Notice2023-01740
Submission for OMB Review; Comment Request; Extension: Rule 602
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 30, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 19 (Monday, January 30, 2023)</title>
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[Federal Register Volume 88, Number 19 (Monday, January 30, 2023)]
[Notices]
[Pages 5952-5953]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-01740]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-404, OMB Control No. 3235-0461]
Submission for OMB Review; Comment Request; Extension: Rule 602
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
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Office of Management and Budget (``OMB'') a request for approval of
extension of the previously approved 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.).
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 their 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 25 respondents, consisting of 24 national
securities exchanges and one national securities association, will
collectively respond approximately 19,093,763,801,315 times per year
pursuant to Rule 602(a) at 18.22 microseconds per response, resulting
in a total annual burden of approximately 96,625 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 is
approximately 96,625 hours annually which is comprised of 96,625 hours
relating to Rule 602(a) and 0 hours relating to Rule 602(b).
Compliance with Rule 602 of Regulation NMS is mandatory and the
information collected is made available to the public.
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: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. 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 by March 1, 2023 to (i) <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a> 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:
<a href="/cdn-cgi/l/email-protection#a3f3f1e2fceec2cacfc1ccdbe3d0c6c08dc4ccd5"><span class="__cf_email__" data-cfemail="d08082918f9db1b9bcb2bfa890a3b5b3feb7bfa6">[email protected]</span></a>.
Dated: January 24, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-01740 Filed 1-27-23; 8:45 am]
BILLING CODE 8011-01-P
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