[Federal Register Volume 81, Number 174 (Thursday, September 8, 2016)]
[Notices]
[Page 62222]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-21640]
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SECURITIES AND EXCHANGE COMMISSION
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 602; SEC File No. 270-404; OMB Control No. 3235-0461.
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 602 of Regulation NMS
(17 CFR 240.602), 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 602 of Regulation NMS, Dissemination of Quotations in NMS
securities, contains two related collections. The first collection of
information is found in Rule 602(a).\1\ This third-party disclosure
requirement obligates each national securities exchange and national
securities association to make available to quotation vendors for
dissemination to the public the best bid, best offer, and aggregate
quotation size for each ``subject security,'' as defined under the
Rule. The second collection of information is found in Rule 602(b).\2\
This disclosure requirement obligates any exchange member and over-the-
counter (``OTC'') market maker that is a ``responsible broker or
dealer,'' as defined under the Rule, to communicate to an exchange or
association its best bids, best offers, and quotation sizes for subject
securities.\3\
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\1\ 17 CFR 242.602(a).
\2\ 17 CFR 242.602(b).
\3\ Under Rule 602(b)(5), electronic communications networks
(``ECNs'') have the option of reporting to an exchange or
association for public dissemination, on behalf of customers that
are OTC market makers or exchange market makers, the best-priced
orders and the full size for such orders entered by market makers on
the ECN, to satisfy such market makers' reporting obligation under
Rule 602(b). Since this reporting requirement is an alternative
method of meeting the market makers' reporting obligation, and
because it is directed to nine or fewer persons (ECNs), this
collection of information is not subject to OMB review under the
Paperwork Reduction Act (``PRA'').
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It is anticipated that twenty respondents, consisting of nineteen
national securities exchanges and one national securities association,
will collectively respond approximately 2,184,303,485,488 times per
year pursuant to Rule 602(a) at 18.22 microseconds per response,
resulting in a total annual burden of approximately 11,640 hours. It is
anticipated that no respondents will have a reporting burden pursuant
to Rule 602(b).\4\
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\4\ For the reporting obligation under Rule 602(b), the
respondents are exchange members and OTC market makers. The
Commission believes that communication of quotations through an
exchange's electronic trading system effectively means that exchange
members currently have no reporting burden under Rule 602(b) for
these quotations. The Commission also believes that there are
presently no OTC market makers that quote other than on an exchange.
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Thus, the aggregate third-party disclosure burden under Rule 602
is11, 640 hours annually which is comprised of 11,640 hours relating to
Rule 602(a) and 0 hours relating to Rule 602(b).
Written comments are invited on: (a) Whether the proposed
collections of information are necessary for the proper performance of
the functions of the Commission, including whether the information will
have practical utility; (b) the accuracy of the Commission's estimate
of the burden of the proposed collections of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of collections of
information on those who are to respond, 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: Pamela C. 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].
Dated: September 2, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-21640 Filed 9-7-16; 8:45 am]
BILLING CODE 8011-01-P