[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Page 67408]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-28316]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Rules 6a-1 and 6a-2, Form 1, SEC File No. 270-0017, OMB Control
No. 3235-0017
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Rule 6a-1 (17 CFR 240.6a-1),
Rule 6a-2 (17 CFR 240.6a-2), and Form 1 (17 CFR 249.1) under the
Securities Exchange Act of 1934 (``Exchange Act'') (15 U.S.C. 78a et
seq.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
The Exchange Act sets forth a regulatory scheme for national
securities exchanges. Rule 6a-1 under the Exchange Act generally
requires an applicant for initial registration as a national securities
exchange to file an application with the Commission on Form 1. An
exchange that seeks an exemption from registration based on limited
trading volume also must apply for such exemption on Form 1. Rule 6a-2
under the Exchange Act requires registered and exempt exchanges: (1) To
amend the Form 1 if there are any material changes to the information
provided in the initial Form 1; and (2) to submit periodic updates of
certain information provided in the initial Form 1, whether such
information has changed or not. The information required pursuant to
Rules 6a-1 and 6a-2 is necessary to enable the Commission to maintain
accurate files regarding the exchange and to exercise its statutory
oversight functions. Without the information submitted pursuant to Rule
6a-1 on Form 1, the Commission would not be able to determine whether
the respondent has met the criteria for registration (or an exemption
from registration) set forth in Section 6 of the Exchange Act. The
amendments and periodic updates of information submitted pursuant to
Rule 6a-2 are necessary to assist the Commission in determining whether
a national securities exchange or exempt exchange is continuing to
operate in compliance with the Exchange Act.
Initial filings on Form 1 by prospective exchanges are made on a
one-time basis. The Commission estimates that it will receive
approximately one initial Form 1 filing per year and that each
respondent would incur an average burden of 880 hours to file an
initial Form 1 at an average internal compliance cost per response of
approximately $335,984. Therefore, the Commission estimates that the
annual burden for all respondents to file the initial Form 1 would be
880 hours (one response/respondent x one respondent x 880 hours/
response) and an internal compliance cost of $335,984 (one response/
respondent x one respondent x $335,984/response).
There currently are 21 entities registered as national securities
exchanges. The Commission estimates that each registered or exempt
exchange files nine amendments or periodic updates to Form 1 per year,
incurring an average burden of 25 hours to comply with Rule 6a-2. The
SEC estimates that the average internal compliance cost for a national
securities exchange per response would be approximately $8,365. The
Commission estimates that the annual burden for all respondents to file
amendments and periodic updates to the Form 1 pursuant to Rule 6a-2 is
4,725 hours (21 respondents x 25 hours/response x 9 responses/
respondent per year) and an internal compliance cost of $1,580,985 (21
respondents x $8,365/response x 9 responses/respondent per year).
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates 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.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Please direct your written comments to: Charles Riddle, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an
email to: [email protected].
Dated: December 21, 2018.
Brent J. Fields,
Secretary.
[FR Doc. 2018-28316 Filed 12-27-18; 8:45 am]
BILLING CODE 8011-01-P