Notice2025-18115
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 604
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 19, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 180 (Friday, September 19, 2025)</title>
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[Federal Register Volume 90, Number 180 (Friday, September 19, 2025)]
[Notices]
[Page 45297]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18115]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0462]
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Extension: Rule 604
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 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (SEC or ``Commission'') is submitting to the Office of
Management and Budget (``OMB'') this request for an extension of the
proposed collection of information in Rule 604.
Rule 604, 17 CFR 242.604, requires specialists and market makers to
publish customer limit orders that are priced superior to the bids or
offers being displayed by each such specialist or market maker.\1\
Customer limit orders that match the bid or offer being displayed by a
specialist or market maker must be published if the limit price also
matches the national best bid or offer (``NBBO'') and the size of the
customer limit order is more than de minimis (i.e., more than 10% of
the specialist's or market maker's displayed size).
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\1\ See Securities Exchange Act Release No. 37619A (September 6,
1996), 61 FR 48290 (September 12, 1996).
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The information collection in Rule 604 is mandatory and is a third
party disclosure requirement. The information collected and disclosed
pursuant to Rule 604 is necessary to facilitate the establishment of a
national market system for securities. The information is useful to
investors because the publication of trading interest that improves
specialists' and market makers' quotes presents investors with improved
execution opportunities and improved access to the best available
prices when they buy or sell securities.
The Commission estimates that approximately 30 respondents will
respond to the collection of information requirements each time they
receive a displayable customer limit order. The Commission further
estimates that a respondent will receive a customer limit order, on
average, 37,460.31 times per trading day with an estimate average time
of 0.001 second per quote update. Accordingly, assuming 252 days in a
trading year, an average 2.62 hours per year per respondent, the
Commission estimates that the total annual burden for all respondents
is 78.7 hours.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202507-3235-011">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202507-3235-011</a> or email comment to
<a href="/cdn-cgi/l/email-protection#eca1aeb4c2a3a1aec2a3a5beadc2bfa9afb388899f87b3838a8a858f899eac83818ec289839cc28b839a"><span class="__cf_email__" data-cfemail="470a051f69080a0569080e150669140204182322342c182821212e24223507282a256922283769202831">[email protected]</span></a> within 30 days of the day
after publication of this notice, by October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-18115 Filed 9-18-25; 8:45 am]
BILLING CODE 8011-01-P
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