Notice2026-04234
Agency Information Collection Activities; Submission for OMB Review; 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
March 4, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 42 (Wednesday, March 4, 2026)</title>
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[Federal Register Volume 91, Number 42 (Wednesday, March 4, 2026)]
[Notices]
[Pages 10660-10661]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04234]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0510]
Agency Information Collection Activities; Submission for OMB
Review; 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 submitting to the Office of
Management and Budget (``OMB'') this request for extension of 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.).
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 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 (``SROs'') 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 internal cost of compliance
for these respondents is approximately $424,797 per year (4,773 burden
hours multiplied by $89/hour).
Compliance with Rule 302 is mandatory. The information required by
Rule 302 is available only for the examination of the Commission staff,
state securities authorities, and the SROs. Subject to the provisions
of the Freedom of Information Act, 5 U.S.C. 522 (``FOIA''), and the
Commission's rules thereunder (17 CFR 200.80(b)(4)(iii)), the
Commission does not generally publish or make available information
contained in any reports,
[[Page 10661]]
summaries, analyses, letters, or memoranda arising out of, in
anticipation of, or in connection with an examination or inspection of
the books and records of any person or any other investigation.
ATSs are required to preserve, for at least three years, any
records made in the process of complying with the requirements set out
in Rule 302.
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.
The public may view and comment on this information collection
request at <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202512-3235-022">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202512-3235-022</a> or email comment to <a href="/cdn-cgi/l/email-protection#cd808f95e382808fe382849f8ce39e888e92a9a8bea692a2ababa4aea8bf8da2a0afe3a8a2bde3aaa2bb"><span class="__cf_email__" data-cfemail="c68b849ee8898b84e8898f9487e895838599a2a3b5ad99a9a0a0afa5a3b486a9aba4e8a3a9b6e8a1a9b0">[email protected]</span></a>
within 30 days of the day after publication of this notice, by April 6,
2026.
Dated: February 27, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04234 Filed 3-3-26; 8:45 am]
BILLING CODE 8011-01-P
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