[Federal Register Volume 90, Number 36 (Tuesday, February 25, 2025)]
[Notices]
[Page 10663]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-03022]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-451, OMB Control No. 3235-0763]


Submission for OMB Review; Comment Request; Extension: Rule 304 
of Regulation ATS

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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 304 
of Regulation ATS (17 CFR 242.304) and Form ATS-N under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act'').
    Regulation ATS provides a regulatory structure for alternative 
trading systems. Rule 304 of Regulation ATS provides conditions for NMS 
Stock ATSs seeking to rely on the exemption from the definition of 
``exchange'' provided by Rule 3a1-1(a) of the Exchange Act, including 
to file a Form ATS-N, and for that Form ATS-N to become effective. Form 
ATS-N requires NMS Stock ATSs to provide information about their manner 
of operations, the broker-dealer operator, and the ATS-related 
activities of the broker-dealer operator and its affiliates to comply 
with the conditions provided under Rule 304. Form ATS-N promotes more 
efficient and effective market operations by providing more 
transparency to market participants about the operations of NMS Stock 
ATSs and the potential conflicts of interest of the controlling broker-
dealer operator and its affiliates, and helps brokers meet their best 
execution obligations to their customers. Operational transparency 
rules, including Form ATS-N, are designed to increase competition among 
trading centers in regard to order routing and execution quality.
    The Commission staff estimates that entities subject to the 
requirements of Rule 304 and Form ATS-N will spend a total of 
approximately 1,901 hours a year to comply with the Rule.
    Regulation ATS requires ATSs to preserve any records, for at least 
three years, made in the process of complying with the systems 
capacity, integrity, and security requirements.
    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 and comment on this information collection 
request at: https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202411-3235-010 or send an email comment to 
[email protected] within 30 days of the day 
after publication of this notice by March 28, 2025.

    Dated: February 19, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-03022 Filed 2-24-25; 8:45 am]
BILLING CODE 8011-01-P