80 FR 44410 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 143 (July 27, 2015)

[Federal Register Volume 80, Number 143 (Monday, July 27, 2015)]
[Notices]
[Pages 44410-44411]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-18325]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-616, OMB Control No. 3235-0671]


Proposed Collection; Comment Request

    Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission Office of FOIA Services, 100 F Street NE., 
Washington, DC 20549-2736

Extension:
    Rule 613

    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 Rule 613 (17 CFR 242.613). 
The Commission plans to submit this existing collection of information 
to the Office of Management and Budget (``OMB'') for extension and 
approval.
    Rule 613 of Regulation NMS (17 CFR part 242) requires national 
securities exchanges and national securities associations (``self-
regulatory organizations'' or ``SROs'') to jointly submit to the 
Commission a national market system (``NMS'') plan to govern the 
creation, implementation, and maintenance of a consolidated audit trail 
and central repository for the collection of information for NMS 
securities. The NMS plan must require each SRO and its respective 
members to provide certain data to the central repository in compliance 
with Rule 613. When it adopted Rule 613, the Commission discussed the 
burden hours associated with the development and submission of the NMS 
plan.\1\ In doing so, the Commission noted that the development and 
submission of the NMS plan is part of a multi-step process for 
developing the consolidated audit trail and that the Commission 
deferred its discussion of the burden hours associated with the other 
paperwork requirements required by Rule 613--such as the requirements 
to provide certain data to the central repository--until after the SROs 
submit an NMS plan and there has been an opportunity for public 
comment.\2\
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    \1\ See Securities Exchange Act Release No. 67457 (July 18, 
2012), 77 FR 45722 (August 1, 2012) (``Adopting Release''), at 
45804-45807.
    \2\ Id. at 45804.
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    The SROs submitted to the Commission the NMS plan on September 30, 
2014 \3\  and an amended and restated NMS Plan on February 27, 2015.\4\ 
Although the existing collection of information pertains to the 
development and submission of an NMS plan, and such NMS plan has been 
developed and submitted, the Commission believes it is prudent to 
extend this collection of information during the pendency of the 
Commission's review of the NMS plan.
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    \3\ See Letter from the SROs, to Brent J. Fields, Secretary, 
Commission, dated September 30, 2014 (``CAT NMS Plan'').
    \4\ See Letter from the SROs, to Brent J. Fields, Secretary, 
Commission, dated February 27, 2015 (``Amended and Restated CAT NMS 
Plan'').
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    The Commission estimates that each of the 19 SROs would spend a 
total of 2,760 burden hours of internal legal, compliance, information 
technology, and business operations time to comply with the existing 
collection of information, calculated as follows: (880 programmer 
analyst hours) + (880 business analyst hours) + (700 attorney hours) + 
(300 compliance manager hours) = 2,760 burden hours to prepare and file 
an NMS plan, or approximately 52,440 burden hours in the aggregate, 
calculated as follows: (2,760 burden hours per SRO) x (19 SROs) = 
52,440 burden hours. Amortized over three years, the annualized burden 
hours would be 920 hours per SRO, or a total of 17,480 for all 19 SROs.
    The Commission further estimates that the aggregate one-time 
reporting burden for preparing and filing an NMS plan would be 
approximately $20,000 in external legal costs per SRO, calculated as 
follows: 50 legal hours x $400 per hour = $20,000, for an aggregate 
burden of $380,000, calculated as follows: ($20,000 in external legal 
costs per SRO) x (19 SROs) = $380,000. Amortized over three years, the 
annualized capital external cost would be $6,667 per SRO, or a total of 
$126,667 for all 19 SROs.

[[Page 44411]]

    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 to 
be 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.
    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: Pamela Dyson, Director/
Chief Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email 
to: [email protected].

    Dated: July 22, 2015.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18325 Filed 7-24-15; 8:45 am]
BILLING CODE 8011-01-P