FINRA Rule 6432, which requires
the broker-dealer to demonstrate compliance with, among other
things, Rule 15c2-11 by filing Form 211. Given the alignment of this
FINRA requirement and Rule 15c2-11, the Commission staff believes
that the number of Forms 211 filed with FINRA in 2022 provides a
reasonable baseline from which to estimate the burdens associated
with the information review requirement under Rule 15c2-11.
---------------------------------------------------------------------------
The Commission staff's estimates of the ongoing annual hour burdens
associated with the information collection requirements prescribed in
the Rule are summarized in the chart below.
------------------------------------------------------------------------
Total annual
burden
Information collection industrywide
(hours)
------------------------------------------------------------------------
Recordkeeping associated with the initial publication or 26,231
submission of a quotation in a quotation medium........
Recordkeeping when relying on an exception under 64,339
paragraph (f), that paragraph (b) information is
current and publicly available.........................
Recordkeeping obligations under unsolicited quotation 537,954
exception under paragraph (f)(2).......................
Recordkeeping obligations regarding the frequency of a 95,166
priced bid or offer quotation under paragraph
(f)(3)(i)(A)...........................................
Recordkeeping obligations regarding determining shell 64,339
status under the proviso in paragraph (f)(3)(i)(B).....
Recordkeeping obligations regarding trading suspensions 3
under the provision in paragraph (f)(3)(i)(B)..........
Recordkeeping obligations for the exceptions under 393
paragraph (f)(5)--Asset Test...........................
Recordkeeping obligations for the exceptions under 99,053
paragraph (f)(5)--ADTV Test............................
Recordkeeping obligations of broker-dealers relying on a 28
Q[dash]IDQS complying with information review
requirement pursuant to paragraph (a)(1)(ii)...........
Recordkeeping obligations related to the creation of 20
reasonable written policies and procedures under
paragraph (a)(3).......................................
[[Page 21732]]
Recordkeeping obligations of broker-dealers relying on 93,003
publicly available determinations by Q-IDQSs or
registered national securities associations pursuant to
paragraph (d)(2)(ii)...................................
---------------
Total Hour Burden for all Respondents............... 980,529
------------------------------------------------------------------------
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
June 12, 2023.
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:
[email protected].
Dated: April 5, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-07495 Filed 4-10-23; 8:45 am]
BILLING CODE 8011-01-P
