Notice2025-23686
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 302
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]
[Pages 60147-60148]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23686]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0510]
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension: Rule 302
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 302 (17 CFR
242.302) of Regulation ATS (17 CFR 242.302 et seq.) under the
Securities and Exchange Act of 1934 (``Exchange Act'') (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.
Regulation ATS sets forth a regulatory regime for ``alternative
trading systems'' (``ATSs'').\1\ An entity that meets the definition of
an exchange must register, pursuant to section 5 of the Exchange Act,
as a national securities exchange under section 6 of the Exchange Act
\2\ or operate pursuant to an appropriate exemption.\3\ One of the
available
[[Page 60148]]
exemptions is for ATSs.\4\ Exchange Act Rule 3a1-1(a)(2) exempts from
the definition of ``exchange'' under section 3(a)(1) an organization,
association, or group of persons that complies with Regulation ATS.\5\
Regulation ATS requires an ATS to, among other things, register as a
broker-dealer with the Commission, file a Form ATS or Form ATS-N with
the Commission to notice its operations, and establish written
safeguards and procedures to protect subscribers' confidential trading
information. An ATS that complies with Regulation ATS and operates
pursuant to the Rule 3a1-1(a)(2) exemption would not be required by
section 5 to register as a national securities exchange.
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\1\ Regulation ATS consists of 17 CFR 242.300 through 242.304
(Rules 300 through 304 under the Exchange Act).
\2\ See 15 U.S.C. 78e and 78f. A ``national securities
exchange'' is an exchange registered as such under section 6 of the
Exchange Act.
\3\ 15 U.S.C. 78a et seq.
\4\ Rule 300(a) of Regulation ATS provides that an ATS is ``any
organization, association, person, group of persons, or system: (1)
[t]hat constitutes, maintains, or provides a market place or
facilities for bringing together purchasers and sellers of
securities or for otherwise performing with respect to securities
the functions commonly performed by a stock exchange within the
meaning of [Exchange Act Rule 3b-16]; and (2) [t]hat does not: (i)
[s]et rules governing the conduct of subscribers other than the
conduct of subscribers' trading on such [ATS]; or (ii) [d]iscipline
subscribers other than by exclusion from trading.''
\5\ See 17 CFR 240.3a1-1(a)(2).
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To comply with the condition set forth in Rule 301(b)(8) of
Regulation ATS (17 CFR 242.301(b)(8)), an ATS must make and keep
current certain records relating to trading activity set forth in Rule
302 of Regulation ATS (17 CFR 242.302).\6\ Under Rule 302, ATSs are
required to, among other things, make a record of subscribers to the
ATS, daily summaries of trading in the ATS, and time-sequenced records
of order information in the ATS.
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\6\ Rule 301(b)(8)(i) of Regulation ATS provides that an ATS
shall ``make and keep current the records'' specified in Rule 302 of
Regulation ATS. Further, Rule 301(b)(8)(ii) provides that an ATS
shall preserve the records specified in Rule 303 of Regulation ATS.
Rule 303 requires an ATS to preserve, among other things, all
records required to be made pursuant to Rule 302 for a period of not
less than three years, the first two years in an easily accessible
place. 17 CFR 242.303.
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The information required to be collected under Rule 302 should
increase the abilities of the Commission, state securities regulatory
authorities, and the self-regulatory organizations to ensure that ATSs
are in compliance with Regulation ATS as well as other applicable rules
and regulations. If the information is not collected or collected less
frequently, the regulators would be limited in their ability to comply
with their statutory obligations, provide for the protection of
investors, and promote the maintenance of fair and orderly markets.
Respondents consist of ATSs that choose to operate pursuant to the
exemption provided by Regulation ATS from registration as national
securities exchanges. There are currently 111 respondents. These
respondents will spend a total of approximately 4,773 hours per year
(111 respondents at 43 burden hours/respondent) to comply with the
recordkeeping requirements of Rule 302. At an average cost per burden
hour of $89, the resultant total related total internal cost of
compliance for these respondents is approximately $424,797 per year
(4,773 burden hours multiplied by $89/hour).
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 comment to Austin Gerig, Director/Chief
Data Officer, Securities and Exchange Commission, c/o Tanya Ruttenberg,
100 F Street NE, Washington, DC 20549 and send it by email to
<a href="/cdn-cgi/l/email-protection#035362736671746c71685166677660776a6c6d426077437066602d646c75"><span class="__cf_email__" data-cfemail="3767564752454058455c6552534254435e58597654437744525419505841">[email protected]</span></a> within 60 days of publication of this
notice, by February 23, 2026.
Dated: December 19, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23686 Filed 12-22-25; 8:45 am]
BILLING CODE 8011-01-P
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