Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)

Forms and Documents

Document Name	Status
Supporting Statement (3235-0202-- Final Rule Amendments to Rule 15c2-11).pdf Supporting Statement A	2022-01-21

IC Document Collections

IC ID	Document Title	Status
34565	Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)	Removed
251247	Recordkeeping obligations of broker-dealers relying on publicly available determinations by qualified IDQSs or registered national securities associations pursuant to paragraph (d)(2)(ii)	New
251246	Recordkeeping obligations related to the creation of reasonable written policies and procedures under paragraph (a)(3)	New
251245	Recordkeeping obligations of broker-dealers relying on a qualified IDQS complying with information review requirement pursuant to paragraph (a)(1)(ii)	New
251244	Recordkeeping obligations for the exceptions under paragraph (f)(5) – ADTV Test	New
251243	Recordkeeping obligations for the exceptions under paragraph (f)(5) – Asset Test	New
251242	Recordkeeping obligations regarding trading suspensions under the provision in paragraph (f)(3)(i)(B)	New
251241	Recordkeeping obligations regarding determining shell status under the provision in paragraph (f)(3)(i)(B)	New
251240	Recordkeeping obligations regarding frequency of a priced bid or offer quotation under paragraph (f)(3)(i)(A)	New
251239	Recordkeeping obligations under unsolicited quotation exception under paragraph (f)(2)	New
251238	Recordkeeping when relying on an exception under paragraph (f), that paragraph (b) information is current and publicly available	New
251237	Recordkeeping Associated with the initial publication or submission of a Quotation in a Quotation Medium	New

ICR Details

OMB Control No: 3235-0202	ICR Reference No: 202201-3235-016
Status: Received in OIRA	Previous ICR Reference No: 202002-3235-023
Agency/Subagency: SEC	Agency Tracking No: TM-270-196
Title: Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 01/22/2022

	Requested	Previously Approved
Expiration Date	07/31/2023	07/31/2023
Responses	5,162	384
Time Burden (Hours)	403,411	2,724
Cost Burden (Dollars)	0	0

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Abstract: Rule 15C2-11 (the "Rule") 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 Commission adopted amendments to modernize the Rule, promote investor protection, and curb incidents of fraud and manipulation by, among other things: requiring information about issuers to be current and publicly available for broker-dealers to quote their securities in the OTC market; narrowing reliance on certain exceptions from the Rule’s requirements, including the piggyback exception; adding new exceptions for the quotations of securities that may be less susceptible to fraud and manipulation; removing obsolete provisions; adding new definitions; and making technical amendments.

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Authorizing Statute(s): US Code: 15 USC 78o(c)(2) and 78w Name of Law: Sections 15(c)(2) and 23(a) of the Securities Exchange Act of 1934.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM54	Final or interim final rulemaking	85 FR 68124	10/27/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 11

IC Title	Form No.	Form Name
Recordkeeping Associated with the initial publication or submission of a Quotation in a Quotation Medium
Recordkeeping obligations for the exceptions under paragraph (f)(5) – ADTV Test
Recordkeeping obligations for the exceptions under paragraph (f)(5) – Asset Test
Recordkeeping obligations of broker-dealers relying on a qualified IDQS complying with information review requirement pursuant to paragraph (a)(1)(ii)
Recordkeeping obligations of broker-dealers relying on publicly available determinations by qualified IDQSs or registered national securities associations pursuant to paragraph (d)(2)(ii)
Recordkeeping obligations regarding determining shell status under the provision in paragraph (f)(3)(i)(B)
Recordkeeping obligations regarding frequency of a priced bid or offer quotation under paragraph (f)(3)(i)(A)
Recordkeeping obligations regarding trading suspensions under the provision in paragraph (f)(3)(i)(B)
Recordkeeping obligations related to the creation of reasonable written policies and procedures under paragraph (a)(3)
Recordkeeping obligations under unsolicited quotation exception under paragraph (f)(2)
Recordkeeping when relying on an exception under paragraph (f), that paragraph (b) information is current and publicly available
Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	5,162	384	0	4,778	0	0
Annual Time Burden (Hours)	403,411	2,724	0	400,687	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Commission adopted rule amendments that focus more closely on those OTC securities that the Commission believes are more likely to be prone to fraud and manipulation by addressing the lack of transparency of some issuers. The Commission also adopted amendments to reduce regulatory burdens on broker-dealers for quotations concerning OTC securities that appear to present lower risk. The rule amendments resulted in new or updated burden estimates to 3235-0202. These are discussed in more detail in the attached Supporting Statement.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 01/22/2022

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