[Federal Register Volume 87, Number 13 (Thursday, January 20, 2022)]
[Notices]
[Pages 3149-3150]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01050]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No 270-488, OMB Control No. 3235-0542]


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 605 of Regulation NMS

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), 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 605 
(17 CFR 242.605) under the Securities Exchange Act of 1934 (15 U.S.C. 
78a et seq.) (``Exchange Act'').
    Rule 605 of Regulation NMS,\1\ formerly known as, Rule 11Ac1-5, 
requires market centers to make available to the public monthly order 
execution reports in electronic form. The Commission believes that many 
market centers retain most, if not all, of the underlying raw data 
necessary to generate these reports in electronic format. Once the 
necessary data is collected, market centers could either program their 
systems to generate the statistics and reports, or transfer the data to 
a service provider (such as an independent company in the business of 
preparing such reports or a self-regulatory organization) that would 
generate the statistics and reports.
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    \1\ Regulation NMS, adopted by the Commission in June 2005, 
redesignated the national market system rules previously adopted 
under Section 11A of the Exchange Act. Rule 11Ac1-5 under the 
Exchange Act was redesignated Rule 605 of Regulation NMS. See 
Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 
37496 (June 29, 2005). In 2018, Commission amended Rule 605(a)(2) to 
require market centers to keep reports required pursuant to Rule 
605(a)(1) posted on an internet website that is free of charge and 
readily accessible to the public for a period of three years from 
the initial date of posting on the internet website. See Securities 
Exchange Act Release No. 84528 (November 2, 2018), 83 FR 58338 
(November 19, 2018).
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    The collection of information obligations of Rule 605 apply to all 
market centers that receive covered orders in national market system 
securities. The Commission estimates that approximately 319 market 
centers are subject to the collection of information obligations of 
Rule 605. Each of these respondents is required to respond to the 
collection of information on a monthly basis.
    The Commission staff estimates that, on average, Rule 605 causes 
each respondent to spend 6 hours per month to collect the data 
necessary to generate the reports, or 72 hours per year. With an 
estimated 319 market centers subject to Rule 605, the total data 
collection time burden to comply with the monthly reporting requirement 
is estimated to be 22,968 hours per year.
    Based on discussions with industry sources, the Commission staff 
estimates that an individual market center could retain a service 
provider to prepare a monthly report using the data collected for 
approximately $2,978 per month or $35,736 per year. This per-respondent 
estimate is based on the rate that a market center could expect to 
obtain if it negotiated on an individual basis. Based on the $2,978 
estimate, the monthly cost to all 319 market centers to retain service 
providers to prepare reports would be approximately $949,982, and the 
total annual cost for all 319 market centers would be approximately 
$11,399,784.
    The collection of information obligation imposed by Rule 605 is 
mandatory. The response will be available to the public and will not be 
kept confidential.
    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. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending 
an email to: [email protected].


[[Page 3150]]


    Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01050 Filed 1-19-22; 8:45 am]
BILLING CODE 8011-01-P