[Federal Register Volume 81, Number 72 (Thursday, April 14, 2016)]
[Notices]
[Page 22143]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-08552]
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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 605 of Regulation NMS, SEC File No. 270-488, OMB
Control No. 3235-0542
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. No
substantive amendments were made to Rule 605 of Regulation NMS. See
Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR
37496 (June 29, 2005).
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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 132 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
respondents to spend 6 hours per month to collect the data necessary to
generate the reports, or 72 hours per year. With an estimated 132
market centers subject to Rule 605, the total data collection time
burden to comply with the monthly reporting requirement is estimated to
be 9,504 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. 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 the 132 market centers to retain service providers to
prepare reports would be $393,096, or an annual cost of approximately
$4,717,152.
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 Web site, 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) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 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: April 8, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08552 Filed 4-13-16; 8:45 am]
BILLING CODE 8011-01-P