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View ICR - OIRA Conclusion

OMB Control No: 3235-0509	ICR Reference No: 200912-3235-018
Status: Historical Inactive	Previous ICR Reference No: 200706-3235-001
Agency/Subagency: SEC	Agency Tracking No: TM-270-451
Title: Rule 301 (17 CFR 242.301) Requirements for Alternative Trading Systems that are not National Securities Exchanges
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 02/09/2010
	Date Received in OIRA: 01/05/2010
Terms of Clearance: Previous terms of clearance still apply: In its next submission of this ICR, the agency is instructed to delete from the cost burdens the portion that represents a monetization of the burden hours. The agency is reminded to avoid such double-counting of burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2013	36 Months From Approved	02/28/2011
Responses	529	0	465
Time Burden (Hours)	14,583	0	1,976
Cost Burden (Dollars)	3,700,000	0	189,488

Abstract: Rule 301 provides the conditions with which a broker-dealer alternative trading system must comply. Initially, all such alternative trading systems must file an initial operation report which includes information regarding operation of the system. Such alternative trading systems are also required to make quarterly reports of aggregate transaction data. Certain notice requirements are triggered by alternative trading system volume such as notification to an investor denied or limited access to the system and notice to the Commission of systems' outages. Rule 301(b)(3) requires that an ATS meeting a specified threshold of activity in NMS stocks must display its best-priced orders to the public quote stream. The Commission is proposing amendments to the order display and execution access obligations in Regulation ATS, including a substantial lowering of the trading volume threshold in Regulation ATS that triggers public display obligations for ATSs from 5 percent to 0.25 percent. This lowering of the threshold could increase the number of respondents beyond ten The proposed amendment to Rule 301 would not impact the current collection of information, which would continue. Rather, the proposed amendment to Rule 301(b)(3) would broaden the existing collection of information under Rule 301 as it would potentially require a greater number of respondents to disclose order information to the public. A collection of information has already been approved for Rule 301 of Regulation ATS. While the Commission does not believe that the burdens associated with current Rule 301 have changed, the total number of ATSs have increased since the Commission last examined the rule. Specifically, the number of registered ATSs has increased from approximately 65 to 73. Accordingly, this submission updates the relevant burden estimates accordingly.

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	529	465	12	52
Annual Time Burden (Hours)	14,583	1,976	12,392	215
Annual Cost Burden (Dollars)	3,700,000	189,488	3,700,000	-189,488

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: While the Commission does not believe that the burdens associated with current Rule 301 have changed, the total number of ATSs have increased since the Commission last examined the rule. Specifically, the number of registered ATSs has increased from approximately 65 to 73. In addition, the Commission estimates 8 new ATSs would file the initial report on an annual basis. This submission updates the relevant burden estimates accordingly, to reflect the increase in number of registered ATSs, and any associated change in the estimated respondents to the relevant ICs. Also, in revising the ICR, the Commission has revised the format to separate out each IC as part of the rule, as opposed to having a one consolidated IC for all ICs under Rule 301, as previously done.

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