Rule 15c2-11 Information Collection Extension Comment Request

FR: Securities and Exchange Commission

Published April 1st, 2026

Detected April 1st, 2026

Summary

The SEC published a 60-day notice under the Paperwork Reduction Act seeking public comments on the information collection requirements of Rule 15c2-11, which governs broker-dealer publication of OTC securities quotations. The notice extends the comment request and invites feedback on the estimated annual burden of 1,771,343 hours affecting approximately 196 broker-dealers, one QIDQS, and one RNSA.

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What changed

The SEC is seeking comments on the extension of the information collection requirements under Rule 15c2-11 (17 CFR 240.15c2-11), which governs broker-dealer publication and submission of quotations for over-the-counter securities. The rule is designed to prevent fraudulent or manipulative schemes by requiring broker-dealers to review specified issuer information before publishing quotations. Based on 2024 data, 266 Form 211 applications were filed for OTC securities including prospectus issuers, Reg A issuers, reporting issuers, exempt foreign private issuers, and catch-all issuers.

Compliance officers at broker-dealers subject to Rule 15c2-11 should review whether the SEC's burden estimate of 1,771,343 hours accurately reflects their recordkeeping and review activities. Written comments on the necessity, accuracy of estimates, and ways to minimize burden are invited and should be directed to the SEC's Director/Chief Data Officer.

What to do next

Submit written comments to the SEC by the deadline to address whether the 1,771,343-hour burden estimate is accurate
Review internal recordkeeping and review processes under Rule 15c2-11 to inform comment submissions
Assess whether current collection practices could be enhanced through automated or electronic techniques

Source document (simplified)

Notice

Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15c2-11

A Notice by the Securities and Exchange Commission on 04/01/2026

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Public Inspection Published Document: 2026-06242 (91 FR 16273) Document Headings ###### Securities and Exchange Commission

[OMB Control No. 3235-0202] 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 15c2-11 (17 CFR 240.15c2-11) (“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.

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 ( printed page 16274) 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.

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 this proposed collection of information is necessary for the proper performance of the functions of the SEC, including whether the information will have practical utility; (b) the accuracy of the SEC's estimate of the burden imposed 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 to be 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 27, 2026.

Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026-06242 Filed 3-31-26; 8:45 am]

BILLING CODE 8011-01-P

Published Document: 2026-06242 (91 FR 16273)