80 FR 44410 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		44410-44411
FR Document		2015-18325
Federal Register, Volume 80 Issue 143 (Monday, 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
Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 44411

Written comments are invited on: (a) solicit comments on the proposed rule SEEK is a routing option pursuant to
Whether the proposed collection of change from interested persons. which an order will first check the
information is necessary for the proper System for available contracts for
I. Self-Regulatory Organization’s
performance of the functions of the execution. After checking the System for
Statement of the Terms of Substance of
Commission, including whether the available contracts, orders are sent to
the Proposed Rule Change
information shall have practical utility; other available market centers for
(b) the accuracy of the Commission’s The Exchange proposes to amend potential execution, per the entering
estimates of the burden of the proposed Chapter VI (Trading Systems) at Section firm’s instructions. When checking the
collection of information; (c) ways to 11 (Order Routing), of the rules book, the System will seek to execute at
enhance the quality, utility, and clarity governing the NASDAQ Options Market the price at which it would send the
of the information to be collected; and (‘‘NOM’’ or ‘‘Exchange’’), to clarify the order to a destination market center.
(d) ways to minimize the burden of the manner in which a SEEK Order will SRCH is a routing option pursuant to
collection of information on route again after an initial routing which an order will first check the
respondents, including through the use attempt to another market center. System for available contracts for
of automated collection techniques or The text of the proposed rule change execution. After checking the System for
other forms of information technology. is available on the Exchange’s Web site available contracts, orders are sent to
Consideration will be given to at http://nasdaq.cchwallstreet.com, at other available market centers for
comments and suggestions submitted in the principal office of the Exchange, and potential execution, per the entering
writing within 60 days of this at the Commission’s Public Reference firm’s instructions. When checking the
publication. Room. book, the System will seek to execute at
An agency may not conduct or II. Self-Regulatory Organization’s the price at which it would send the
sponsor, and a person is not required to Statement of the Purpose of, and order to a destination market center.
Statutory Basis for, the Proposed Rule Both SEEK and SRCH eligible
respond to, a collection of information
Change unexecuted orders will continue to be
under the PRA unless it displays a
routed utilizing a route timer. The SEEK
currently valid OMB control number. In its filing with the Commission, the
or SRCH order will post to the book and
Please direct your written comments Exchange included statements
will be routed after a time period
to: Pamela Dyson, Director/Chief concerning the purpose of and basis for
(‘‘Route Timer’’) not to exceed one
Information Officer, Securities and the proposed rule change and discussed
second as specified by the Exchange on
Exchange Commission, c/o Remi Pavlik- any comments it received on the
its Web site provided that the order’s
Simon, 100 F Street NE., Washington, proposed rule change. The text of these
limit price would lock or cross other
DC 20549, or send an email to: PRA_ statements may be examined at the
places specified in Item IV below. The market center(s).6 If, during the Route
Mailbox@sec.gov. Timer, any new interest arrives opposite
Exchange has prepared summaries, set
Dated: July 22, 2015. forth in sections A, B, and C below, of the order that is equal to or better than
Robert W. Errett, the most significant aspects of such the ABBO 7 price, the order will trade
Deputy Secretary. statements. against such new interest at the ABBO
[FR Doc. 2015–18325 Filed 7–24–15; 8:45 am]
price. Eligible unexecuted orders will be
A. Self-Regulatory Organization’s routed at the end of the Route Timer
BILLING CODE 8011–01–P
Statement of the Purpose of, and provided the order was not filled and
Statutory Basis for, the Proposed Rule the order’s limit price would continue
Change to lock or cross the ABBO. If an order
SECURITIES AND EXCHANGE
COMMISSION 1. Purpose was routed with either the SEEK or
SRCH routing option, and has size after
The Exchange’s rules at Chapter VI, such routing, it will execute against
[Release No. 34–75498; File No. SR– Section 11 provide for the manner in contra side interest in the book, post in
NASDAQ–2015–079] which orders submitted to the System 3 the book, and route again pursuant to
will route to other market centers.4 The the process described above, if
Self-Regulatory Organizations; The System provides two routing options
NASDAQ Stock Market LLC; Notice of applicable, if the order’s limit price
pursuant to which orders are sent to would lock or cross another market
Filing and Immediate Effectiveness of other available market centers for
Proposed Rule Change to NOM Order center(s).
potential execution, per the entering With respect to SRCH Orders, if
Routing firm’s instructions. The routing options contracts remain un-executed after
July 21, 2015. are SEEK and SRCH. Routing options routing, they are posted on the book.
may be combined with all available Once on the book, should the order
Pursuant to Section 19(b)(1) of the order types and times-in-force, with the subsequently be locked or crossed by
Securities Exchange Act of 1934 exception of order types and times-in- another market center, it will re-route.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 force whose terms are inconsistent with With SEEK orders, the rule currently
notice is hereby given that on July 13, the terms of a particular routing option. states, if contracts remain un-executed
2015, The NASDAQ Stock Market LLC The Exchange is seeking to clarify the after routing, they are posted on the
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the manner in which a SEEK order will book. Once on the book at the limit
Securities and Exchange Commission route again, after it is initially routed
(‘‘SEC’’ or ‘‘Commission’’) the proposed (‘‘re-route’’).5 6 Pursuant to Section 11(c) of Chapter VI, orders
tkelley on DSK3SPTVN1PROD with NOTICES

rule change as described in Items I and sent by the System pursuant to the SEEK and SRCH
II below, which Items have been 3 The
term ‘‘System’’ is defined in NOM Rules at routing options to other markets would not retain
prepared by the Exchange. The Chapter VI, Section 1(a). time priority with respect to other orders in the
Commission is publishing this notice to
4 Participants can designate orders as either System. If an order routed pursuant to SEEK or
available for routing or not available for routing. See SRCH is subsequently returned, in whole or in part,
Chapter VI, Sec. 11(a). that order, or its remainder, will receive a new time
1 15 U.S.C. 78s(b)(1). 5 If an order is only partially routed the portion stamp reflecting the time of its return to the System.
2 17 CFR 240.19b–4. that was not routed will be posted to the book. 7 ABBO is the away market’s best bid or offer.

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Document Created: 2018-02-23 09:27:07
Document Modified: 2018-02-23 09:27:07
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 44410