SEC seeks OMB extension for Rule 15g-9 penny-stock information collection

The Securities and Exchange Commission has submitted a request to the Office of Management and Budget for an extension of the proposed information-collection requirement in Rule 15g-9 (17 CFR 240.15g-9). The rule obligates broker-dealers that execute penny-stock transactions to obtain and retain detailed financial and suitability information from investors before completing a trade.

As of May 1, 2026, the SEC reports 3,248 registered broker-dealers, of which approximately five percent - 162 broker-dealers - are engaged in penny-stock transactions and therefore subject to Rule 15g-9. Each of these firms is estimated to process three first-time penny-stock transactions per week, generating roughly 156 written statements per year per broker-dealer and an aggregate of about 25,272 statements annually.

The Commission estimates the compliance burden at roughly one-half hour per new investor, totaling about 78 hours per broker-dealer per year and an aggregate burden of approximately 12,636 hours annually for the 162 affected firms. The collection is identified by OMB Control No. 3235-0385.

Comments on the extension request must be submitted by October 5, 2026, either through the PRA website at https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202606-3235-016 or by email to the address provided in the notice. The request was dated August 31, 2026, and appears in the Federal Register as FR Doc 2026-18006.