Agency Information Collection Activities; Submission for OMB Review; 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 (44 U.S.C. § 3501 et seq.), the Securities and Exchange Commission (SEC or “Commission”) is submitting to the Office of Management and Budget (OMB) this request for an extension of the proposed collection of information provided for in Rule 15c2-11 (17 CFR240.15c2-11) (“Rule”), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).

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. ( printed page 33848)

Based on the current structure of the market, the Commission staff believes that the recordkeeping and review requirements under Rule 15c2-11 apply to 196 broker-dealers, one qualified interdealer quotation system (“QIDQS”), and one registered national securities association (“RNSA”). Based on information provided by the Financial Industry Regulatory Authority, Inc. (“FINRA”), the Commission staff understands that in the 2024 calendar year, 266 Form 211 applications were filed to initiate the publication or submission of quotations of OTC securities: 76 of these Forms 211 concerned OTC securities of prospectus issuers, Regulation A (“Reg. A”) issuers, and reporting issuers; 163 concerned OTC securities of “exempt foreign private issuers”; and 27 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. Commission staff estimates that the total annual burden of the information collection requirements prescribed in the Rule is 1,771,343 hours.

The required Federal Register notice with a 60-day comment period soliciting comments on this collection of information was published. One comment was received. The comment requested additional information and was not related to the collection requirement itself or to the estimated burdens.

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.

The public may view and comment on this information collection request at: https://www.reginfo.gov/​public/​do/​PRAViewICR?​ref_​nbr=​202604-3235-013 or email comment to MBX.OMB.OIRA.SEC_desk_officer@omb.eop.gov within 30 days of the day after publication of this notice, by July 6, 2026.