3235-0774 Final Rule Supporting Statment

SUPPORTING STATEMENT for the Paperwork Reduction Act Information Collection
Submission for CAT Implementation Plan and Quarterly Progress Reports
New Request—Final Rule
3235-0774
This submission is being made pursuant to the Paperwork Reduction Act of 1995, 44
U.S.C. Section 3501 et seq.
A.

JUSTIFICATION
1.

Necessity of Information Collection

The national market system plan governing the consolidated audit trail (“the CAT NMS
Plan”) was originally filed with the Commission in 2015 to comply with the requirements of
Rule 613. 1 The Commission adopted Rule 613 to improve the completeness, accuracy,
accessibility, and timeliness of existing audit trail systems. 2 Rule 613 directed each national
securities exchange and national securities association (collectively, the “Participants”) to create
the CAT NMS Plan, 3 and this plan was approved by the Commission on November 15, 2016. 4
The consolidated audit trail (the “CAT”) was intended to create a system that provides regulators
with more timely access to a sufficiently comprehensive set of trading data, enabling regulators
to more efficiently and effectively reconstruct market events, monitor market behavior, and
identify and investigate misconduct. 5
To address multiple delays to the implementation of the CAT, on September 9, 2019, the
Commission proposed to amend the CAT NMS Plan to increase the operational transparency and
financial accountability of the Participants. 6 Pursuant to the statutory authority provided by the

1

See 17 CFR 242.613; See also Securities Exchange Act Release No. 67457 (July 18,
2012), 77 FR 45722, 45722 (August 1, 2012) (“Rule 613 Adopting Release”).

2

See id.

3

Id.

4

See Securities Exchange Act Release No. 78318 (November 15, 2016), 81 FR 84696
(November 23, 2016) (“CAT NMS Plan Approval Order” or “CAT NMS Plan”).

5

See Rule 613 Adopting Release, supra note 2, at 45723, 45730-33.

6

See Securities Exchange Act Release No. 86901 (September 9, 2019), 84 FR 48458
(September 13, 2019) (File No. S7-13-19) (“Proposing Release”).

Exchange Act, 7 including Sections 11A(a)(3)(B), 8 17(a), 9 19(b), 10 and 23(a) 11 thereof, and
pursuant to Rule 608(a)(2) and (b)(2), 12 the Commission adopted these amendments, with certain
modifications, on May 15, 2020. 13
The amendments, as adopted, require two new collections of information:
a.

Implementation Plan. The amendments require the Participants, within 30
calendar days following the effective date of the amendments, to prepare, file with
the Commission, and make publicly available on a website a complete CAT
implementation plan (“Implementation Plan”) that includes a detailed timeline for
achieving various implementation milestones.

b.

Quarterly Progress Reports. The amendments require the Participants, within 30
calendar days after the end of each calendar quarter, to prepare, file with the
Commission, and make publicly available on a website a complete report (the
“Quarterly Progress Report”) that provides a detailed and up-to-date description
of the progress made by the Participants toward each of the milestones identified
in the Implementation Plan.

The Implementation Plan and each Quarterly Progress Report must be approved by at least a
Supermajority Vote 14 of the Operating Committee 15 before such documents are filed with the
Commission or made publicly available on a website. However, if the Implementation Plan or
7

See 15 U.S.C. 78a.

8

See 15 U.S.C. 78k-1(a)(3)(B).

9

See 15 U.S.C. 78q(a).

10

See 15 U.S.C. 78s(b).

11

See 15 U.S.C. 78w(a).

12

See 17 CFR 242.608(a)(2), (b)(2).

13

See Securities Exchange Act Release No. 88890, May 15, 2020), 85 FR 31322 (May 22,
2020) (File No. S7-13-19) (“Adopting Release”).

14

Section 1.1 of the CAT NMS Plan defines a “Supermajority Vote” as an “affirmative
vote of at least two-thirds of all of the members of the Operating Committee or any
Subcommittee, as applicable, authorized to cast a vote with respect to a matter presented
for a vote (whether or not such a member is present at any meeting at which a vote is
taken) by the Operating Committee or any Subcommittee, as applicable . . .; provided that
if two-thirds of all such members authorized to cast a vote is not a whole number then
that number shall be rounded up to the nearest whole number.”

15

The Operating Committee is the governing body established by the CAT NMS Plan.
Each Participant has one voting member (and an alternate voting member) representing it
on the Operating Committee, although one individual may serve as the voting of the
Operating Committee for multiple affiliated Participants. See CAT NMS Plan, supra
note 4, at Section 4.2(a).
2

any Quarterly Progress Report is approved only by a Supermajority Vote of the Operating
Committee, and not by a unanimous vote of the Operating Committee, each Participant whose
Operating Committee member did not vote to approve the Implementation Plan or Quarterly
Progress Report must separately file with the Commission, and make publicly available on a
website, a statement identifying itself and explaining why the member did not vote to approve
the Implementation Plan or Quarterly Progress Report. Prior to the Operating Committee’s vote,
the Implementation Plan and Quarterly Progress Reports must also be submitted by the
Operating Committee to the Chief Executive Officer (“CEO”), President, or an equivalently
situated senior officer (“senior management”) of each Participant.
The Commission believes that these collections of information are necessary to ensure
that the CAT implementation proceeds transparently, without further delay, and in accordance
with Rule 613 and the CAT NMS Plan. Without these collections of information, the
Commission believes that market participants may find it difficult to monitor the status of CAT
implementation, which may affect how market participants stage their resources and otherwise
plan for CAT implementation and eventual data reporting to the CAT. The Commission also
believes that the above-described measures will lend credibility to the timelines presented by the
Participants, as well as promote senior management attention and promote accountability with
respect to CAT implementation.
2.

Purpose and Use of the Information Collection

The Commission believes that the Implementation Plan and Quarterly Progress Reports
required by the amendments will provide up-to-date, critical information to the Commission,
other regulators, and market participants regarding the intended goals and deadlines of the
Participants. Access to this information will help the Commission and market participants to
monitor the progress of CAT implementation. Requiring the Participants to publish the
Implementation Plan and Quarterly Progress Reports may also prevent further delays by keeping
the Participants accountable to the public and to the Commission, thus incentivizing the
Participants to proceed expeditiously towards implementation of the CAT. In addition, the
Commission believes that requiring that the Operating Committee approve the Implementation
Plan and each Quarterly Progress Report by at least a Supermajority Vote will lend credibility to
the timelines and information presented by the Participants in these documents. Finally, the
Commission believes that requiring the Operating Committee to submit the Implementation Plan
and Quarterly Progress Reports to the CEO, President, or an equivalently situated senior officer
prior to the Operating Committee’s vote will promote senior management attention and promote
accountability with respect to CAT implementation.
3.

Consideration Given to Improved Information Technology

The amendments use information technology to lessen the burden on the Participants.
The Implementation Plan and Quarterly Progress Reports are to be publicly posted on websites
and may be submitted electronically to the Commission. The Commission further notes that it
does not prohibit the Participants from using any kind of information technology to facilitate the
collection and/or preparation of the information required by the amendments.

3

4.

Duplication

The amendments do not require the collection of duplicate information that is otherwise
available in a similar form.
The Participants have voluntarily published some documents containing information
regarding certain CAT implementation milestones. Some of this information is similar to that
which might be provided in the Implementation Plan and in the Quarterly Progress Reports.
However, the information would not necessarily be presented in the same form in the
Implementation Plan and Quarterly Progress Reports. Also, additional detail may be provided in
the Implementation Plan and Quarterly Progress Reports that is not currently made available to
the public in the documents published by the Participants.
5.

Effects on Small Entities

The Commission does not believe that the requirements under the amendments would
affect small entities. 16 The amendments only impose requirements on national securities
exchanges and FINRA. With respect to the national securities exchanges, the Commission’s
definition of a small entity is an exchange that has been exempt from the reporting requirements
of Rule 601 of Regulation NMS and that is not affiliated with any person (other than a natural
person) that is not a small business or small organization. 17 None of the national securities
exchanges subject to the amendments fall within this definition, and FINRA similarly does not
qualify as a “small entity.” 18
6.

Consequences of Not Conducting Collection

The information required by the amendments should enhance operational transparency
and increase the financial accountability of the Participants, which may incentivize the timely
implementation of the CAT.
The Participants’ progress towards implementing the CAT has suffered multiple setbacks
and delays. If the Commission does not collect the information required by the proposed
amendment, the Commission believes that the CAT may not be implemented in a timely manner,
thus further delaying the ability of the Commission, other regulators, and market participants to
realize the regulatory benefits of the CAT. In addition, market participants may continue to find
it difficult to monitor the status of CAT implementation, which may affect how market
participants stage their resources and otherwise plan for CAT implementation and eventual data
reporting to the CAT.

16

See Adopting Release, supra note 13, at Part V.

17

See 17 CFR 240.0-10(e).

18

See 13 CFR 121.201.
4

7.

Inconsistencies with Guidelines in 5 CFR 1320.5(d)(2)

The Participants are required by law to retain the records and information that would be
collected pursuant to the proposed amendment for a period of not less than 5 years, the first 2
years in an easily accessible place. 19 The amendments do not affect this existing requirement.
There are no other special circumstances, and this collection is otherwise consistent with
the guidelines in 5 CFR 1320.5(d)(2).
8.

Consultations Outside the Agency

The Commission requested comment on the information collection requirements of the
amendments in the Proposing Release, a copy of which is attached. 20 In addition, the
Commission and staff participated in ongoing dialogue with representatives of various market
participants through public conferences, meetings, and informal exchanges. Any comments
received on this rulemaking were posted on the Commission’s public website and made available
through http://www.sec.gov/rules/proposed.shtml. The Commission considered all comments
received prior to publishing the final rule, and explained in the Adopting Release how the final
rule responds to such comments, in accordance with 5 C.F.R. 1320.11(f). 21
No commenters provided feedback on the estimated cost and hour burdens set forth in the
Proposing Release, so the Commission did not change its estimates. However, some of the
burdens have changed to reflect the fact that a Participant has been added to the CAT NMS
Plan. 22
9.

Payment or Gift

No payment or gift is provided to respondents.
10.

Confidentiality

Neither the Implementation Plan nor the Quarterly Progress Reports will be confidential.
Rather, each will be publicly posted by the Participants on a public website.
11.

Sensitive Questions

No information of a sensitive nature, including Personally Identifiable Information (PII),
is required under this collection of information. It is possible that the Implementation Plan,
Quarterly Progress Reports, and any associated explanatory statements may contain a limited
amount of personally identifying information that may include name, job title, work address,
19

See 17 CFR 240.17a-1(b).

20

See note 6 supra.

21

See note 13 supra.

22

See Adopting Release, supra note 13, at 31336-39; see also infra Section 15.
5

work telephone number, and work e-mail address should the Participants choose to identify who
submitted the report and/or reviewed the statements. The Commission has determined that the
information collection does not constitute a system of record for purposes of the Privacy Act.
Information is not retrieved by a personal identifier. In accordance with Section 208 of the EGovernment Act of 2002, the Commission has conducted a Privacy Impact Assessment (PIA) of
the GSS system, in connection with this collection of information. The GSS PIA, published on
June 3, 2019, is available at https://www.sec.gov/privacy.
12.

Burden of Information Collection

As noted above, the amendments establish two new collections of information: (1)
Implementation Plan and (2) Quarterly Progress Reports. The Commission anticipates that the
Participants will incur the following third-party disclosure burdens.
Summary of Approximate Hourly Burdens

Name of Information Collection

Number of
Entities
Impacted

Small
Business
Entities
Affected

Type of
Burden

Implementation Plan

24

0

3rd-Party
Disclosure

Quarterly Progress Reports

24

0

3rd-Party
Disclosure

Ongoing
or Initial
Burden

Initial
One-Time
Ongoing

Annual
Responses
per Entity

Burden
per
Entity
per
Response

Annual
Burden
Per
Entity

Annual
Total
Responses

Annual
Industry
Burden

1

75

25 23

24

600

4

75

300

96

7,200

TOTAL ANNUAL INDUSTRY BURDEN

These burdens are described in more detail below.
a.

Implementation Plan

The respondents to this collection of information would be the Participants.24 Within 30
calendar days following the effective date of the proposed amendment, the Participants must
prepare, file with the Commission, and make publicly available on a website a complete
Implementation Plan that includes a detailed timeline and various implementation milestones.
The Commission estimates that the Implementation Plan would result in an initial,
one-time third-party disclosure burden of approximately 75 hours per respondent,25 or an

23

As the Commission anticipates it will request a three-year approval for the collection of
information, it has divided the initial, one-time burden by three in order to amortize the
burden over three years.

24

There are 24 Participants. See Adopting Release, supra note 13, at 31336.

25

50 hours + 10 hours + 5 hours + 10 hours = 75 hours per respondent.
6

7,800

annualized burden of 25 hours per year per respondent,26 and 600 hours per year for the
industry.27 This burden is discussed in more detail below.
The Commission estimates that each Participant would incur, on average, an initial, onetime burden of approximately 50 hours to confer with other Participants, to draft an Implementation
Plan, and to vote as to whether to approve the Implementation Plan. The Commission further
estimates that it will take each Participant approximately 10 hours, on average, to ensure that the
Operating Committee submits the Implementation Plan to the CEO, President, or equivalently
situated senior officer of each Participant, to review the information contained in the
Implementation Plan and for senior management consultations as needed, and to vote on approving
the Implementation Plan. To account for the possibility that the Implementation Plan may be
approved only by a Supermajority Vote, and not by a unanimous vote, the Commission estimates
that each Participant will incur, on average, an initial, one-time burden of approximately 5 hours in
connection with the proposed rule’s requirement that each Participant whose Operating Committee
member does not vote to approve the Implementation Plan must file an explanatory statement.
Finally, the Commission estimates that each Participant will incur, on average, an initial, one-time
burden of 10 hours to ensure that the Implementation Plan, and any explanatory statement (if
applicable), is filed with the Commission and made publicly available on a website.
b.

Quarterly Progress Reports

The respondents to this quarterly collection of information would be the Participants.
Within 30 calendar days after the end of each calendar quarter, the Participants must prepare, file
with the Commission, and make publicly available on a website a complete report that provides a
detailed and up-to-date description of the progress made by the Participants toward each of the
implementation milestones identified in the Implementation Plan.
The Commission estimates that the Quarterly Progress Report would result in an
ongoing third-party disclosure burden of approximately 300 per respondent per year,28 or
approximately 7,200 hours per year for the industry.29 This burden is discussed in more detail
immediately below.
The Commission estimates that each Participant would incur, for each Quarterly Progress
Report, an average ongoing burden of approximately 60 hours to confer with other Participants, to
draft a Quarterly Progress Report, to ensure that the Operating Committee submits each Quarterly
Progress Report to the CEO, President, or an equivalently situated senior officer of each Participant,
and to vote as to whether to approve each Quarterly Progress Report. To account for the possibility
that a Quarterly Progress Report may be approved only by a Supermajority Vote, and not by a
26

75 hours / 3 years = 25 hours per year per respondent.

27

25 hours per year per respondent * 24 Participants = 600 hours per year for the industry.

28

60 hours + 5 hours + 10 hours = 75 hours per Quarterly Progress Report. 75 hours per
Quarterly Progress Report * 4 reports a year = 300 hours per respondent per year.

29

300 hours per respondent per year * 24 Participants = 7,200 hours per year for the
industry.
7

unanimous vote, the Commission estimates that each Participant will incur, on average, an ongoing
burden of approximately 5 hours in connection with the proposed rule’s requirement that each
Participant whose Operating Committee member does not vote to approve a Quarterly Progress
Report must file an explanatory statement. In addition, the Commission estimates that each
Participant would incur, on average, an ongoing burden of approximately 10 hours to ensure that
each Quarterly Progress Report, and any explanatory statement (if applicable), is filed with the
Commission and made publicly available on a website.
c.
year. 30

Total Industry Burdens

The total estimated industry burden for both collections of information is 7,800 hours per
13.

Costs to Respondents

The Commission believes that respondents will incur costs in connection with the
Implementation Plan and the Quarterly Progress Reports. The Commission anticipates that the
Participants would incur the following third-party disclosure burdens.
Summary of Approximate Cost Burdens

Name of Information Collection

Number of
Entities
Impacted

Small
Business
Entities
Affected

Type of
Cost

Implementation Plan

24

0

3rd-Party
Disclosure

Quarterly Progress Reports

24

0

3rd-Party
Disclosure

Ongoing
or Initial
Cost

Initial
One-Time
Ongoing

Annual
Responses
per Entity

Cost per
Entity
per
Response

Annual
Cost Per
Entity

Annual
Total
Responses

Annual
Industry
Cost

1

$8,333.33

$2,777.78 31

24

$66,666.65

4

$8,333.33

$33,333.33

96

$800,000

TOTAL ANNUAL INDUSTRY COST

These burdens are described in more detail below.
a.

Implementation Plan

The respondents to this collection of information would be the Participants. Within 30
calendar days following the effective date of the proposed amendment, the Participants must
prepare, file with the Commission, and make publicly available on a website a complete
Implementation Plan that includes a detailed timeline and various implementation milestones.
30

600 hours + 7,200 hours = 7,800 hours.

31

As the Commission anticipates it will request a three-year approval for the collection of
information, it has divided the initial, one-time cost by three in order to amortize the cost
over three years.
8

$866,666.65

The Commission estimates that each Participant would incur an initial, one-time, third-party
disclosure cost of approximately $8,333.33,32 on average, in external public relations, legal, and
consulting costs related to the development of the Implementation Plan. This estimate would
result in an annualized cost of approximately $2,777.78 per year per respondent33 and
$66,666.65 per year for the industry.34
b.

Quarterly Progress Reports

The respondents to this quarterly collection of information would be the Participants.
Within 30 calendar days after the end of each calendar quarter, the Participants must prepare, file
with the Commission, and make publicly available on a website a complete report that provides a
detailed and up-to-date description of the progress made by the Participants toward each of the
implementation milestones identified in the Implementation Plan.
The Commission estimates that each Participant would incur, for each Quarterly Progress
Report, an ongoing third-party disclosure cost of approximately $8,333.33, on average, in external
public relations, legal, and consulting costs related to the development of the Quarterly Progress
Report. This estimate would result in a cost of approximately $33,333.33 per year per
respondent35 and approximately $800,000 per year for the industry.36
c.
year. 37

Total Industry Costs

The total estimated industry cost for both collections of information is $866,666.65 per
14.

Cost to Federal Government

The federal government would not incur a cost in connection with the collection of this
information.

32

See id.

33

$8,333.33 / 3 years = $2,777.78 per year per respondent.

34

$2,777.78 per year per respondent * 24 Participants = $66,666.65 per year for the
industry.

35

$8,333.33 * 4 Quarterly Progress Reports = $33,333.33 per year per respondent.

36

$33,333.33 per year per respondent * 24 Participants = $800,000 per year for the
industry.

37

$66,666.65 + $800,000 = $866,666.65.
9

15.

Changes in Burden

The Commission has revised its burden estimates for the collections of information, as
summarized in this chart:

Name of Information
Collection

Implementation Plan

Quarterly Progress Reports

Annual Industry
Burden
Hours/Cost

Annual Industry
Burden
Hours/Cost
Previously Reviewed

Change in
Burden
Hours/Cost

600 Hours

588.8 Hours

11.2 Hours

$66,666.65 Cost

$66,666.65 Cost

$0 Cost

7,200 Hours

7,065.6 Hours

134.4 Hours

$800,000 Cost

$799,999.80 Cost

$0.20 Cost

Reason for Change
Additional Respondent,
and the allocation of the
hour burden per
entity/response has been
modified slightly.
Additional Respondent,
and the allocation of the
hour burden per
entity/response has been
modified slightly.

The burdens estimated in the Proposing Release were calculated by reference to 23 Participants;
since the issue of that release, however, an additional Participant has been added to the CAT
NMS Plan. The addition of a Participant has increased some burdens and decreased others.
a. Implementation Plan
i.

Burdens

The Commission initially estimated that each Participant would incur an initial, one-time
burden of 52.2 hours to confer with other Participants, to draft an Implementation Plan, and to vote
as to whether to approve the Implementation Plan.38 The Commission reached this estimate by
first calculating that the burden for all Participants would be 1,200.6 hours. 39 While the
Commission’s estimate of this aggregate burden has not changed, the burden estimate for each
individual Participant has decreased to 50 hours for each Participant. Only one Implementation
Plan must be prepared under the amendments, so all Participants split the aggregate burden;
therefore, adding another Participant divides the aggregate burden even further and results in a
smaller burden for each Participant. 40
The Commission also estimated that each Participant would incur an initial, one-time
burden of 4.6 hours in connection with the requirement that each Participant whose Operating
38

See Proposing Release, supra note 6, at 48475-76.

39

See id. 1,200.6 aggregate burden hours / 23 Participants = 52.2 burden hours per
Participant.

40

1,200.6 aggregate burden hours / 24 Participants = 50 burden hours per Participant.
10

Committee member does not vote to approve the Implementation Plan must file an explanatory
statement.41 The previous burden estimate was calculated by assuming that a maximum of 7
Participants would file the explanatory statement and averaging the aggregate burden incurred by
those 7 Participants across all 23 Participants.42 With the addition of another Participant, the
Commission now estimates that a maximum of 8 Participants would file the explanatory
statement.43 The aggregate burden has therefore increased, and, when averaged across all 24
Participants, the Commission now estimates that each Participant would incur, on average, a burden
of approximately 5 hours in connection with this requirement.44
No other estimated burdens have changed; however, because of the changes described
above, some of the aggregated burdens have changed. Accordingly, the Commission now estimates
that each Participant will incur an initial, one-time third-party disclosure burden of approximately
75 hours per respondent, or an annualized burden of 25 hours per year per respondent, and 600
hours per year for the industry. 45
ii.

Costs

With respect to costs to respondents, the Commission initially estimated that each
Participant would incur an initial, one-time cost of $8,695.65 in connection with the development of
the Implementation Plan.46 The Commission reached this estimate by first calculating that the
aggregate costs, for all Participants, would be approximately $200,000. 47 While the Commission’s
estimate of the aggregate costs has not changed, the burden estimate for each individual Participant
has decreased. Only one Implementation Plan must be prepared under the amendments, so all
Participants split the aggregate burden; therefore, adding another Participant divides the
aggregate burden even further and results in a smaller burden of $8,333.33 for each Participant. 48
b. Quarterly Progress Reports
i.

Burdens

41

See Proposing Release, supra note 6, at 48475-76.

42

See id. 7 Participants * 15 burden hours = 105 aggregate burden hours; 105 aggregate
burden hours / 23 Participants = 4.6 burden hours per Participant.

43

See Adopting Release, supra note 13, at 31338.

44

8 Participants * 15 burden hours = 120 aggregate burden hours; 120 aggregate burden
hours / 24 Participants = 5 burden hours per Participant.

45

Cf. Proposing Release, supra note 6, at 48475-76, wherein the Commission estimated an
initial, one-time third-party disclosure burden of approximately 76.8 burden hours per
respondent, or an annualized burden of 25.6 hours per year per respondent, and 588.8
hours per year for the industry.

46

See id.

47

See id. $200,000 aggregate costs / 23 Participants = $8,695.65 per Participant.

48

$200,000 / 24 Participants = $8,333.33 per Participant.
11

The Commission initially estimated that each Participant would incur a quarterly burden of
62.2 hours to confer with other Participants, to draft an Implementation Plan, to ensure that the
Quarterly Progress Report is submitted to senior management of each Participant, and to vote as to
whether to approve each Quarterly Progress Report.49 The Commission reached this estimate by
relying on similar estimates made for the Implementation Plan. 50 Because those estimates
decreased by 2.2 hours due to the addition of a Participant, 51 this burden has decreased by the
same amount and for the same reason. Accordingly, the burden estimate for each individual
Participant has decreased to 60 hours.
The Commission also estimated that each Participant would incur a quarterly burden of
4.6 hours in connection with the requirement that each Participant whose Operating Committee
member does not vote to approve a Quarterly Progress Report must file an explanatory statement.52
The previous burden estimate was calculated by assuming that a maximum of 7 Participants would
file the explanatory statement and averaging the aggregate burden incurred by those 7 Participants
across all 23 Participants.53 With the addition of another Participant, the Commission now
estimates that a maximum of 8 Participants would file the explanatory statement.54 The aggregate
burden has therefore increased, and, when averaged across all 24 Participants, the Commission now
estimates that each Participant would incur, on average, a burden of approximately 5 hours each
quarter in connection with this requirement.55
No other estimated burdens have changed; however, because of the changes described
above, some of the aggregated burdens have changed. Accordingly, the Commission now estimates
that each Participant will incur a quarterly third-party disclosure burden of approximately 300 hours
per respondent, or approximately 7,200 hours per year for the industry. 56
ii.

Costs

With respect to costs to respondents, the Commission initially estimated that each
Participant would incur a quarterly cost of $8,695.65 in connection with the development of the
49

See Proposing Release, supra note 6, at 48476-77.

50

See id.

51

See Section 15.a.i. supra.

52

See Proposing Release, supra note 6, at 48476-77.

53

See id. 7 Participants * 15 burden hours = 105 aggregate burden hours; 105 aggregate
burden hours / 23 Participants = 4.6 burden hours per Participant.

54

See Adopting Release, supra note 13, at 31338.

55

8 Participants * 15 burden hours = 120 aggregate burden hours; 120 aggregate burden
hours / 24 Participants = 5 burden hours per Participant.

56

Cf. Proposing Release, supra note 6, at 48476-77, wherein the Commission estimated an
initial, one-time third-party disclosure burden of approximately 307.2 burden hours per
respondent, or approximately 7,200 hours per year for the industry.
12

Implementation Plan.57 The Commission reached this estimate by relying on similar estimates
made for the Implementation Plan.58 Because those estimates decreased to $8,333.33 due to the
addition of a Participant, the cost estimates for the Quarterly Progress Reports have decreased to
$8,333.33 as well.
This decrease, and the addition of another Participant, have slightly altered the aggregate
costs associated with the Quarterly Progress Reports. The Commission now estimates the aggregate
costs to be $800,000 – a slight increase of twenty cents.59
16.

Information Collection Planned for Statistical Purposes

Not applicable. The information collection is not used for statistical purposes.
17.
date.

OMB Expiration Date Display Approval

The Commission is not seeking approval to not display the OMB approval expiration
18.

Exceptions to Certification for Paperwork Reduction Act Submissions

This collection complies with the requirements in 5 CFR 1320.9.
B.

COLLECTIONS OF INFORMATION EMPLOYING STATISTICAL
METHODS
This collection does not involve statistical methods.

57

See id.

58

See id.

59

See id.
13