The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) to extend approval for collecting information under Rule 15c1-5. This rule requires broker-dealers with control relationships to their issuers to notify customers in writing when selling or buying securities. The SEC estimates that around 181 broker-dealers must comply annually, spending a total of about 1,810 hours. People interested in commenting on this information collection can do so within 30 days on the reginfo.gov website.
Simple Explanation
The SEC wants permission from a government office, called the OMB, to keep asking about 181 businesses that help people buy and sell stocks. These businesses need to tell people about certain special connections when trading, and it takes them a lot of time every year to do this.