[Federal Register Volume 84, Number 224 (Wednesday, November 20, 2019)]
[Notices]
[Page 64125]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25097]
[[Page 64125]]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; 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:
Rule 602, SEC File No. 270-404, OMB Control No. 3235-0461
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'') has submitted to the Office of Management
and Budget (``OMB'') a request for approval of extension of the
previously approved collection of information provided for in Rule 602
of Regulation NMS (17 CFR 240.602), under the Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.).
Rule 602 of Regulation NMS, Dissemination of Quotations in NMS
securities, contains two related collections. The first collection of
information is found in Rule 602(a).\1\ This third-party disclosure
requirement obligates each national securities exchange and national
securities association to make available to quotation vendors for
dissemination to the public the best bid, best offer, and aggregate
quotation size for each ``subject security,'' as defined under the
Rule. The second collection of information is found in Rule 602(b).\2\
This disclosure requirement obligates any exchange member and over-the-
counter (``OTC'') market maker that is a ``responsible broker or
dealer,'' as defined under the Rule, to communicate to an exchange or
association their best bids, best offers, and quotation sizes for
subject securities.\3\
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\1\ 17 CFR 242.602(a).
\2\ 17 CFR 242.602(b).
\3\ Under Rule 602(b)(5), electronic communications networks
(``ECNs'') have the option of reporting to an exchange or
association for public dissemination, on behalf of customers that
are OTC market makers or exchange market makers, the best-priced
orders and the full size for such orders entered by market makers on
the ECN, to satisfy such market makers' reporting obligation under
Rule 602(b). Since this reporting requirement is an alternative
method of meeting the market makers' reporting obligation, and
because it is directed to nine or fewer persons (ECNs), this
collection of information is not subject to OMB review under the
Paperwork Reduction Act (``PRA'').
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It is anticipated that twenty-three respondents, consisting of
twenty-two national securities exchanges and one national securities
association, will collectively respond approximately 5,780,026,336,314
times per year pursuant to Rule 602(a) at 18.22 microseconds per
response, resulting in a total annual burden of approximately 30,590
hours. It is anticipated that no respondents will have a reporting
burden pursuant to Rule 602(b).\4\
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\4\ For the reporting obligation under Rule 602(b), the
respondents are exchange members and OTC market makers. The
Commission believes that communication of quotations through an
exchange's electronic trading system effectively means that exchange
members currently have no reporting burden under Rule 602(b) for
these quotations. The Commission also believes that there are
presently no OTC market makers that quote other than on an exchange.
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Thus, the aggregate third-party disclosure burden under Rule 602 is
30,590 hours annually which is comprised of 30,590 hours relating to
Rule 602(a) and 0 hours relating to Rule 602(b).
Compliance with Rule 602 of Regulation NMS is mandatory and the
information collected is made available to the public.
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.
The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Comments should
be directed to: (i) Desk Officer for the Securities and Exchange
Commission, Office of Information and Regulatory Affairs, Office of
Management and Budget, Room 10102, New Executive Office Building,
Washington, DC 20503, or by sending an email to:
[email protected]; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Candace Kenner,100 F Street NE, Washington, DC 20549, or by sending an
email to: [email protected]. Comments must be submitted to OMB within
30 days of this notice.
Dated: November 14, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25097 Filed 11-19-19; 8:45 am]
BILLING CODE 8011-01-P