Document ID: SEC-2021-1045-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2021-10-21T04:00Z

[Federal Register Volume 86, Number 201 (Thursday, October 21, 2021)]
[Notices]
[Pages 58328-58329]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-22906]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-098, OMB Control No. 3235-0081]

Submission for OMB Review; 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

    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 
previously approved collection of information provided for in Rule 
12d2-1 (17 CFR 240.12d2-1),

[[Page 58329]]

under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
(``Act'').
    On February 12, 1935, the Commission adopted Rule 12d2-1 \1\ 
(``Suspension of Trading'') which sets forth the conditions and 
procedures under which a security may be suspended from trading under 
Section 12(d) of the Act. \2\ Rule 12d2-1 provides the procedures by 
which a national securities exchange may suspend from trading a 
security that is listed and registered on the exchange. 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 24 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 Exchange, and the NYSE American LLC than on the other 
exchanges.\5\ There are approximately 878 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, 439 annual burden hours for all exchanges. The 
related internal compliance costs associated with these burden hours 
are $98,354 per year.
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    \4\ The Exchanges are BOX 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., Investors 
Exchange LLC, Long Term Stock Exchange, Inc., MEMX, LLC, Miami 
International Securities Exchange, MIAX Emerald, LLC, 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 Chicago, 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 878 figure was calculated by averaging the numbers for 
compliance in 2019 and 2020, which are 822 and 933, respectively.
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    The collection of information obligations imposed by Rule 12d2-1 is 
mandatory. The response will be available to the public and will not be 
kept confidential.
    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 public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by 
sending an email to: [email protected].

    Dated: October 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-22906 Filed 10-20-21; 8:45 am]
BILLING CODE 8011-01-P