View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0462
ICR Reference No:
202103-3235-005
Status:
Historical Active
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
OIRA Conclusion Action:
Approved with change
Conclusion Date:
06/02/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/14/2021
Terms of Clearance:
Added information about public comment to emergency justification memo. Provided brief explanation for estimated number of burden hours per respondent.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2021
6 Months From Approved
Responses
1,213,000,000
0
0
Time Burden (Hours)
33,694
0
0
Cost Burden (Dollars)
0
0
0
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. Regarding the emergency reinstatement: The Commission and staff participate in ongoing dialogue with representatives of various market participants through public conferences, meetings, and informal exchanges. However, because the Commission is requesting a reinstatement of a previously approved information collection on an emergency basis, the Commission has not yet specifically solicited comments on this information collection. If reinstatement is granted, the Commission will publish a notice soliciting comments in the Federal Register prior to seeking an extension of the term of the information collection.
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.
Authorizing Statute(s):
US Code:
15 USC 78k-1
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Display of Customer Limit Orders (17 CFR 242.604)
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
1,213,000,000
0
0
0
0
1,213,000,000
Annual Time Burden (Hours)
33,694
0
0
0
0
33,694
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
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
Agency Contact:
Geoffrey Pemble 202 551-5628 pembleg@sec.gov
Common Form ICR:
No
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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