[Federal Register Volume 90, Number 136 (Friday, July 18, 2025)]
[Notices]
[Pages 34027-34028]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-13524]


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SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0462]


Proposed Collection; Comment Request; Extension: Rule 604

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 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``SEC'' or ``Commission'') is soliciting comments on the 
proposed collection of information.
    Rule 604, 17 CFR 242.604, requires specialists and market makers to 
publish customer limit orders that are priced superior to the bids or 
offers being displayed by each such specialist or market maker.\1\ 
Customer limit orders that match the bid or offer being displayed by a 
specialist or market maker must be published if the limit price also 
matches the national best bid or offer (``NBBO'') and the size of the 
customer limit order is more than de minimis (i.e., more than 10% of 
the specialist's or market maker's displayed size).
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    \1\ See Securities Exchange Act Release No. 37619A (September 6, 
1996), 61 FR 48290 (September 12, 1996).
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    The information collection in Rule 604 is mandatory and is a third 
party disclosure requirement. The information

[[Page 34028]]

collected and disclosed pursuant to Rule 604 is necessary to facilitate 
the establishment of a national market system for securities. The 
information is useful to investors because the publication of trading 
interest that improves specialists' and market makers' quotes presents 
investors with improved execution opportunities and improved access to 
the best available prices when they buy or sell securities.
    The Commission estimates that approximately 30 respondents will 
respond to the collection of information requirements each time they 
receive a displayable customer limit order. The Commission further 
estimates that a respondent will receive a customer limit order, on 
average, 37,460.31 times per trading day with an estimate average time 
of 0.001 second per quote update. Accordingly, assuming 252 days in a 
trading year, an average 2.62 hours per year per respondent, the 
Commission estimates that the total annual burden for all respondents 
is 78.7 hours.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid OMB Control Number.
    Written comments are invited on: (a) whether this proposed 
collection of information is necessary for the proper performance of 
the functions of the SEC, including whether the information will have 
practical utility; (b) the accuracy of the SEC's estimate of the burden 
imposed by the proposed collection of information, including the 
validity of the methodology and the assumptions used; (c) ways to 
enhance the quality, utility, and clarity of the information to be 
collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated, 
electronic collection techniques or other forms of information 
technology.
    Please direct your written comments on this 60-Day Collection 
Notice to Austin Gerig, Director/Chief Data Officer, Securities and 
Exchange Commission, c/o Tanya Ruttenberg via email to 
[email protected] by September 16, 2025. There will be a 
second opportunity to comment on this SEC request following the Federal 
Register publishing a 30-Day Submission Notice.

    Dated: July 16, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13524 Filed 7-17-25; 8:45 am]
BILLING CODE 8011-01-P