The Securities and Exchange Commission (SEC) is requesting public comments on the necessity and efficiency of collecting information related to Rule 12g3-2 under the Securities Exchange Act. This rule provides an exemption for foreign private issuers, requiring them to provide information about their securities to the SEC, which is then made available to the public. The SEC estimates that about 1,386 respondents will file roughly 12 submissions each per year, resulting in a total of 16,632 responses. The public is invited to submit comments about this information collection within 60 days of the notice's publication.
Simple Explanation
The Securities and Exchange Commission wants to hear what people think about a rule that lets companies from other countries share their stock information with the U.S. The SEC hopes many people will share their thoughts within 60 days.