[Federal Register Volume 69, Number 114 (Tuesday, June 15, 2004)]
[Notices]
[Pages 33433-33434]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-13420]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon written request, copies available from: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.

Extension: Rule 303; SEC File No. 270-450; OMB Control No. 3235-
0505.

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    Regulation ATS provides a regulatory structure that directly 
addresses issues related to alternative trading systems' role in the 
marketplace. Regulation ATS allows alternative trading systems to 
choose between two regulatory structures. Alternative trading systems 
have the choice between registering as broker-dealers and complying 
with Regulation ATS or registering as national securities exchanges. 
Regulation ATS provides the regulatory framework for those alternative 
trading systems that choose to be regulated as broker-dealers. Rule 303 
of Regulation ATS describes the record preservation requirements for 
alternative trading systems that are not national securities exchanges.
    Alternative trading systems that register as broker-dealers, comply 
with Regulation ATS and meet certain volume thresholds are required to 
preserve all records made pursuant to Rule 302, which includes 
information relating to subscribers, trading

[[Page 33434]]

summaries and order information. Such alternative trading systems are 
also required to preserve records of any notices communicated to 
subscribers, a copy of the system's standards for granting access to 
trading and any documents generated in the course of complying with the 
capacity, integrity and security requirements for automated systems 
under Rule 301(b)(6) of Regulation ATS. Rule 303 also describes how 
such records must be kept and how long they must be preserved.
    The information contained in the records required to be preserved 
by the Rule will be used by examiners and other representatives of the 
Commission, State securities regulatory authorities, and the SROs to 
ensure that alternative trading systems are in compliance with 
Regulation ATS as well as other rules and regulations of the Commission 
and the SROs. Without the data required by the proposed Rule, the 
Commission would be severely limited in its ability to comply with its 
statutory obligations, provide for the protection of investors and 
promote the maintenance of fair and orderly markets.
    Respondents consist of alternative trading systems that choose to 
register as broker-dealers and comply with the requirements of 
Regulation ATS. The Commission estimates that there are currently 
approximately 50 respondents.
    An estimated 50 respondents will spend approximately 200 hours per 
year (50 respondents at 4 burden hours/respondent) to comply with the 
record preservation requirements of Rule 303. At an average cost per 
burden hour of $86.54, the resultant total related cost of compliance 
for these respondents is $17,308.00 per year (200 burden hours 
multiplied by $86.54/hour).
    Written comments are invited on (a) whether the proposed collection 
of information is necessary for the proper performance of the functions 
of the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden of the 
proposed collection of information; (c) ways to enhance the quality, 
utility, and clarity of the information collected; and (d) ways to 
minimize the burden of the collection of information on respondents, 
including through the use of automated collection techniques or other 
forms of information technology. Consideration will be given to 
comments and suggestions submitted in writing within 60 days of this 
publication.
    Direct your written comments to R. Corey Booth, Director/Chief 
Financial Officer, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.

    Dated: June 7, 2004.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-13420 Filed 6-14-04; 8:45 am]
BILLING CODE 8010-01-P