82 FR 22021 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 90 (May 11, 2017)

Page Range		22021-22022
FR Document		2017-09585
Federal Register, Volume 82 Issue 90 (Thursday, May 11, 2017)
[Federal Register Volume 82, Number 90 (Thursday, May 11, 2017)]
[Notices]
[Pages 22021-22022]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-09585]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-0213.

Extension:
    Rule 611, SEC File No. 270-540, OMB Control No. 3235-0600.

    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 611 (17 CFR 242.611). 
The Commission plans to submit this existing collection of information 
to the Office of Management and Budget (``OMB'') for extension and 
approval.

 Rule 611 (17 CFR 242.611)--Order Protection Rule

    On June 9, 2005, effective August 29, 2005 (see 70 FR 37496, June 
29, 2005), the Commission adopted Rule 611 of Regulation NMS under the 
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) to require any 
national securities exchange, national securities association, 
alternative trading system, exchange market maker, over-the-counter 
market maker, and any other broker-dealer that executes orders 
internally by trading as principal or crossing orders as agent, to 
establish, maintain, and enforce written policies and procedures 
reasonably designed to prevent the execution of a transaction in its 
market at a price that is inferior to a bid or offer displayed in 
another market at the time of execution (a ``trade-though''), absent an 
applicable exception and, if relying on an exception, that are 
reasonably designed to assure compliance with the terms of the 
exception. Without this collection of information, respondents would 
not have a means to enforce compliance with the Commission's intention 
to prevent trade-throughs pursuant to the rule.
    There are approximately 304 respondents \1\ per year that will 
require an aggregate total of 18,240 hours to comply with this rule. It 
is anticipated that each respondent will continue to expend 
approximately 60 hours annually: Two hours per month of internal legal 
time and three hours per month of internal compliance time to ensure 
that its written policies and procedures are up-to-date and remain in

[[Page 22022]]

compliance with Rule 611. The estimated cost for an in-house attorney 
is $396 per hour and the estimated cost for an assistant compliance 
director in the securities industry is $349 per hour. Therefore the 
estimated total cost of compliance for the annual hour burden is as 
follows: [(2 legal hours x 12 months x $396) x 304] + [(3 compliance 
hours x 12 months x $349) x 304] = $6,708,672.\2\
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    \1\ This estimate includes twelve national securities exchanges 
and one national securities association that trade NMS stocks. The 
estimate also includes the approximately 255 firms that were 
registered equity market makers or specialists at year-end 2015, as 
well as 36 alternative trading systems that operate trading systems 
that trade NMS stocks.
    \2\ The total cost of compliance for the annual hour burden has 
been revised to reflect updated estimated cost figures for an in-
house attorney and an assistant compliance director. These figures 
are from SIFMA's Management & Professional Earnings in the 
Securities Industry 2017, modified by Commission staff to account 
for an 1800-hour work-year and multiplied by 5.35 to account for 
bonuses, firm size, employee benefits, and overhead.
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    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: Thomas Bayer, 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: May 8, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-09585 Filed 5-10-17; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 90 / Thursday, May 11, 2017 / Notices 22021

Meeting materials and minutes will Regulatory Commission to add a Commission, Office of FOIA Services,
also be available on the EHR Advisory domestic shipping services contract to 100 F Street NE., Washington, DC
Committee Web site at https:// the list of Negotiated Service 20549–0213.
www.nsf.gov/ehr/advisory.jsp. Agreements in the Mail Classification Extension:
TYPE OF MEETING: Open. Schedule’s Competitive Products List. Rule 611, SEC File No. 270–540, OMB
CONTACT PERSON: Keaven M. Stevenson, DATES: Effective date: May 11, 2017. Control No. 3235–0600.
National Science Foundation, 4201 FOR FURTHER INFORMATION CONTACT: Notice is hereby given that pursuant
Wilson Boulevard, Room 805, Elizabeth A. Reed, 202–268–3179. to the Paperwork Reduction Act of 1995
Arlington, VA 22230; (703) 292–8600; SUPPLEMENTARY INFORMATION: The (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
kstevens@nsf.gov. United States Postal Service® hereby Securities and Exchange Commission
SUMMARY OF MINUTES: May be obtained gives notice that, pursuant to 39 U.S.C. (‘‘Commission’’) is soliciting comments
from Dr. Susan E. Brennan, National 3642 and 3632(b)(3), on May 4, 2017, it on the existing collection of information
Science Foundation, 4201 Wilson filed with the Postal Regulatory provided for in Rule 611 (17 CFR
Boulevard, Room 855, Arlington, VA Commission a Request of the United 242.611). The Commission plans to
22230; (703) 292–5096; SBrennan@ States Postal Service to Add Priority submit this existing collection of
nsf.gov. Mail Contract 315 to Competitive information to the Office of
PURPOSE OF MEETING: To provide advice Product List. Documents are available at Management and Budget (‘‘OMB’’) for
with respect to the Foundation’s www.prc.gov, Docket Nos. MC2017–127, extension and approval.
science, technology, engineering, and CP2017–180. • Rule 611 (17 CFR 242.611)—Order
mathematics (STEM) education and Stanley F. Mires, Protection Rule
human resources programming. Attorney, Federal Compliance. On June 9, 2005, effective August 29,
AGENDA: Agenda Topics. [FR Doc. 2017–09548 Filed 5–10–17; 8:45 am] 2005 (see 70 FR 37496, June 29, 2005),
BILLING CODE 7710–12–P the Commission adopted Rule 611 of
Monday, June 12, 2017; 8:00 a.m.–5:00
Regulation NMS under the Securities
p.m.
Exchange Act of 1934 (15 U.S.C. 78a et
• Remarks by the Committee Chair and POSTAL SERVICE seq.) to require any national securities
NSF Assistant Director for Education exchange, national securities
and Human Resources (EHR) Product Change—Priority Mail association, alternative trading system,
• EHR Investments in the STEM Negotiated Service Agreement exchange market maker, over-the-
Workforce counter market maker, and any other
AGENCY: Postal ServiceTM.
• Lifelong Learning for a Skilled broker-dealer that executes orders
Technical Workforce ACTION: Notice.
internally by trading as principal or
• The Many Faces of the STEM SUMMARY: The Postal Service gives crossing orders as agent, to establish,
Workforce: Broadening Participation notice of filing a request with the Postal maintain, and enforce written policies
• Increasing Public Ownership of Regulatory Commission to add a and procedures reasonably designed to
Scientific Research domestic shipping services contract to prevent the execution of a transaction in
• Views from NSF’s Research the list of Negotiated Service its market at a price that is inferior to
Directorates Agreements in the Mail Classification a bid or offer displayed in another
• Discussion with NSF Director France Schedule’s Competitive Products List. market at the time of execution (a
Córdova ‘‘trade-though’’), absent an applicable
DATES: Effective date: May 11, 2017.
Tuesday June 13, 2017; 8:00 a.m.–3:00 FOR FURTHER INFORMATION CONTACT: exception and, if relying on an
p.m. Elizabeth A. Reed, 202–268–3179. exception, that are reasonably designed
to assure compliance with the terms of
• Recommendations to EHR SUPPLEMENTARY INFORMATION: The
the exception. Without this collection of
• Committee of Visitor Reports United States Postal Service® hereby
• Update on NSF INCLUDES gives notice that, pursuant to 39 U.S.C. information, respondents would not
• Open Licensing: Status Report and 3642 and 3632(b)(3), on May 4, 2017, it have a means to enforce compliance
Discussion filed with the Postal Regulatory with the Commission’s intention to
• Adjournment Commission a Request of the United prevent trade-throughs pursuant to the
States Postal Service to Add Priority rule.
Final agenda will be located at There are approximately 304
https://www.nsf.gov/ehr/advisory.jsp. Mail Contract 316 to Competitive
Product List. Documents are available at respondents 1 per year that will require
Dated: May 8, 2017. an aggregate total of 18,240 hours to
www.prc.gov, Docket Nos. MC2017–128,
Crystal Robinson,
CP2017–181. comply with this rule. It is anticipated
Committee Management Officer. that each respondent will continue to
[FR Doc. 2017–09565 Filed 5–10–17; 8:45 am] Stanley F. Mires, expend approximately 60 hours
BILLING CODE 7555–01–P Attorney, Federal Compliance. annually: Two hours per month of
[FR Doc. 2017–09547 Filed 5–10–17; 8:45 am] internal legal time and three hours per
BILLING CODE 7710–12–P month of internal compliance time to
POSTAL SERVICE ensure that its written policies and
asabaliauskas on DSK3SPTVN1PROD with NOTICES

procedures are up-to-date and remain in
Product Change—Priority Mail SECURITIES AND EXCHANGE
1 This estimate includes twelve national
Negotiated Service Agreement COMMISSION
securities exchanges and one national securities
AGENCY: Postal ServiceTM. association that trade NMS stocks. The estimate
Proposed Collection; Comment also includes the approximately 255 firms that were
ACTION: Notice. Request registered equity market makers or specialists at
year-end 2015, as well as 36 alternative trading
SUMMARY: The Postal Service gives Upon Written Request, Copies Available systems that operate trading systems that trade
notice of filing a request with the Postal From: Securities and Exchange NMS stocks.

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22022 Federal Register / Vol. 82, No. 90 / Thursday, May 11, 2017 / Notices

compliance with Rule 611. The SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
estimated cost for an in-house attorney COMMISSION Statement of the Purpose of, and
is $396 per hour and the estimated cost Statutory Basis for, the Proposed Rule
for an assistant compliance director in [Release No. 34–80613; File No. SR–ISE– Change
the securities industry is $349 per hour. 2017–37] 1. Purpose
Therefore the estimated total cost of
Today, ISE permits Market Makers to
compliance for the annual hour burden Self-Regulatory Organizations; Nasdaq
enter quotes on certain symbols for
is as follows: [(2 legal hours × 12 months ISE, LLC; Notice of Filing and
complex strategies on the complex order
× $396) × 304] + [(3 compliance hours Immediate Effectiveness of Proposed book in their appointed options classes.
× 12 months × $349) × 304] = Rule Change Relating to Complex Market Maker quotes for complex
$6,708,672.2 Order Quoting strategies are not automatically executed
Written comments are invited on: (a) May 5, 2017. against bids and offers on the Exchange
Whether the proposed collection of for the individual legs nor can they be
information is necessary for the proper Pursuant to Section 19(b)(1) of the marked for price improvement.3 Market
performance of the functions of the Securities Exchange Act of 1934 Makers are not required to enter quotes
Commission, including whether the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 on the Exchange’s complex order book.
information shall have practical utility; notice is hereby given that on April 26, Quotes for complex orders are not
(b) the accuracy of the Commission’s 2017, Nasdaq ISE, LLC (‘‘ISE’’ or subject to any quotation requirements
estimates of the burden of the proposed ‘‘Exchange’’) filed with the Securities that are applicable to Market Maker
collection of information; (c) ways to and Exchange Commission (‘‘SEC’’ or quotes in the regular market for
‘‘Commission’’) the proposed rule individual options series or classes, nor
enhance the quality, utility, and clarity
change as described in Items I and II, is any volume executed in complex
of the information to be collected; and
below, which Items have been prepared orders taken into consideration when
(d) ways to minimize the burden of the determining whether Market Markers
collection of information on by the Exchange. The Commission is
publishing this notice to solicit are meeting quotation obligations
respondents, including through the use applicable to market maker quotes in
of automated collection techniques or comments on the proposed rule change
the regular market for individual
other forms of information technology. from interested persons.
options series.
Consideration will be given to I. Self-Regulatory Organization’s The Exchange proposes to designate
comments and suggestions submitted in Statement of the Terms of Substance of that a symbol will not be eligible for
writing within 60 days of this the Proposed Rule Change Market Maker quotes in the complex
publication. order book after the symbol migrates to
An agency may not conduct or The Exchange proposes to designate the INET platform. Specifically, the
sponsor, and a person is not required to that a symbol will not be eligible for Exchange filed a proposal to begin the
respond to, a collection of information Market Maker quotes in the complex system migration to Nasdaq INET in Q2
order book after the symbol migrates to of 2017.4 The migration to INET will be
under the PRA unless it displays a
Nasdaq INET technology. In addition, on a symbol by symbol basis as
currently valid OMB control number.
that symbol will trade in price/time specified by the Exchange in a notice to
Please direct your written comments priority. Members.5 The Exchange is proposing
to: Thomas Bayer, Director/Chief to implement this rule change on the
Information Officer, Securities and The text of the proposed rule change
INET platform as the symbols migrate to
Exchange Commission, c/o Remi Pavlik- is available on the Exchange’s Web site that platform. Once a symbol moves to
Simon, 100 F Street NE., Washington, at www.ise.com, at the principal office INET no complex quoting 6 will be
DC 20549, or send an email to: PRA_ of the Exchange, and at the available for that symbol and the symbol
Mailbox@sec.gov. Commission’s Public Reference Room. will be allocated in price/time priority.
II. Self-Regulatory Organization’s INET is the proprietary core
Dated: May 8, 2017.
Statement of the Purpose of, and technology utilized across Nasdaq’s
Eduardo A. Aleman, global markets and utilized on The
Statutory Basis for, the Proposed Rule
Assistant Secretary. NASDAQ Options Market LLC
Change
[FR Doc. 2017–09585 Filed 5–10–17; 8:45 am] (‘‘NOM’’), NASDAQ PHLX LLC (‘‘Phlx’’)
BILLING CODE 8011–01–P In its filing with the Commission, the and NASDAQ BX, Inc. (‘‘BX’’)
Exchange included statements (collectively, ‘‘Nasdaq Exchanges’’). The
concerning the purpose of and basis for migration of ISE to the Nasdaq INET
the proposed rule change and discussed architecture would result in higher
any comments it received on the performance, scalability, and more
proposed rule change. The text of these robust architecture. With this system
statements may be examined at the 3 See Supplementary Material .03 to Rule 722.
places specified in Item IV below. The 4 See Securities Exchange Act Release No. 80432
Exchange has prepared summaries, set (April 11, 2017), 82 FR 18191 (April 17, 2017) (SR–
asabaliauskas on DSK3SPTVN1PROD with NOTICES

2 The total cost of compliance for the annual hour forth in sections A, B, and C below, of ISE–2017–03) (Order Approving Proposed Rule
Change, as Modified by Amendment No. 1, to
burden has been revised to reflect updated the most significant aspects of such Amend Various Rules in Connection with a System
estimated cost figures for an in-house attorney and statements. Migration to Nasdaq INET Technology).
an assistant compliance director. These figures are 5 The Exchange will issue an Options Trader
from SIFMA’s Management & Professional Earnings Alert prior to the migration and will specify the
in the Securities Industry 2017, modified by dates that symbols will migrate to the INET
Commission staff to account for an 1800-hour work- platform.
1 15 U.S.C. 78s(b)(1).
year and multiplied by 5.35 to account for bonuses, 6 The Exchange notes that Phlx does not offer

firm size, employee benefits, and overhead. 2 17 CFR 240.19b–4. complex order quoting functionality.

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Document Created: 2017-05-11 00:14:44
Document Modified: 2017-05-11 00:14:44
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		82 FR 22021