Dissemination of Quotations -- Rule 602 of Regulation NMS

Forms and Documents

Document Name	Status
Rule 602 of Regulation NMS FINAL v2.docx Supporting Statement A	2010-11-22

IC Document Collections

IC ID	Document Title	Status
35146	Dissemination of Quotations in NMS Securities -- Rule 602(b)	Modified
193940	Dissemination of Quotations in NMS Securities - Rule 602(a)	New

ICR Details

OMB Control No: 3235-0461	ICR Reference No: 201007-3235-026
Status: Historical Active	Previous ICR Reference No: 200912-3235-028
Agency/Subagency: SEC	Agency Tracking No: TM-270-404
Title: Dissemination of Quotations -- Rule 602 of Regulation NMS
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/23/2010
	Date Received in OIRA: 08/18/2010
Terms of Clearance: Agency modified burden estimates to address inconsistencies.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2013	36 Months From Approved	01/31/2013
Responses	24,440,015	0	246,788,005
Time Burden (Hours)	24,117	0	205,486
Cost Burden (Dollars)	0	0	66,000

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Abstract: This disclosure requirement obligates each national securities exchange and national securities association to make available to quotation vendors for dissemination to the public the best bid, best offer, and aggregate quotation size for each “subject security,” as defined under the Rule. Rule 602 of Regulation NMS contains two related collections of information. The first collection of information is found in Rule 602(a). This disclosure requirement obligates each national securities exchange and national securities association to make available to quotation vendors for dissemination to the public the best bid, best offer, and aggregate quotation size for each “subject security,” as defined under the Rule. The second collection of information is found in Rule 602(b). This disclosure requirement obligates exchange members and over-the-counter (“OTC”) market makers that are a “responsible broker or dealer,” as defined under the Rule, to communicate to an exchange or association their best bids, best offers, and quotation sizes for subject securities.

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Authorizing Statute(s): US Code: 15 USC 78a Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 55036	09/20/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 70445	12/11/2006
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Dissemination of Quotations in NMS Securities - Rule 602(a)
Dissemination of Quotations in NMS Securities -- Rule 602(b)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	24,440,015	246,788,005	0	15	-222,348,005	0
Annual Time Burden (Hours)	24,117	205,486	0	3,750	-185,119	0
Annual Cost Burden (Dollars)	0	66,000	0	0	-66,000	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This disclosure requirement obligates each national securities exchange and national securities association to make available to quotation vendors for dissemination to the public the best bid, best offer, and aggregate quotation size for each “subject security,” as defined under the Rule. Rule 602(a) concerns reports made by a Self-Regulatory Organization (SRO) to quotation vendors. Rule 602(b) concerns reports made by exchange members and Over-the-counter (OTC) market makers to the SRO. The revised collection now has two collections associated with it. Previously Rule 602(a) had less than ten responses and was not subject to PRA. The decrease of 181,368 hours for Rule 602(b) is due changes in automation for disclosures. Additionally, the $66,000 cost reported in the prior submission was reported in error.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/18/2010

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