83 FR 18371 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 81 (April 26, 2018)

[Federal Register Volume 83, Number 81 (Thursday, April 26, 2018)]
[Notices]
[Page 18371]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-08828]



[[Page 18371]]

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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736.

Extension:
    Rule 12d2-1, SEC File No. 270-098, OMB Control No. 3235-0081.

    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 collection of 
information provided for in Rule 12d2-1 (17 CFR 240.12d2-1) under the 
Securities Exchange Act of 1934 (15 U.S.C. 78b et seq.) (``Act''). The 
Commission plans to submit this existing collection of information to 
the Office of Management and Budget (``OMB'') for extension and 
approval.
    On February 12, 1935, the Commission adopted Rule 12d2-1 \1\ 
(``Suspension of Trading'') to establish the procedures by which a 
national securities exchange may suspend from trading a security that 
is listed and registered on the exchange under Section 12(d) of the 
Act.\2\ Under Rule 12d2-1, an exchange is permitted to suspend from 
trading a listed security in accordance with its rules, and must 
promptly notify the Commission of any such suspension, along with the 
effective date and the reasons for the suspension.
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    \1\ See Securities Exchange Act Release No. 98 (February 12, 
1935).
    \2\ See Securities Exchange Act Release No. 7011 (February 5, 
1963), 28 FR 1506 (February 16, 1963).
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    Any such suspension may be continued until such time as the 
Commission may determine that the suspension is designed to evade the 
provisions of Section 12(d) of the Act and Rule 12d2-2 thereunder.\3\ 
During the continuance of such suspension under Rule 12d2-1, the 
exchange is required to notify the Commission promptly of any change in 
the reasons for the suspension. Upon the restoration to trading of any 
security suspended under Rule 12d2-1, the exchange must notify the 
Commission promptly of the effective date of such restoration.
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    \3\ Rule 12d2-2 prescribes the circumstances under which a 
security may be delisted from an exchange and withdrawn from 
registration under Section 12(b) of the Act, and provides the 
procedures for taking such action.
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    The trading suspension notices serve a number of purposes. First, 
they inform the Commission that an exchange has suspended from trading 
a listed security or reintroduced trading in a previously suspended 
security. They also provide the Commission with information necessary 
for it to determine that the suspension has been accomplished in 
accordance with the rules of the exchange, and to verify that the 
exchange has not evaded the requirements of Section 12(d) of the Act 
and Rule 12d2-2 thereunder by improperly employing a trading 
suspension. Without Rule 12d2-1, the Commission would be unable to 
fully implement these statutory responsibilities.
    There are 21 national securities exchanges \4\ that are subject to 
Rule 12d2-1. The burden of complying with Rule 12d2-1 is not evenly 
distributed among the exchanges, however, since there are many more 
securities listed on the New York Stock Exchange, Inc., the NASDAQ 
Stock Market, and NYSE American LLC than on the other exchanges.\5\ 
There are approximately 964 responses \6\ under Rule 12d2-1 for the 
purpose of suspension of trading from the national securities exchanges 
each year, and the resultant aggregate annual reporting hour burden 
would be, assuming on average one-half reporting hour per response, 482 
annual burden hours for all exchanges. The related internal compliance 
costs associated with these burden hours are $103,871 per year.
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    \4\ The Exchanges are BOX Options Exchange LLC, Cboe BYX 
Exchange, Inc., Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., 
Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, 
Inc., Chicago Stock Exchange, Inc., Investors Exchange LLC, Miami 
International Securities Exchange, MIAX PEARL, LLC, Nasdaq BX, Inc., 
Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX LLC, 
The Nasdaq Stock Market, New York Stock Exchange LLC, NYSE Arca, 
Inc., NYSE American LLC, NYSE National, Inc.
    \5\ In fact, some exchanges do not file any trading suspension 
reports in a given year.
    \6\ The 964 figure was calculated by averaging the numbers for 
compliance in 2016 and 2017, which are 1,002 and 925, respectively.
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    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 will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the 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 in writing within 60 
days of this publication.
    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: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE, Washington, DC 20549, or send an email 
to: [email protected].

    Dated: April 23, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-08828 Filed 4-25-18; 8:45 am]
 BILLING CODE 8011-01-P