Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2024/12/02/2024-28222·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270-421, OMB Control No. 3235-0481] Submission for OMB Review; Comment Request Extension: Rule 15c2-8 *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 existing collection of information provided for in the following rule:
Rule 15c2-8 (17 CFR 240.15c2-8), under the Securities Exchange Act of 1934 (15 U.S.C. 78a *et seq.* ). Rule 15c2-8 requires broker-dealers to deliver preliminary and/or final prospectuses to certain people under certain circumstances. In connection with securities offerings generally, including initial public offerings (“IPOs”), the rule requires broker-dealers to take reasonable steps to distribute copies of the preliminary or final prospectus to anyone who makes a written request, as well as any broker-dealer who is expected to solicit purchases of the security and who makes a request.
In connection with IPOs, the rule requires a broker-dealer to send a copy of the preliminary prospectus to any person who is expected to receive a confirmation of sale (generally, this means any person who is expected to actually purchase the security in the offering) at least 48 hours prior to the sending of such confirmation. This requirement is sometimes referred to as the “48-hour rule.” Additionally, managing underwriters are required to take reasonable steps to ensure that all broker-dealers participating in the distribution of or trading in the security have sufficient copies of the preliminary or final prospectus, as requested by them, to enable such broker-dealer to satisfy their respective prospectus delivery obligations pursuant to Rule 15c2-8, as well as Section 5 of the Securities Act of 1933.
Rule 15c2-8 implicitly requires that broker-dealers collect information, as such collection facilitates compliance with the rule. There is no requirement to submit collected information to the Commission. In order to comply with the rule, broker-dealers participating in a securities offering must keep accurate records of persons who have indicated interest in an IPO or requested a prospectus, so that they know to whom they must send a prospectus. The Commission estimates that the time broker-dealers will spend complying with the collection of information required by the rule is 8,550 hours for equity IPOs and 23,970 hours for other offerings.
The Commission estimates that the total annualized cost burden (copying and postage costs) is $17,100,000 for IPOs and $958,800 for other offerings. 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 30-day public comment period for this information collection request opens on December 3, 2024 and ends on January 2, 2025. View the full information request and submit comments at *https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202409-3235-013* or email comments to *MBX.OMB.OIRA.SEC_desk_officer@omb.eop.gov.* Dated:
November 26, 2024. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024-28222 Filed 11-29-24; 8:45 am]
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- 17 CFR 240.15
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