DGL FINAL REVISED 2021 Rule 301 Supporting statement 6-2-21 (6.9.2021)

SUPPORTING STATEMENT
for the Paperwork Reduction Act Information Collection Submission for Regulation
of Alternative Trading Systems – Rule 301
(OMB Control No. 3235-0509)
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

In 1998, the Commission adopted Regulation ATS, which established a new regulatory
framework for alternative trading systems (“ATS”), which allows entities that meet the definition
of “exchange” under Section 3(a)(1) of the Exchange Act to choose between two regulatory
structures: registering as a national securities exchange or registering as a broker-dealer and
complying with Regulation ATS.
Regulation ATS allows an organization, association, or group of persons that meets the
definition of an exchange, as defined under Section 3(a)(1) of the Exchange Act and Rule 3b-16
thereunder, 1 to choose between two regulatory structures: registering as a national securities
exchange or operating as an ATS pursuant to an exemption provided by Regulation ATS. An
organization, association, or group of persons that chooses to operate as an ATS pursuant to the
exemption provided by Exchange Act Rule 3a1-1(a)(2) must comply with Regulation ATS,
including registering as a broker-dealer.
Regulation ATS is composed of Rules 300, 2 301, 3 302, 4 303, 5 and 304. 6 Rule 300
defines terms. Rule 301 sets forth the conditions that an ATS must meet to be exempt under
Rule 3a1-1(a)(2), including the requirement that an ATS be registered as a broker-dealer. Rule
301 contains certain notice and reporting requirements, as well as additional obligations that only
apply to ATSs with significant volume. 7 Rule 302 establishes a set of records relating to trading
1

See 17 CFR 240.3b-16. See generally Securities Exchange Act Release No. 40760
(December 8, 1998), 63 FR 70844, 70863 (December 22, 1998) (Regulation of
Exchanges and Alternative Trading Systems); see also Securities Exchange Act Release
No. 83663 (July 18, 2018), 83 FR 38768 (August 7, 2018) (“NMS Stock ATS Adopting
Release”); Securities Exchange Act Release No. 76474 (November 18, 2015), 80 FR
80998, 81004 (December 28, 2015) (“NMS Stock ATS Proposing Release”).

2

Rule 300 does not include a collection of information.

3

See OMB Control No. 3235-0509.

4

See OMB Control No. 3235-0510.

5

See OMB Control No. 3235-0505.

6

See OMB Control No. 3235-0763.

7

In November 2014, the Commission adopted Regulation Systems Compliance and
Integrity (“Regulation SCI”) to require certain key market participants to, among other

activity that the ATS must make. Rule 303 establishes requirements for the preservation of
certain records that ATSs must make. 8
The equity markets have evolved substantially since the adoption of Regulation ATS, and
the Commission has adopted amendments to Regulation ATS to improve the operational
transparency of ATSs that trade in NMS stocks (“NMS Stock ATSs”). 9 The majority of
substantive changes in the new amendments to Regulation ATS are in Rule 304 and Form ATSN. Rule 304 establishes new conditions for NMS Stock ATSs seeking to rely on the exemption
from the definition of “exchange” provided by Rule 3a1-1(a) of the Exchange Act. 10 Form ATSN requires NMS Stock ATSs to publicly disclose, among other things, information about the
broker-dealer operator, the NMS Stock ATS’s manner of operations, and the ATS-related
activities of the broker-dealer operator and its affiliates. 11 The collection of information in Rule
304 and Form ATS-N are discussed in the Supporting Statement for OMB No. 3235-0763.
Thus, NMS Stock ATSs would no longer comply with the filing requirements of Rule 301(b)(2).
Instead, NMS Stock ATSs must file Form ATS-N pursuant to Rule 304 of Regulation ATS.
things: (1) have comprehensive policies and procedures in place to help ensure the
robustness and resiliency of their technological systems, and also that their technological
systems operate in compliance with the federal securities laws and with their own rules;
and (2) provide certain notices and reports to the Commission to improve Commission
oversight of securities market infrastructure. Regulation SCI was adopted to update,
formalize, and expand the Commission’s ARP Inspection Program, and, with respect to
SCI entities, to supersede and replace the Commission’s ARP Policy Statements, as well
as certain rules regarding systems capacity, integrity, and security in Rule 301(b)(6) of
Regulation ATS that relate to ATSs that trade NMS stocks and equity securities that are
not NMS stocks. See Securities and Exchange Act Release No. 73639 (November 19,
2014), 79 FR 72251 (December 5, 2014). Given the inclusion of ATSs that trade NMS
stocks and equity securities that are not NMS stocks within the scope of Regulation SCI,
the Commission amended Rule 301(b)(6) of Regulation ATS so that it will no longer
apply to ATSs that trade NMS stocks and equities securities that are not NMS stocks.
8

The Commission is submitting separate information collections for Rules 301, 303, and
304 of Regulation ATS because we consider this method to be the most practical and
efficient manner in which to organize the collections. The collections associated with
each rule serve different purposes: the collection in Rule 301 relates in large part to Form
ATS; Rule 304 relates primarily to Form ATS-N; and Rule 303 is the associated record
preservation requirements.

9

See NMS Stock ATS Adopting Release, supra note 1.

10

We have adopted conforming amendments to Rule 300 of Regulation ATS and Exchange
Act Rule 3a1-1(a).

11

Form ATS-N expands on the information contained in Form ATS and is made public. The
Commission continues to collect information for Form ATS for non-NMS Stock ATSs and
Form ATS-R. Both Form ATS and Form ATS-R remain confidential. Although an ATS
may voluntarily publish its Form ATS and Form ATS-R, these forms are otherwise available
only to the examination of the Commission staff, state securities authorities, and selfregulatory organizations (“SROs”).

In connection with the adoption of the Rule 304 and Form ATS-N, we adopted related
amendments to existing Rule 301 of Regulation ATS. Specifically, we amended Rule
301(b)(10) of Regulation ATS 12 to require every ATS to memorialize in writing its safeguards
and procedures to protect subscribers’ confidential trading information. Such safeguards and
procedures were already mandated under Rule 301(b)(10); however, the rule did not require that
the safeguards and procedures be memorialized in writing. We believe that the requirement
(which will apply to all ATSs and not just NMS Stock ATSs) to memorialize in writing the
safeguards and procedures to protect subscribers’ confidential trading information help assist
ATSs in more effectively complying with their existing legal requirements under Regulation
ATS; in particular, the requirements to protect the confidentiality of subscribers’ trading
information under Rule 301(b)(10) of Regulation ATS.
Subsequent to the adoption of Rule 304 and Form ATS-N, the Commission proposed
further amendments to Rule 301 and Rule 304 to enhance the regulatory oversight of ATSs that
trade government securities as well as repurchase and reverse repurchase agreements on
government securities. 13 The Commission has not adopted these proposed amendments as of
this submission.
2.

Purpose and Use of the Information Collection

Rule 301 of Regulation ATS sets forth the conditions that an ATS must comply with to
be exempt pursuant to Exchange Act Rule 3a1-1(a)(2). Rule 301 requires an ATS to register as a
broker-dealer. Rule 301 further requires all ATSs that wish to comply with Regulation ATS to
file an initial operation report on Form ATS. The initial operation report requires information
regarding operation of the system including the method of operation, access criteria, and the
types of securities traded. ATSs are also required to supply updates on Form ATS to the
Commission, describing material changes to the system.
In addition, Regulation ATS requires ATSs to provide quarterly transaction reports on
Form ATS-R. ATSs are also required to file cessation of operations reports on Form ATS. The
gathering of such information permits the Commission to oversee the operation of such systems
and track the growth of their role in the securities markets.
ATSs with significant volume are required to comply with requirements for fair access
and systems capacity, integrity and security pursuant to Rule 301(b)(5) and Rule 301(b)(6) of
Regulation ATS, respectively. Such ATSs are required to establish standards for granting access
to trading on the system and keep records of all grants of access including, for all subscribers, the
reasons for granting such access, and all denials or limitations of access, and the reasons for each
applicant for denying or limiting access. In addition, upon a decision to deny or limit a
subscriber’s access to the system, an ATS is required to provide notice to the subscriber of the
denial or limitation and their right to an appeal to the Commission. Regulation ATS requires
ATSs to preserve any records made in the process of complying with the systems capacity,
integrity, and security requirements. In addition, such ATSs are required to notify Commission
staff of material systems outages and significant systems changes.
12

See 17 CFR 242.301(b)(10).

13

See Securities Exchange Act Release No. 90019 (September 28, 2020), 85 FR 87106,
87114 (December 31, 2020) (“Government Securities ATS Proposal”).

We use the information provided pursuant to Rule 301 to comprehensively monitor the
growth and development of ATSs to confirm that investors effecting trades through the systems
are adequately protected, and that the systems do not impede the maintenance of fair and orderly
securities markets or otherwise operate in a manner that is inconsistent with the federal securities
laws. In particular, the information collected and reported to us by ATSs enables us to evaluate
the operation of ATSs with regard to national market system goals, and monitor the competitive
effects of these systems to ascertain whether the regulatory framework remains appropriate to the
operation of such systems.
Without the information provided on Forms ATS and ATS-R, the Commission would not
have readily available information on a regular basis in a format that will allow it to determine
whether such systems have adequate safeguards. Further, in the absence of the Rule, the
Commission would not regularly obtain uniform trading data to identify areas where surveillance
by SROs may be more appropriately tailored to the detection of fraudulent, deceptive and
manipulative practices that may be peculiar to an automated trading environment. In sum,
without the data required by Rule 301, the Commission would be limited in its ability to comply
with its statutory obligations, provide for the protection of investors, and promote the
maintenance of fair and orderly markets.
Furthermore, in connection with the amendments to Regulation ATS, the requirement for
an ATS to reduce to writing those safeguards and procedures under Rule 301(b)(10) helps
Commission staff, and the staff of the SRO of which an ATS’s broker-dealer operator is a
member, evaluate whether an ATS has established such procedures and safeguards, whether the
ATS has implemented and is abiding by them, and whether they comply with the requirements of
Rule 301(b)(10). This will enable the Commission and the applicable SRO(s) to exercise more
effective oversight of ATSs regarding the ATSs’ compliance with Rule 301(b)(10) and other
federal securities laws, rules, and regulations.
3.

Consideration Given to Information Technology

Currently, ATSs are required to submit paper submissions of Forms ATS and ATS-R to
the Commission.14 In the Government Securities ATS Proposal, the Commission has proposed
to revise the instructions to Form ATS and Form ATS-R to require that they be submitted
electronically via the Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”). 15
The Commission believes that, among other benefits, the electronic filing of Forms ATS and
ATS-R would increase efficiencies and decrease filing costs for ATSs (i.e., ATSs would no
longer be required to print and mail paper filings) and for the Commission staff when
undertaking a review of these forms.
4.

Duplication

Because most ATSs would maintain much of the information required by Rule 301, no
duplication occurs with respect to such information. To the extent that Rule 301 establishes new
collections of information, there is no similar information available that could replace the information
required.
14

See 17 CFR 242.301(b)(2)(vii).

15

See Government Securities ATS Proposal, supra note 13, Section V.C.

The Commission has adopted Rule 301(b)(2)(viii) of Regulation ATS to provide that an
NMS Stock ATS shall file the reports and amendments required by Rule 304 of Regulation ATS and
would not be subject to the requirements of Rule 301(b)(2). Existing Rule 301(b)(2) requires an
ATS to file with the Commission a Form ATS initial operation report, amendments to the Form ATS
initial operation report, and cessation of operations reports on Form ATS, all of which are “deemed
confidential when filed.” 16 Because the Commission has adopted rules to govern the content and
manner in which an NMS Stock ATS would be required to disclose information to the public on
Form ATS-N, existing Rule 301(b)(2) would be duplicative of the amendments and is no longer
required for NMS Stock ATSs.
Because Regulation SCI would duplicate the requirements under Rule 301(b)(6) of
Regulation ATS as applied to ATSs that trade NMS stocks and equity securities that are not NMS
stocks, the Commission amended Rule 301(b)(6) so that it will no longer apply to ATSs that trade
NMS stocks and equity securities that are not NMS stocks.
5.

Effect on Small Entities

Rule 301 is one of general applicability that mostly does not depend on the size of the
system. Fair access reporting requirements and system capacity, integrity and security requirements
apply only to ATSs that have significant volume. The filing requirements on Forms ATS and ATSR, however, apply to all ATSs regardless of size. Therefore, the Rule could apply to small
businesses. Pursuant to 17 CFR 240.0-10(c), the term “small business” or “small organization”
when used in reference to a broker-dealer means a broker-dealer that has total capital (net worth plus
subordinated liabilities) of less than $500,000 on the date in the prior fiscal year as of which its
audited financial statements were prepared pursuant to 17 CFR 240.17a-5(d) or, if not required to
file such statements, a broker-dealer that had total capital of less than $500,000 on the last business
day of the preceding fiscal year (or in the time that it has been in business); and is not affiliated with
any person (other than a natural person) that is not a small business or small organization as defined
in 17 CFR 240.0-10. We estimate that 16 ATSs that would register as broker-dealers are small
entities as currently defined by the Exchange Act that would be subject to the filing requirements of
Form ATS. We further estimate that 17 ATSs are small entities that would be subject to the filing
requirements of Form ATS-R.17
The amendment to Rule 301(b)(10) would apply to 17 small entities that are ATSs
(including NMS Stock ATSs and non-NMS Stock ATSs), but we believe that there would be no
significant economic impact on these entities because, to the extent they do not have these
safeguards and procedures in writing, any resulting burden is minimal because the ATS would
only be memorializing its existing safeguards and procedures.
Because the risks that the Commission monitors in the operation of an ATS occur in any
size business, we have determined that the Rule must apply in the same manner to small as well as
large entities. Hence, the Rule does not contain an exemption for small entities. However, we note
16

See 17 CFR 242.301(b)(2).

17

We estimate that 1 of the estimated 17 small entities is an NMS Stock ATS that would
not be subject to the filing requirements of Form ATS (and instead comply with Rule
304).

that Regulation ATS imposes additional duties on ATSs that have large volumes, which are not
likely to be such small entities.
6.

Consequences of Not Conducting Collection

Without the information provided on Forms ATS and ATS-R, we would not have readily
available information on a regular basis in a format that will allow us to determine whether such
systems have adequate safeguards. Further, in the absence of the amendments to Regulation
ATS, we would not regularly obtain uniform trading data to identify areas where surveillance by
SROs may be more appropriately tailored to the detection of fraudulent, deceptive, and
manipulative practices that may be peculiar to an automated trading environment. In sum,
without the data required by Rule 301, we would be limited in our ability to comply with our
statutory obligations to provide for the protection of investors and promote the maintenance of
fair and orderly markets.
Additionally, requiring ATSs to reduce to writing the safeguards and procedures required
by Rule 301(b)(10) of Regulation ATS, as well as its oversight procedures to ensure that such
safeguards and procedures are followed, will strengthen the effectiveness of the ATS’s
safeguards and procedures and will better enable the ATS to protect confidential subscriber
trading information and implement and monitor the adequacy of, and the ATS’s compliance
with, its safeguards and procedures.
7.

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

There are no special circumstances. This collection is consistent with the guidelines in 5
CFR 1320.5(d)(2).
8.

Consultations Outside the Agency

The required Federal Register notice with a 60-day comment period soliciting comments
on this collection of information was published. No public comments were received.
9.

Payment or Gift

The respondents receive no payments or gifts.
10.

Confidentiality

Form ATS and Form ATS-R are available only for the examination of the Commission
staff, state securities authorities, and the SROs. Subject to the provisions of the Freedom of
Information Act, 5 U.S.C. § 522 (“FOIA”), and the SEC’s rules thereunder (17 CFR
200.80(b)(4)(iii)), the Commission does not generally publish or make available information
contained in any reports, summaries, analyses, letters, or memoranda arising out of, in
anticipation of, or in connection with an examination or inspection of the books and records of
any person or any other investigation.
11.

Sensitive Questions

The information collection collects basic personally identifiable information that includes
name, job title, telephone number, and fax number. However, the agency has determined that the
information does not constitute a system of records for purposes of the Privacy Act. Information

is not retrieved by a personal identifier. A PIA is also not required with the collection of
information; the PAW is sufficient.
12.

Burden of Information Collection
a. Form ATS – Initial Operations Report

An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption must file an
Initial Operations Report on Form ATS prior to commencing operations. We estimate that
approximately 17 respondents18 will file an Initial Operations Report on Form ATS each year, and
that the average compliance burden for each respondent would be approximately 20 hours,
comprised of 13 hours of in-house attorney work and 7 hours for a compliance clerk. Thus, the total
time burden per year is approximately 340 hours (17 responses x 20 hours = 340 hours).
b. Form ATS – Periodic Amendments to Update Information
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption must file
amendments to the Initial Operations Report on Form ATS to provide notice of material systems
changes and reflect other changes. We estimate that each of the approximately 60 ATSs that file
Form ATS will file 2 amendments per year for 120 responses, and that the average compliance
burden for each response would be approximately 2 hours, comprised of 1.5 hours for an inhouse attorney and 0.5 hours for a compliance clerk. Thus, the total time burden per year is
approximately 240 hours (120 responses x 2 hours = 240 hours).
c. Form ATS-R – Quarterly Reports
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption must file
quarterly reports on Form ATS-R. Each of the approximately 94 ATSs 19 will file 4 quarterly
reports per year for 376 responses. We estimate that the average time burden for each response
would be approximately 4 hours, comprised of 3 hours for an in-house attorney and 1 hour for a
compliance clerk. This would result in a total time burden per year of approximately 1,504 hours
(4 hours x 376 responses).
Under Rule 304 of Regulation ATS, 2 ATSs that trade in NMS stocks and non-NMS
stocks are required to file four additional quarterly reports for their NMS stock trading activity.
Although we do not believe that those ATSs will incur any additional burden to collect the
required information because they currently assemble that information when preparing their
current Form ATS-R filings, we believe that they will incur an additional 0.5 hour burden to
divide their trading statistics between two forms and file each form separately. Consequently,
we estimate that the aggregate annual burden of filing Forms ATS-R should be increased by 4
hours to account for the increased filings by those ATSs that effect transactions in both NMS

18

We raised the estimated number of respondents that will file a Form ATS Initial
Operations Report based on the Commission’s tally of such reports filed in 2019 and
2020.

19

This is based on the number of ATSs as of May 12, 2021.

stocks and non-NMS stocks (2 NMS Stock ATSs x 4 filings annually x 0.5 hours = 4 hours). 20
Thus, the total time burden per year for Form ATS-R is approximately 1,508 hours (1,504 hours
+ 4 hours). 21
d. Form ATS - Cessation of Operations Report
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption must file a
Cessation of Operations report on Form ATS to notice that it has ceased operations. We estimate
that 6 ATSs will be required to file a cessation of operations report each year, and that the average
time burden for each response would be 2 hours, comprised of 1.5 hours for an in-house attorney
and 0.5 hours for a compliance clerk. Thus, the total time burden per year is approximately 12
hours (6 responses x 2 hours = 12 hours).
e. Fair Access Standards Recordkeeping
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption that exceeds
certain volume thresholds and is subject to Rule 301(b)(5) (fair access requirements) must establish
standards for granting access on its trading system. Such ATSs are required to make and keep such
criteria, so such a requirement creates a recordkeeping burden for ATSs. We estimate that 2 ATSs
that register as broker-dealers and comply with Regulation ATS would meet the volume thresholds
that trigger fair access obligations, and that the average time burden for each response would be
approximately 5 hours of in-house professional work. Thus, the total time burden per year is
approximately 10 hours (2 responses x 5 hours = 10 hours).
f. Fair Access Notices
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption that are subject
to the requirements of Rule 301(b)(5) (fair access requirements) must report on Form ATS-R22 any
decision to grant, deny or limit the user’s access to the system. We estimate that 2 ATSs that
register as broker-dealers and comply with Regulation ATS and would meet the volume thresholds
that trigger fair access obligations would have to grant/deny/limit a user’s access to the system
approximately 27 times per year, and that the average time burden for each response would be 1
hour of in-house professional work. Thus, the total time burden per year is approximately 54 hours
(2 respondents x 27 responses each x 1 hour = 54 hours).
g. Systems Capacity, Integrity and Security Recordkeeping
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption that exceeds
certain volume thresholds and is subject to Rule 301(b)(6) must make records relating to any steps
taken to comply with systems capacity, integrity and security requirements under Rule 301. 23 We
20

((Attorney at .25 hour + Compliance Clerk at .25 hour) x (4 filings annually)) x 2 NMS
Stock ATSs = 4 aggregate burden hours.

21

The total responses on Form ATS-R are 384 (376 + 8 = 384 responses).

22

Forms ATS-R are filed with the Commission on a confidential basis.

23

See supra note 7 (explaining that ATSs that trade NMS stock and equity securities that
are not NMS stock are not required to comply with Rule 301(b)(6) pursuant to Regulation
SCI).

estimate that 1 ATS that is operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption
would trigger this requirement, and that the average time burden for each response would be
approximately 10 hours of in-house professional work. Thus, the total time burden per year is
approximately 10 hours (1 respondents x 10 hours = 10 hours).
h. Systems Outage Notices
An ATS operating pursuant to the Exchange Act Rule 3a1-1(a)(2) exemption that exceeds
certain volume thresholds and is subject to Rule 301(b)(6) must provide a notice to the
Commission to report any systems’ outages. We estimate that 1 ATS that operates pursuant to
the Exchange Act Rule 3a1-1(a)(2) exemption would meet the volume thresholds that trigger
systems’ outage notice obligations approximately 5 times a year, and that the average compliance
burden for each response would be .25 hours of in-house professional work. Thus, the total time
burden per year is approximately 1 hour (1 respondent x 5 responses each x .25 hours = 1.25
hours rounded down to 1). 24
i. Written Safeguards and Procedures – Ongoing Burden
Each existing ATS is required to update and preserve written safeguards and written
procedures to protect subscribers’ confidential trading information. We estimate that the average
annual, ongoing time burden per ATS to update and preserve written safeguards and written
procedures to protect subscribers’ confidential trading information, as well as to update and preserve
the written standards controlling employees of the ATS trading for their own account and the written
oversight procedures, would be approximately 4 hours. As a result, we estimate that the total
ongoing time burden per year for all ATSs would be approximately 376 hours. 25
j. Written Safeguards and Procedures – Initial Burden
In addition to filing an initial operations report prior to commencing operations, every
new ATS must memorialize in writing its safeguards and procedures to protect subscribers’
confidential trading information. We estimate that an ATS’s initial, one-time burden to put in
writing its safeguards and procedures to protect subscribers’ confidential trading information and
the oversight procedures to ensure such safeguards and procedures are followed would be
approximately 8 hours. As indicated in 12(a) above, we estimate that there would be
approximately 17 new respondents per year in each of the next 3 years that would file an initial
operations report and thus become subject to this written safeguards and procedures requirement.
The total annual time burden associated with this requirement would thus be approximately 136
hours per year. 26
k. Aggregate Respondent Reporting Burdens
The estimated average annual aggregate burden for ATSs to comply with Rule 301 of
Regulation ATS would be approximately 2,687 hours per year. This estimate is broken down as
24

ATSs, other than ATSs that trade NMS stocks and equities securities that are not NMS
stocks, remain subject to 301(b)(6).

25

(Attorney at 2 hours + Compliance Clerk at 2 hours) x 94 ATSs = 376 burden hours.

26

(Attorney at 7 hours + Compliance Clerk at 1 hour) x 17 ATSs = 136 burden hours.

follows:
Rule

Burden Type

Number of
respondents

Number of
annual
responses per
respondent

Time per
response
(hours)

Total burden
per burden
type

Rule
301(b)(2) –
Initial
Operations
Report

Reporting

17

1

20

340 hours

Rule
301(b)(2) –
Form ATS
amendment

Reporting

60

2

2

240 hours

Rule
301(b)(9) –
Quarterly
Reports

Reporting

94

4

4

1504 hours

Rule
301(b)(9) –
Quarterly
Reports for
both ATSs
with NMS
and non-NMS
volume

Reporting

2

4

0.5

4 hours

Rule
301(b)(2) –
Cessation of
Operations
Report

Reporting

6

1

2

12 hours

Rule
301(b)(5) –
Fair Access
standards
recordkeeping

Record
Keeping

2

1

5

10 hours

Rule
301(b)(5) –
Fair Access
Notices

Reporting

2

27

1

54 hours

Rule
301(b)(6) –
Systems
Capacity,
Integrity and
Security
recordkeeping

Record
Keeping

1

1

10

10 hours

Rule
301(b)(6) –
System
Outages
Notice

Record
Keeping

1

5

0.25

1 hour

Rule
301(b)(10) –
Updating
Written
Safeguards
and
Procedures
(Ongoing)

Record
Keeping

94

1

4

376 hours

Rule
301(b)(10) –
Written
Safeguards
and
Procedures
(Initial)

Record
Keeping

17

1

8

136 hours

Total
Aggregate
Burden
13.

2,687 hours

Costs to Respondents

None. There are no capital and start-up costs or operation and maintenance costs.
14.

Cost to Federal Government

None.
15.

Changes in Burden

As compared to the time burdens identified in the Commission’s 2018 PRA Submission,
the estimated time burdens associated with Rule 301 of Regulation ATS have increased –
primarily as a result of an increase in the estimated number of entities expected to file initial
operations reports, quarterly reports, and periodic amendments and an increase in the number of

entities memorializing written safeguards and procedures.
16.

Information Collection Planned for Statistical Purposes

Not applicable. The information collections above are not planned for statistical
purposes.
17.

Approval to Omit OMB Expiration Date

The Commission is not seeking approval to omit the expiration date.
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.