Notice2023-15828
Proposed Collection; Comment Request; Extension: Rule 608
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
July 26, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 142 (Wednesday, July 26, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 142 (Wednesday, July 26, 2023)]
[Notices]
[Pages 48277-48278]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-15828]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-824; OMB Control No. 3235-0500]
Proposed Collection; Comment Request; Extension: Rule 608
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'') is soliciting comments on the
existing collection of information provided for in Rule 608 (17 CFR
242.608) 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 608 specifies procedures for filing or amending national
market system plans (``NMS Plans''). Self-regulatory organizations
(``SROs'') filing a new NMS Plan must submit the text of the NMS Plan
to the Commission, along with a statement of purpose, and, if
applicable, specified supporting materials that may include: (1) a copy
of all governing or constituent documents, (2) a description of the
manner in which the NMS Plan, and any facility or procedure
contemplated by the NMS Plan, will be implemented, (3) a listing of all
significant phases of development and implementation contemplated by
the NMS Plan, including a projected completion date for each phase, (4)
an analysis of the competitive impact of implementing the NMS Plan, (5)
a description of any written agreements or understandings between or
among plan participants or sponsors relating to interpretations of the
NMS Plan or conditions for becoming a plan participant or sponsor, and
(6) a description of the manner in which any facility contemplated by
the NMS Plan shall be operated. Participants or sponsors to the NMS
Plan must ensure that a current and complete version of the NMS Plan is
posted on a designated website or a plan website after being notified
by the Commission that the NMS Plan is effective. Each plan participant
or sponsor must also provide a link on its own website to the current
website to the current version of the NMS Plan.
The Commission estimates that the creation and submission of a new
NMS Plan and any related materials would result in an average aggregate
burden of approximately 850 hours per year (25 SROs x 34 hours = 850
hours). The Commission further estimates an average aggregate burden of
approximately 125 hours per year (25 SROs x 5 hours = 125 hours), for
each of the SROs to keep a current and complete version of the NMS Plan
posted on a designated website or a plan website, and to provide a link
to the current version of the NMS Plan on its own website. In addition,
the Commission estimates that the creation of a new NMS Plan and any
related materials would result in an average aggregate cost of
approximately $150,000 per year (25 SROs x $6,000 = $150,000).
SROs proposing to amend an existing NMS Plan must submit the text
of the amendment to the Commission, along with a statement of purpose,
and, if applicable, the supporting materials described above, as well
as a statement that the amendment has been approved by the plan
participants or sponsors in accordance with the terms of the NMS Plan.
Participants or sponsors to the NMS Plan must ensure that any proposed
amendments are posted to a designated website or a plan website after
filing the amendments with the Commission and that those websites are
updated to reflect the current status of the amendment and the NMS
Plan. Each plan participant or sponsor must also provide a link on its
own website to the current version of the NMS Plan. The Commission
estimates that the creation and submission of NMS Plan amendments and
any related materials would result in an average aggregate burden of
approximately 11,050 hours per year (25 SROs x 442 hours = 11,050
hours). The Commission further estimates an average aggregate burden of
approximately 124 hours per year (25 SROs x 4.94 hours = 123.5 hours
rounded up to 124) for SROs to post any pending NMS Plan amendments to
a designated website or a plan website and to update such websites to
reflect the current status of the amendment and the NMS Plan. In
addition, the Commission estimates that the creation of an NMS Plan
amendment and any related materials would result in an average
aggregate cost of approximately $325,000 per year (25 SROs x $13,000 =
$325,000).
Finally, to the extent that a plan processor is required for any
facility contemplated by a NMS Plan, the plan participants or sponsors
must file with the Commission a statement identifying the plan
processor selected, describing the material terms under which the plan
processor is to serve, and indicating the solicitation efforts, if any,
for alternative plan processors, the alternatives considered, and the
reasons for the selection of the plan processor. The Commission
estimates that the preparation and materials related to the selection
of a plan processor would result in an average aggregate burden of
approximately 283 hours per year (25 SROs x 11.33 hours = 283.33
rounded down to 233). In addition, the Commission estimates that the
preparation and submission of materials related to the selection of a
plan processor would result in an average aggregate cost of
approximately $8,333 per year (25 SROs x $333.33 = $8,333.33 rounded
down to $8,333).
The above estimates result in a total annual industry burden of
approximately 12,432 hours (850 + 125 + 11,050 + 124 + 283) and a total
annual industry cost of approximately $483,333 ($150,000 + $325,000 +
$8,333).
Compliance with Rule 608 is mandatory. The text of the NMS Plans
and any amendments will not be confidential but published on a
designated website or a plan website. To the extent that Rule 608
requires the
[[Page 48278]]
SROs to submit confidential information to the Commission, that
information will be kept confidential subject to the provisions of
applicable law.\1\ The SROs are required by law to retain the records
and information that are collected pursuant to Rule 608 for a period of
not less than 5 years, the first 2 years in an easily accessible
place.\2\ Rule 608 does not affect this existing requirement.
---------------------------------------------------------------------------
\1\ See, e.g., 5 U.S.C. 552 et seq.; 15 U.S.C. 78x (governing
the public availability of information obtained by the Commission).
\2\ See 17 CFR 240.17a-1(b).
---------------------------------------------------------------------------
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted by
September 25, 2023.
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: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to:
<a href="/cdn-cgi/l/email-protection#6f3f3d2e30220e06030d00172f1c0a0c41080019"><span class="__cf_email__" data-cfemail="36666477697b575f5a54594e7645535518515940">[email protected]</span></a>.
Dated: July 21, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-15828 Filed 7-25-23; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on July 26, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.