Notice2023-21427
Submission for OMB Review; 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
September 29, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 88 Issue 188 (Friday, September 29, 2023)</title>
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[Federal Register Volume 88, Number 188 (Friday, September 29, 2023)]
[Notices]
[Pages 67404-67405]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-21427]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-824; OMB Control No. 3235-0500]
Submission for OMB Review; 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'') 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
608 (17 CFR 242.608) under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
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
[[Page 67405]]
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 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.
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\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).
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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 October 30, 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#603032213f2d01090c020f18201305034e070f16"><span class="__cf_email__" data-cfemail="f8a8aab9a7b59991949a9780b88b9d9bd69f978e">[email protected]</span></a>.
Dated: September 26, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21427 Filed 9-28-23; 8:45 am]
BILLING CODE 8011-01-P
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