The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) to extend the approval for information collection under Rule 204, which is part of the Securities Exchange Act of 1934. Rule 204 requires broker-dealers to follow specific procedures to address failures to deliver securities on time, aiming to manage and reduce such failures. This includes several notification and demonstration requirements intended to ensure compliance. The SEC has outlined the expected annual burden hours for these requirements and invited the public to comment on this information collection request by January 27, 2025.
Simple Explanation
The SEC wants permission from another government office to keep checking if sellers of stocks follow rules about delivering stocks on time, and they are asking people to tell them what they think about this by the end of January 2025.