[Federal Register Volume 85, Number 160 (Tuesday, August 18, 2020)]
[Notices]
[Pages 50854-50855]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17993]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-824; OMB Control No. 3235-0555]


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: Rule 608

    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 608 (17 CFR 
242.608) under the Securities Exchange Act of 1934 (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.
    Rule 608 specifies procedures for filing or amending national 
market system plans (``NMS Plans''). Self-regulatory organizations 
(``SROs'') filing a new NMS Plan must submit the text of the NMS Plan 
to the Commission, along with a statement of purpose, and, if 
applicable, specified supporting materials that may include: (1) A copy 
of all governing or constituent documents, (2) a description of the 
manner in which the NMS Plan, and any facility or procedure 
contemplated by the NMS Plan, will be implemented, (3) a listing of all 
significant phases of development and implementation contemplated by 
the NMS Plan, including a projected completion date for each phase, (4) 
an analysis of the competitive impact of implementing the NMS Plan, (5) 
a description of any written agreements or understandings between or 
among plan participants or sponsors relating to interpretations of the 
NMS Plan or conditions for becoming a plan participant or sponsor, and 
(6) a description of the manner in which any facility contemplated by 
the NMS Plan shall be operated. Participants or sponsors to the NMS 
Plan must ensure that a current and complete version of the NMS Plan is 
posted on a designated website or a plan website after being notified 
by the Commission that the NMS Plan is effective. Each plan participant 
or sponsor must also provide a link on its own website to the current 
website to the current version of the NMS Plan.
    The Commission estimates that the creation and submission of a new 
NMS Plan and any related materials would result in an average aggregate 
burden of approximately 850 hours per year (25 SROs x 34 hours = 850 
hours). The Commission further estimates an average aggregate burden of 
approximately 125 hours per year (25 SROs x 5 hours = 125 hours), for 
each of the SROs to keep a current and complete version of the NMS Plan 
posted on a designated website or a plan website, and to provide a link 
to the current version of the NMS Plan on its own website. In addition, 
the Commission estimates that the creation of a new NMS Plan and any 
related materials would result in an average aggregate cost of 
approximately $150,000 per year (25 SROs x $6,000 = $150,000).
    SROs proposing to amend an existing NMS Plan must submit the text 
of the amendment to the Commission, along with a statement of purpose, 
and, if applicable, the supporting materials described above, as well 
as a statement that the amendment has been approved by the plan 
participants or sponsors in accordance with the terms of the NMS Plan. 
Participants or sponsors to the NMS Plan must ensure that any proposed 
amendments are posted to a designated website or a plan website after 
filing the amendments with the Commission and that those websites are 
updated to reflect the current status of the amendment and the NMS 
Plan. Each plan participant or sponsor must also provide a link on its 
own website to the current version of the NMS Plan. The Commission 
estimates that the creation and submission of NMS Plan amendments and 
any related materials would result in an average aggregate burden of 
approximately 11,050 hours per year (25 SROs x 442 hours = 11,050 
hours). The Commission further estimates an average aggregate burden of 
approximately 124 hours per year (25 SROs x 4.94 hours = 123.5 hours 
rounded up to 124) for SROs to post any pending NMS Plan amendments to 
a designated website or a plan website and to update such websites to 
reflect the current status of the amendment and the NMS Plan. In 
addition, the Commission estimates that the creation of a NMS Plan 
amendment and any related materials would result in an average 
aggregate cost of approximately $325,000 per year (25 SROs x $13,000 = 
$325,000).
    Finally, to the extent that a plan processor is required for any 
facility contemplated by a NMS Plan, the plan participants or sponsors 
must file with the Commission a statement identifying the plan 
processor selected, describing the material terms under which the plan

[[Page 50855]]

processor is to serve, and indicating the solicitation efforts, if any, 
for alternative plan processors, the alternatives considered, and the 
reasons for the selection of the plan processor. The Commission 
estimates that the preparation and materials related to the selection 
of a plan processor would result in an average aggregate burden of 
approximately 283 hours per year (25 SROs x 11.33 hours = 283.33 
rounded down to 233). In addition, the Commission estimates that the 
preparation and submission of materials related to the selection of a 
plan processor would result in an average aggregate cost of 
approximately $8,333 per year (25 SROs x $333.33 = $8,333.33 rounded 
down to $8,333).
    The above estimates result in a total annual industry burden of 
approximately 12,432 hours (850 + 125 + 11,050 + 124 + 283) and a total 
annual industry cost of approximately $483,333 ($150,000 + $325,000 + 
$8,333).
    Compliance with Rule 608 is mandatory. The text of the NMS Plans 
and any amendments will not be confidential, but published on a 
designated website or a plan website. To the extent that Rule 608 
requires the SROs to submit confidential information to the Commission, 
that information will be kept confidential subject to the provisions of 
applicable law.\1\ The SROs are required by law to retain the records 
and information that are collected pursuant to Rule 608 for a period of 
not less than 5 years, the first 2 years in an easily accessible 
place.\2\ Rule 608 does not affect this existing requirement.
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    \1\ See, e.g., 5 U.S.C. 552 et seq.; 15 U.S.C. 78x (governing 
the public availability of information obtained by the Commission).
    \2\ See 17 CFR 240.17a-1(b).
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    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: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o 
Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email 
to: [email protected].

    Dated: August 13, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-17993 Filed 8-17-20; 8:45 am]
BILLING CODE 8011-01-P