Proposed Collection; Comment Request; Extension: Market Data Infrastructure, 10115-10116 [2024-02951]
Download as PDF
<![CDATA[
Federal Register / Vol. 89, No. 30 / Tuesday, February 13, 2024 / Notices
or cost burden for applicants utilizing
in-house counsel by 7 hours 1 or $3,388 2
per application. Therefore, the
mandatory requirements under rule 0–
5(e) increase the total estimated annual
hour burden by approximately 50 hours
utilizing in-house counsel.3 The total
estimated annual cost burden for
utilizing in-house counsel is $24,200.4
We estimate to receive approximately
84 applications 5 per year seeking
standard review under the Act and of
the 84 applications, we estimate that in
approximately 10 percent of those, the
applicants respond ‘‘in writing’’ to
avoid the application being deemed
withdrawn pursuant to rule 0–5(g). We
believe the ‘‘in writing’’ requirement
under rule 0–5(g) increases the burden
for applicants utilizing in-house counsel
by 2 hours or $968 per application.6
Therefore, the ‘‘in writing’’ requirement
under rule 0–5(g) increases the total
estimated annual hour burden by
approximately 3.36 hours utilizing inhouse counsel.7 The total estimated
annual cost burden utilizing in-house
counsel is $1,626.24.8
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. 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
within 30 days of publication of this
notice by March 14, 2024 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov 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: PRA_Mailbox@sec.gov.
Dated: February 8, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–02906 Filed 2–12–24; 8:45 am]
BILLING CODE 8011–01–P
lotter on DSK11XQN23PROD with NOTICES1
1 This
estimate is based on the following
calculation: 5 hours (estimated hours per
application to prepare the marked copies) + 2 hour
(estimated hours per application to explain, notate,
and certify) = 7 hours.
2 This estimate is based on the following
calculation: 5 (estimated hours per application to
prepare the marked copies) × $484 (hourly rate for
an in-house counsel) = $2,420; 2 (estimated hours
per application to explain, notate, and certify) ×
$484 (hourly rate for an in-house counsel) = $968;
$2,420 (estimated cost per application to prepare
the marked copies) + $968 (estimated cost per
application to explain, notate, and certify) = $3,388;
the hourly wages data is from the Securities
Industry Financial Markets Association’s
Management & Professional Earnings in the
Securities Industry 2013, modified by Commission
Staff to account for an 1,800-hour work-year and
inflation, and multiplied by 5.35 (professionals) to
account for bonuses, firm size, employee benefits,
and overhead, suggests that the cost for in-house
counsel is $484 per hour.
3 This estimate is based on the following
calculations: [5 (estimated hours per application to
prepare the marked copies) + 2 (estimated hours per
application to explain, notate, and certify)] × 32
(estimated number of applications under expedited
review) × 0.20 (approximate percentage of
applications prepared by in-house counsel) = 44.8
(rounded up to 50).
4 This estimate is based on the following
calculation: 50 (estimated total hours utilizing inhouse counsel) × $484 (hourly rate for an in-house
counsel) = $24,200.
5 This estimate is based on the following
calculation: 116 (estimated number of all
applications)—32 (estimated number of
applications under expedited review) = 84.
6 This estimate is based on the following
calculation: 2 (estimated hours to prepare ‘‘in
writing’’ response) × $484 (hourly rate for an inhouse counsel) = $968.
7 This estimate is based on the following
calculations: 2 (estimated hours to prepare ‘‘in
writing’’ response) × 84 (estimated number of
applications under standard review) × 0.10
(approximate percentage of application required to
respond ‘‘in writing’’) × 0.20 (approximate
percentage of applications prepared by in-house
counsel) = 3.36.
VerDate Sep<11>2014
16:57 Feb 12, 2024
Jkt 262001
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–823, OMB Control No.
3235–0778]
Proposed Collection; Comment
Request; Extension: Market Data
Infrastructure
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’’) is soliciting comments
on the existing collection of information
provided for in Rules 603 and 614 (17
CFR 242.603 and 17 CFR 242.614,
respectively), under the Securities
Exchange Act of 1934 (‘‘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.
On December 9, 2020, the
Commission updated the content of
national market system (‘‘NMS’’)
information that is required to be
collected, consolidated, and
disseminated as part of the national
market system under Regulation NMS.
8 This estimate is based on the following
calculation: 3.36 (estimated total hours utilizing inhouse counsel) × $484 (hourly rate for an in-house
counsel) = $1,626.24.
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
10115
Second, the Commission amended the
method by which ‘‘consolidated market
data,’’ as now defined, is collected,
consolidated, and disseminated by
introducing a decentralized
consolidation model with competing
consolidators, which replaces the
centralized consolidation model that
relies on exclusive securities
information processors (‘‘exclusive
SIPs’’).
The amendments, as adopted,
establish seven new collections of
information.
1. Registration requirements and Form
CC: Rule 614(a)(1)(i) requires each
competing consolidator to register with
the Commission by filing Form CC
electronically in accordance with the
instructions contained on the form.
Competing consolidators will be
required to file amendments to the form
in accordance with the rule and file
notice of its cessation of operations.
2. Competing consolidator duties and
data collection: Rule 614(d)(1)–(4)
requires competing consolidators to (i)
collect from each SRO the information
with respect to quotations for and
transactions in NMS stocks as provided
in Rule 603(b); (ii) calculate and
generate consolidated market data
products; (iii) make consolidated market
data products available to subscribers
with the required timestamps on terms
that are not unreasonably
discriminatory; and (iv) timestamp the
information collected from the SROs at
certain specified times.
3. Competing consolidators’ public
posting of Form CC: Rule 614(c) requires
competing consolidators to make public
on its website a direct URL hyperlink to
the Commission website that contains
each effective initial Form CC, as
amended, order of ineffective initial
Form CC, and Form CC amendments to
an effective Form CC.
4. Recordkeeping: Rule 614(d)(7)
requires each competing consolidator to
keep and preserve at least one copy of
all documents as defined in the rule for
a period of no less than five years, the
first two in an easily accessible place.
Rule 614(d)(8) requires each competing
consolidator, upon request of any
representative of the Commission, to
promptly furnish copies of any
documents to such representative.
5. Reports and Reviews: Rule
614(d)(5) requires competing
consolidators to publish on their
websites certain monthly performance
metrics. Rule 614(d)(6) requires
competing consolidators to publish
certain monthly data quality
information.
6. Amendment to the effective
national market system plan(s) for NMS
E:\FR\FM\13FEN1.SGM
13FEN1
lotter on DSK11XQN23PROD with NOTICES1
10116
Federal Register / Vol. 89, No. 30 / Tuesday, February 13, 2024 / Notices
stocks: Rule 614(e) requires the
participants to the effective national
market system plan(s) for NMS stocks to
submit an amendment to such plan(s)
within 150 days of the effectiveness of
the amendments that contain certain
specified provisions.
7. Collection and dissemination of
information by national securities
exchanges and national securities
associations: The amendment to Rule
603(b) requires every national securities
exchange on which an NMS stock is
traded and the national securities
association to make available to all
competing consolidators and selfaggregators all information with respect
to quotations for and transactions in
NMS stocks, including all data
necessary to generate consolidated
market data products, in the same
manner and using the same methods,
including all methods of access and
using the same format as such exchange
or association makes available any
information with respect to quotations
for and transactions in NMS stocks to
any person.
These collections of information are
necessary to further the national market
system objectives set forth in Section
11A(a)(1) of the Exchange Act. Without
Rules 603 and 614, the Commission
would be unable to fulfill these
statutory responsibilities.
The staff estimates that 8 entities may
register as competing consolidators and
therefore are subject to the collection of
information described in paragraph 1
through 5 above. The staff estimates that
there are 19 entities that are subject to
the collection of information described
in paragraph 6 above. The staff
estimates that there are 17 entities that
are subject to the collection of
information described in paragraph 7
above. The staff estimates that the
aggregate annual compliance burden for
the industry is 35,715 hours and
$45,611,043.
Compliance with Rules 603 and 614
is mandatory. Competing consolidators
are required to keep and preserve at
least one copy of all documents,
including all correspondence,
memoranda, papers, books, notices,
accounts, and such other records as
shall be made or received by it in the
course of its business as such and in the
conduct of its business. Competing
consolidators must keep these
documents for a period of no less than
five years, the first two years in an
easily accessible place. This
requirement is consistent with current
SEC rules for SROs. The Form CC and
amendments to the effective national
market system plan(s) will not be
confidential; they will be posted on the
VerDate Sep<11>2014
16:57 Feb 12, 2024
Jkt 262001
Commission’s public website.
Competing consolidators will make
available to subscribers consolidated
market data products, which therefore
will not be confidential. Competing
consolidator records will be available to
the Commission and other regulators.
The reports and reviews of competing
consolidators will be published on
competing consolidator websites and
will not be confidential. Finally, the
exchanges and associations will make
available to competing consolidators
and self-aggregators quotation and
transaction information.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted by
April 15, 2024.
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.
Please direct your written comments
to: David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
Mailbox@sec.gov.
Dated: February 8, 2024.
Sherry R. Haywood
Assistant Secretary.
[FR Doc. 2024–02951 Filed 2–12–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–072, OMB Control No.
3235–0076]
Proposed Collection; Comment
Request; Extension: Regulation D
(Form D)
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
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
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form D (17 CFR 239.500) is a notice
of sales filed by issuers making an
offering of securities in reliance on an
exemption under Regulation D (17 CFR
230.501 et seq.) or Section 4(a)(5) of the
Securities Act of 1933 (15 U.S.C.
77d(a)(5)). Regulation D sets forth rules
governing the limited offer and sale of
securities without Securities Act
registration. The purpose of Form D is
to collect empirical data, which
provides a continuing basis for action by
the Commission either in terms of
amending existing rules and regulations
or proposing new ones. In addition, the
Form D allows the Commission to elicit
information necessary in assessing the
effectiveness of Regulation D (17 CFR
230.501 et seq.) and Section 4(6) of the
Securities Act of 1933 (15 U.S.C. 77d(6))
as capital-raising devices for all
businesses. Approximately 38,735
issuers file Form D and it takes
approximately 5 hours per response. We
estimate that 25% of 5 hours per
response (1.25 hour per response) is
prepared by the issuer for an annual
reporting burden 48,419 hours (1.25
hour per response × 38,735 responses).
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication by April 15, 2024.
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
control number.
Please direct your written comment to
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington,
E:\FR\FM\13FEN1.SGM
13FEN1
]]>Agencies
[Federal Register Volume 89, Number 30 (Tuesday, February 13, 2024)]
[Notices]
[Pages 10115-10116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02951]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-823, OMB Control No. 3235-0778]
Proposed Collection; Comment Request; Extension: Market Data
Infrastructure
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'') is soliciting comments on the existing
collection of information provided for in Rules 603 and 614 (17 CFR
242.603 and 17 CFR 242.614, respectively), under the Securities
Exchange Act of 1934 (``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.
On December 9, 2020, the Commission updated the content of national
market system (``NMS'') information that is required to be collected,
consolidated, and disseminated as part of the national market system
under Regulation NMS. Second, the Commission amended the method by
which ``consolidated market data,'' as now defined, is collected,
consolidated, and disseminated by introducing a decentralized
consolidation model with competing consolidators, which replaces the
centralized consolidation model that relies on exclusive securities
information processors (``exclusive SIPs'').
The amendments, as adopted, establish seven new collections of
information.
1. Registration requirements and Form CC: Rule 614(a)(1)(i)
requires each competing consolidator to register with the Commission by
filing Form CC electronically in accordance with the instructions
contained on the form. Competing consolidators will be required to file
amendments to the form in accordance with the rule and file notice of
its cessation of operations.
2. Competing consolidator duties and data collection: Rule
614(d)(1)-(4) requires competing consolidators to (i) collect from each
SRO the information with respect to quotations for and transactions in
NMS stocks as provided in Rule 603(b); (ii) calculate and generate
consolidated market data products; (iii) make consolidated market data
products available to subscribers with the required timestamps on terms
that are not unreasonably discriminatory; and (iv) timestamp the
information collected from the SROs at certain specified times.
3. Competing consolidators' public posting of Form CC: Rule 614(c)
requires competing consolidators to make public on its website a direct
URL hyperlink to the Commission website that contains each effective
initial Form CC, as amended, order of ineffective initial Form CC, and
Form CC amendments to an effective Form CC.
4. Recordkeeping: Rule 614(d)(7) requires each competing
consolidator to keep and preserve at least one copy of all documents as
defined in the rule for a period of no less than five years, the first
two in an easily accessible place. Rule 614(d)(8) requires each
competing consolidator, upon request of any representative of the
Commission, to promptly furnish copies of any documents to such
representative.
5. Reports and Reviews: Rule 614(d)(5) requires competing
consolidators to publish on their websites certain monthly performance
metrics. Rule 614(d)(6) requires competing consolidators to publish
certain monthly data quality information.
6. Amendment to the effective national market system plan(s) for
NMS
[[Page 10116]]
stocks: Rule 614(e) requires the participants to the effective national
market system plan(s) for NMS stocks to submit an amendment to such
plan(s) within 150 days of the effectiveness of the amendments that
contain certain specified provisions.
7. Collection and dissemination of information by national
securities exchanges and national securities associations: The
amendment to Rule 603(b) requires every national securities exchange on
which an NMS stock is traded and the national securities association to
make available to all competing consolidators and self-aggregators all
information with respect to quotations for and transactions in NMS
stocks, including all data necessary to generate consolidated market
data products, in the same manner and using the same methods, including
all methods of access and using the same format as such exchange or
association makes available any information with respect to quotations
for and transactions in NMS stocks to any person.
These collections of information are necessary to further the
national market system objectives set forth in Section 11A(a)(1) of the
Exchange Act. Without Rules 603 and 614, the Commission would be unable
to fulfill these statutory responsibilities.
The staff estimates that 8 entities may register as competing
consolidators and therefore are subject to the collection of
information described in paragraph 1 through 5 above. The staff
estimates that there are 19 entities that are subject to the collection
of information described in paragraph 6 above. The staff estimates that
there are 17 entities that are subject to the collection of information
described in paragraph 7 above. The staff estimates that the aggregate
annual compliance burden for the industry is 35,715 hours and
$45,611,043.
Compliance with Rules 603 and 614 is mandatory. Competing
consolidators are required to keep and preserve at least one copy of
all documents, including all correspondence, memoranda, papers, books,
notices, accounts, and such other records as shall be made or received
by it in the course of its business as such and in the conduct of its
business. Competing consolidators must keep these documents for a
period of no less than five years, the first two years in an easily
accessible place. This requirement is consistent with current SEC rules
for SROs. The Form CC and amendments to the effective national market
system plan(s) will not be confidential; they will be posted on the
Commission's public website. Competing consolidators will make
available to subscribers consolidated market data products, which
therefore will not be confidential. Competing consolidator records will
be available to the Commission and other regulators. The reports and
reviews of competing consolidators will be published on competing
consolidator websites and will not be confidential. Finally, the
exchanges and associations will make available to competing
consolidators and self-aggregators quotation and transaction
information.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted by
April 15, 2024.
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.
Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to:
[email protected].
Dated: February 8, 2024.
Sherry R. Haywood
Assistant Secretary.
[FR Doc. 2024-02951 Filed 2-12-24; 8:45 am]
BILLING CODE 8011-01-P
