SEC Rule 102 of Regulation M: Extension of Information Collection for Prohibition on Purchases During Securities Distributions
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The U.S. Securities and Exchange Commission is seeking public comments on the extension of the existing information collection under Rule 102 of Regulation M. This rule prohibits distribution participants, issuers, and selling security holders from bidding for or purchasing the securities being distributed or related securities during specified periods surrounding a securities distribution. The rule includes exceptions for actively traded reference securities and for firms that maintain information barriers between affiliates. The SEC estimates 1,194 respondents will require a total of 2,094 burden hours annually, with each respondent making one response per year that takes approximately 1.754 hours. The aggregate internal compliance cost is estimated at $343,416, or about $287.62 per respondent. Comments must be submitted by May 26, 2026.
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Key Changes
- Extension of OMB Control No. 3235-0467 for Rule 102 of Regulation M
- 1,194 annual respondents with total burden of 2,094 hours
- Average 1.754 hours per response with one response per respondent per year
+ 3 more changes with Pro