The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) for approval to extend a rule under the Paperwork Reduction Act. This rule, referred to as Rule 15a-6, allows foreign broker-dealers to perform certain activities with U.S. institutional investors without registering as broker-dealers, provided they meet specific requirements. The SEC estimates that complying with this rule will take U.S. broker-dealers about 6,000 hours annually and cost around $1,000,000 per year. The public can review and comment on this information collection request until March 31, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants permission to keep a rule that lets certain foreign helpers work with people in the U.S. without filling out all the usual forms, but they have to follow special rules. They think it will take a lot of time and money, and they want people to share their thoughts about it by the end of March 2025.