Display of Customer Limit Orders (17 CFR 242.604

Forms and Documents

Document Name	Status
3235-0462_Supporting_Statement_-_Rule_604_(April 2021).pdf Supporting Statement A	2021-04-12
3235-0462 Reinstatement Emergency Justification Memo (Rule 604, April 2021).pdf Supplementary Document	2021-04-11

IC Document Collections

IC ID	Document Title	Status
35150	Display of Customer Limit Orders (17 CFR 242.604)	Modified

ICR Details

OMB Control No: 3235-0462	ICR Reference No: 202103-3235-005
Status: Received in OIRA	Previous ICR Reference No: 200410-3235-001
Agency/Subagency: SEC	Agency Tracking No:
Title: Display of Customer Limit Orders (17 CFR 242.604
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/26/2021
Date Submitted to OIRA: 04/14/2021

	Requested	Previously Approved
Expiration Date	6 Months From Approved
Responses	1,213,000,000	0
Time Burden (Hours)	33,694	0
Cost Burden (Dollars)	0	0

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Abstract: Rule 604 requires, with certain exceptions, specialists and market makers to display customer limit orders that are priced superior to the quote that the specialist or market maker is currently displaying. Customer limit orders that match the bid or offer being displayed by the specialist or market maker must be reflected in the quote if the limit order price also matches the national best bid or offer when the size of the customer limit order is more than de minimis.

Emergency Justfication: Commission staff inadvertently and mistakenly discontinued the OMB Control Number associated with these information collection requirements on June 26, 2007 following the re-numbering of the rule with the adoption of Regulation NMS – an error that was only recently discovered. An emergency reinstatement would prevent the disruption of normal collection efforts pursuant to Rule 604, which are still in force. We have attached a justification memo to this submission that provides additional details.

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Authorizing Statute(s): US Code: 15 USC 78k-1 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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Display of Customer Limit Orders (17 CFR 242.604)

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ICR Summary of Burden

	Total Request	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	1,213,000,000	0	0	1,213,000,000	0	0
Annual Time Burden (Hours)	33,694	0	0	33,694	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The burdens are increasing due to the fact that we are requesting to reinstate an OMB number that was previously discontinued. However, the burdens are decreasing from the last approval due to a decrease in the total number of respondents due to consolidation in the industry.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 04/14/2021

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