Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2026/03/31/2026-06136·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 [OMB Control No. 3235-0466] Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 103 *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 103 of Regulation M (17 CFR 242.103), under the Securities Exchange Act of 1934 (15 U.S.C. 78a *et seq.* ).
Rule 103 permits passive market-making in Nasdaq securities during a distribution. A distribution participant that seeks use of this exception would be required to disclose to third parties its intention to engage in passive market making. There are approximately 249 respondents per year that require an aggregate total of approximately 249 hours to comply with this rule. Each respondent makes an estimated 1 annual response. Each response takes approximately 1 hour to complete.
Thus, the total hour burden per year is approximately 249 hours (249 secondary offerings of Nasdaq securities eligible for passive market making × 1 hour per offering). The total estimated aggregate internal cost of compliance for the respondents is approximately $40,836 per year, resulting in an estimated aggregate internal cost of compliance per response of approximately $164 ( *i.e.,* $40,836/249 responses). 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 the proposed collection of information is necessary for the proper performance of the functions of the SEC, including whether the information shall have practical utility;
(b)the accuracy of the SEC's estimate of the burden 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 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 *PaperworkReductionAct@sec.gov* by June 1, 2026. There will be a second opportunity to comment on this SEC request following the **Federal Register** publishing a 30-Day Submission Notice. Dated: March 26, 2026. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2026-06136 Filed 3-30-26; 8:45 am]
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