Notice2025-23683
Agency Information Collection Activities; Proposed Collection; 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
December 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 244 (Tuesday, December 23, 2025)</title>
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[Federal Register Volume 90, Number 244 (Tuesday, December 23, 2025)]
[Notices]
[Page 60198]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23683]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0461]
Agency Information Collection Activities; Proposed Collection;
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 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (SEC or ``Commission'') is soliciting comments on the
proposed 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 30 respondents, consisting of 29 national
securities exchanges and one national securities association, will
collectively respond approximately 1,543,667,886,538 times per year
pursuant to Rule 602(a) at 16.20 microseconds per response, resulting
in a total annual time burden of approximately 208,410 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 208,410 hours annually which is comprised of 208,410
hours relating to Rule 602(a) and 0 hours relating to Rule 602(b).
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.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#1b4b7a6b7e696c746970497e7f6e786f7274755a786f5b687e78357c746d"><span class="__cf_email__" data-cfemail="025263726770756d70695067667761766b6d6c436176427167612c656d74">[email protected]</span></a> by February 23, 2026. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: December 19, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23683 Filed 12-22-25; 8:45 am]
BILLING CODE 8011-01-P
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