In nature reefs get 12 +/- ~0.5 hrs of light daily, depending on season and latitude. During the first and last hours of the day the light is relatively dim. During the middle 4 hrs (assuming no clouds, which isn't particularly realistic) the light is the brightest (depends on depth, water turbidity, etc.). During the other hours there is a large increase or decrease in light intensity (again, assuming no clouds).
This is what's available in nature, but may not be the most ideal photoperiod depending on what the goals are. A longer photoperiod may be preferable for encouraging faster growth in photosynthetic critters. Meibom et al., 2006 found more calcification in Stylophora pistillata with a longer photoperiod. I think 12 hrs/day is a fine baseline, and deviation from that is best done only for specific and well thought out reasons.
cj