Submission for OMB Review; Comment Request; Extension: Rule 606 of Regulation NMS, 3983-3984 [2025-00664]
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Federal Register / Vol. 90, No. 9 / Wednesday, January 15, 2025 / Notices
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Brian Foster,
Clearance Officer.
[FR Doc. 2025–00767 Filed 1–14–25; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–101, OMB Control No.
3235–0082]
lotter on DSK11XQN23PROD with NOTICES1
Proposed Collection; Comment
Request; Extension: Form 11–K
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
(‘‘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 11–K (17 CFR 249.311) is the
annual report designed for use by
employee stock purchase, savings, and
similar plans to comply with the
reporting requirements under Section
15(d) of the Securities and Exchange Act
of 1934 (the ‘‘Exchange Act’’) (15 U.S.C.
78o(d)). Section 15(d) establishes a
periodic reporting obligation for every
issuer of a class of securities registered
under the Securities Act of 1933 (the
‘‘Securities Act’’) (15 U.S.C. 77a et seq.).
Form 11–K provides employees of an
issuer with financial information so that
they can assess the performance of the
investment vehicle or stock plan. We
estimate that Form 11–K requires
approximately internal 95.81 burden
hours per response and that there is an
average of approximately 941 Form 11–
K filings annually for a total of 90,157
internal burden hours annually (95.81
hours per response × 941 responses). We
also estimate that Form 11–K requires a
cost of approximately $7,525 per
response for a total annual cost burden
of $7,081,025 ($7,525 per response ×
941 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
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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 March 17, 2025.
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
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 or
send an email to: PRA_Mailbox@
sec.gov.
Dated: January 8, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–00665 Filed 1–14–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–335, OMB Control No.
3235–0381]
Proposed Collection; Comment
Request; Extension: Form 40–F
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
(‘‘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 40–F (17 CFR 249.240f) is used
by certain Canadian issuers to register a
class of securities under Section 12 of
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) (15 U.S.C. 78l) or as
an annual report pursuant to Section
13(a) or 15 (d) of the Exchange Act (15
U.S.C. 78m(a) or 78o(d)). The
information required in the Form 40–F
is used by investors in making
investment decisions with respect to the
securities of such Canadian companies.
We estimate that Form 40–F takes
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3983
approximately 431.42 hours per
response and that there is an average of
approximately 175 responses annually.
We estimate that 25% of the 431.42
hours per response is prepared by the
issuer for an internal burden of 18,875
hours ((0.25 × 431.42) hours per
response × 175 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 March 17, 2025.
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
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 or
send an e-mail to: PRA_Mailbox@
sec.gov.
Dated: January 8, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–00680 Filed 1–14–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–489, OMB Control No.
3235–0541]
Submission for OMB Review;
Comment Request; Extension: Rule
606 of Regulation NMS
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.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension on the previously approved
E:\FR\FM\15JAN1.SGM
15JAN1
lotter on DSK11XQN23PROD with NOTICES1
3984
Federal Register / Vol. 90, No. 9 / Wednesday, January 15, 2025 / Notices
collection of information provided for in
Rule 606 of Regulation NMS (‘‘Rule
606’’) (17 CFR 242.606), under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 606 (formerly known as Rule
11Ac1–6) requires require disclosure by
broker-dealers of, (1) pursuant to Rule
606(a)(1), a quarterly aggregated public
report on the handling of orders in NMS
stocks that are submitted on a held basis
and orders in NMS securities that are
option contracts with a market value
less than $50,000; (2) pursuant to Rule
606(b)(1), a report, upon request of a
customer, on the routing of that
customer’s orders in NMS stocks that
are submitted on a held basis; orders in
NMS stocks that are submitted on a not
held basis and do not qualify for two de
minimis exceptions; and orders in NMS
securities that are option contracts,
containing certain information on the
broker-dealer’s routing of such orders
for that customer for the prior six
months; and (3) pursuant to Rule
606(b)(3), a report, upon request of a
customer that places with the brokerdealer, directly or indirectly, NMS stock
orders of any size that are submitted on
a not held basis (subject to two de
minimis exceptions), containing certain
information on the broker-dealer’s
handling of such orders for that
customer for the prior six months.
The Commission estimates that out of
the currently 3,399 broker-dealers that
are subject to the collection of
information obligations of Rule
606(a)(1), clearing brokers bear a
substantial portion of the burden of
complying with the reporting and
recordkeeping requirements of Rule 606
on behalf of small to mid-sized
introducing firms. There currently are
approximately 179 clearing brokers. In
addition, there are approximately 61
introducing brokers that receive funds
or securities from their customers.
Because at least some of these firms also
may have greater involvement in
determining where customer orders are
routed for execution, they have been
included, along with clearing brokers, in
estimating the total burden of Rule
606(a)(1).
As described in more detail, below,
the total annual time burden associated
with rule 606 is approximately 183,000
hours per year and the total annual cost
burden is approximately $1,300,000 per
year.
The Commission staff estimates that
each firm significantly involved in order
routing practices incurs an average
burden of 40 hours to prepare and
disseminate the quarterly report
required by Rule 606(a)(1), or a burden
of 160 hours per year. With an estimated
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240 broker-dealers significantly
involved in order routing practices, the
total industry-wide burden per year to
comply with the quarterly reporting
requirement in Rule 606 is estimated to
be 38,400 hours (160 × 240).
Additionally, for each of the 240 brokerdealers subject to disclosure
requirements of Rule 606(a)(1), the
Commission estimates the annual
burden under Rule 606(a)(1)(iv) to
monitor payment for order flow and
profit-sharing relationships and
potential self-regulatory organization
rule changes that could impact their
order routing decisions and incorporate
any new information into their reports
to be 10 hours and the annual burden
for each broker-dealers to describe and
update any terms of payment for order
flow arrangements and profit-sharing
relationships with a Specified Venue
that may influence their order routing
decisions to be 15 hours, for a total
annual burden of 6,000 hours (25 × 240).
Therefore, the estimated total annual
burden to comply with Rule 606(a)(1) is
44,400 hours.
Clearing brokers generally bear the
burden of responding to individual
customer requests under Rule 606(b)(1)
for order handling information. The
Commission staff estimates that an
average clearing broker incurs an annual
burden of 400 hours (2000 responses x
0.2 hours/response) to prepare,
disseminate, and retain responses to
customers required by Rule 606. With
an estimated 179 clearing brokers
subject to Rule 606(b)(1), the total
industry-wide burden per year to
comply with the customer response
requirement in Rule 606 is estimated to
be 71,600 hours (179 × 400).
The Commission estimates that
approximately 200 broker-dealers are
involved in routing orders subject to the
disclosure requirements of Rule
606(b)(3). The Commission believes that
some such broker-dealers will respond
to requests for customer-specific reports
in house, while others will engage a
third-party service provider to do so.
The Commission estimates that
approximately 135 broker-dealers will
respond in-house to individual
customer requests for information on
order handling under Rule 606(b)(3),
and that for each, the individual annual
burden will be 400 hours (200 responses
× 2 hours/response), with a total annual
burden of 54,000 hours (400 × 135).
The Commission estimates that
approximately 65 broker-dealers will
engage a third party to respond to
individual customer requests, and that
for each, the individual annual burden
will be 200 hours (200 responses × 1
hour/response), with a total annual
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burden of 13,000 hours (200 × 65). The
total annual cost burden associated with
engaging such third parties is
approximately $1,300,000 (65 × 200
annual requests × $100 per request to
engage a third-party service provider).
Therefore, the estimated total annual
burden to comply with Rule 606(b)(3) is
67,000 hours and $1,300,000.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202411–3235–
001 or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
February 18, 2025.
Dated: January 8, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–00664 Filed 1–14–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102138; File No. SR–ISE–
2025–02]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Real-Time
Depth of Market Raw Data Feed,
Nasdaq ISE Order Feed, Nasdaq ISE
Top Feed, Nasdaq ISE Spread Feed,
and Nasdaq ISE Trade Feed Fees
Based on the Rate of Inflation
January 8, 2025.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 6,
2025, Nasdaq ISE, LLC (‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Item I below, which Item has been
substantially prepared by the Exchange.
The Exchange has designated this
proposal for immediate effectiveness
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f) thereunder.4
The Commission is publishing this
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f). At any time within 60 days
of the filing of the proposed rule change, the
Commission summarily may temporarily suspend
such rule change if it appears to the Commission
that such action is necessary or appropriate in the
public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission will institute proceedings to determine
whether the proposed rule change should be
approved or disapproved.
2 17
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15JAN1
]]>Agencies
[Federal Register Volume 90, Number 9 (Wednesday, January 15, 2025)]
[Notices]
[Pages 3983-3984]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-00664]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-489, OMB Control No. 3235-0541]
Submission for OMB Review; Comment Request; Extension: Rule 606
of Regulation NMS
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.) (``PRA''), the Securities and
Exchange Commission (``Commission'') has submitted to the Office of
Management and Budget (``OMB'') a request for approval of extension on
the previously approved
[[Page 3984]]
collection of information provided for in Rule 606 of Regulation NMS
(``Rule 606'') (17 CFR 242.606), under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Rule 606 (formerly known as Rule 11Ac1-6) requires require
disclosure by broker-dealers of, (1) pursuant to Rule 606(a)(1), a
quarterly aggregated public report on the handling of orders in NMS
stocks that are submitted on a held basis and orders in NMS securities
that are option contracts with a market value less than $50,000; (2)
pursuant to Rule 606(b)(1), a report, upon request of a customer, on
the routing of that customer's orders in NMS stocks that are submitted
on a held basis; orders in NMS stocks that are submitted on a not held
basis and do not qualify for two de minimis exceptions; and orders in
NMS securities that are option contracts, containing certain
information on the broker-dealer's routing of such orders for that
customer for the prior six months; and (3) pursuant to Rule 606(b)(3),
a report, upon request of a customer that places with the broker-
dealer, directly or indirectly, NMS stock orders of any size that are
submitted on a not held basis (subject to two de minimis exceptions),
containing certain information on the broker-dealer's handling of such
orders for that customer for the prior six months.
The Commission estimates that out of the currently 3,399 broker-
dealers that are subject to the collection of information obligations
of Rule 606(a)(1), clearing brokers bear a substantial portion of the
burden of complying with the reporting and recordkeeping requirements
of Rule 606 on behalf of small to mid-sized introducing firms. There
currently are approximately 179 clearing brokers. In addition, there
are approximately 61 introducing brokers that receive funds or
securities from their customers. Because at least some of these firms
also may have greater involvement in determining where customer orders
are routed for execution, they have been included, along with clearing
brokers, in estimating the total burden of Rule 606(a)(1).
As described in more detail, below, the total annual time burden
associated with rule 606 is approximately 183,000 hours per year and
the total annual cost burden is approximately $1,300,000 per year.
The Commission staff estimates that each firm significantly
involved in order routing practices incurs an average burden of 40
hours to prepare and disseminate the quarterly report required by Rule
606(a)(1), or a burden of 160 hours per year. With an estimated 240
broker-dealers significantly involved in order routing practices, the
total industry-wide burden per year to comply with the quarterly
reporting requirement in Rule 606 is estimated to be 38,400 hours (160
x 240). Additionally, for each of the 240 broker-dealers subject to
disclosure requirements of Rule 606(a)(1), the Commission estimates the
annual burden under Rule 606(a)(1)(iv) to monitor payment for order
flow and profit-sharing relationships and potential self-regulatory
organization rule changes that could impact their order routing
decisions and incorporate any new information into their reports to be
10 hours and the annual burden for each broker-dealers to describe and
update any terms of payment for order flow arrangements and profit-
sharing relationships with a Specified Venue that may influence their
order routing decisions to be 15 hours, for a total annual burden of
6,000 hours (25 x 240). Therefore, the estimated total annual burden to
comply with Rule 606(a)(1) is 44,400 hours.
Clearing brokers generally bear the burden of responding to
individual customer requests under Rule 606(b)(1) for order handling
information. The Commission staff estimates that an average clearing
broker incurs an annual burden of 400 hours (2000 responses x 0.2
hours/response) to prepare, disseminate, and retain responses to
customers required by Rule 606. With an estimated 179 clearing brokers
subject to Rule 606(b)(1), the total industry-wide burden per year to
comply with the customer response requirement in Rule 606 is estimated
to be 71,600 hours (179 x 400).
The Commission estimates that approximately 200 broker-dealers are
involved in routing orders subject to the disclosure requirements of
Rule 606(b)(3). The Commission believes that some such broker-dealers
will respond to requests for customer-specific reports in house, while
others will engage a third-party service provider to do so. The
Commission estimates that approximately 135 broker-dealers will respond
in-house to individual customer requests for information on order
handling under Rule 606(b)(3), and that for each, the individual annual
burden will be 400 hours (200 responses x 2 hours/response), with a
total annual burden of 54,000 hours (400 x 135).
The Commission estimates that approximately 65 broker-dealers will
engage a third party to respond to individual customer requests, and
that for each, the individual annual burden will be 200 hours (200
responses x 1 hour/response), with a total annual burden of 13,000
hours (200 x 65). The total annual cost burden associated with engaging
such third parties is approximately $1,300,000 (65 x 200 annual
requests x $100 per request to engage a third-party service provider).
Therefore, the estimated total annual burden to comply with Rule
606(b)(3) is 67,000 hours and $1,300,000.
The public may view and comment on this information collection
request at: https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202411-3235-001 or send an email comment to
[email protected] within 30 days of the day
after publication of this notice by February 18, 2025.
Dated: January 8, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-00664 Filed 1-14-25; 8:45 am]
BILLING CODE 8011-01-P
