Federal Register / Vol. 89, No. 30 / Tuesday, February 13, 2024 / Notices 10115 

1This estimate is based on the following 

calculation: 5 hours (estimated hours per 

application to prepare the marked copies) + 2 hour 

(estimated hours per application to explain, notate, 

and certify) = 7 hours. 

2This estimate is based on the following 

calculation: 5 (estimated hours per application to 

prepare the marked copies) × $484 (hourly rate for 

an in-house counsel) = $2,420; 2 (estimated hours 

per application to explain, notate, and certify) × 

$484 (hourly rate for an in-house counsel) = $968; 

$2,420 (estimated cost per application to prepare 

the marked copies) + $968 (estimated cost per 

application to explain, notate, and certify) = $3,388; 

the hourly wages data is from the Securities 

Industry Financial Markets Association’s 

Management & Professional Earnings in the 

Securities Industry 2013, modified by Commission 

Staff to account for an 1,800-hour work-year and 

inflation, and multiplied by 5.35 (professionals) to 

account for bonuses, firm size, employee benefits, 

and overhead, suggests that the cost for in-house 

counsel is $484 per hour. 

3This estimate is based on the following 

calculations: [5 (estimated hours per application to 

prepare the marked copies) + 2 (estimated hours per 

application to explain, notate, and certify)] × 32 

(estimated number of applications under expedited 

review) × 0.20 (approximate percentage of 

applications prepared by in-house counsel) = 44.8 

(rounded up to 50). 

4This estimate is based on the following 

calculation: 50 (estimated total hours utilizing inhouse counsel) × $484 (hourly rate for an in-house 

counsel) = $24,200. 

5This estimate is based on the following 

calculation: 116 (estimated number of all 

applications)—32 (estimated number of 

applications under expedited review) = 84. 

6This estimate is based on the following 

calculation: 2 (estimated hours to prepare ‘‘in 

writing’’ response) × $484 (hourly rate for an inhouse counsel) = $968. 

7This estimate is based on the following 

calculations: 2 (estimated hours to prepare ‘‘in 

writing’’ response) × 84 (estimated number of 

applications under standard review) × 0.10 

(approximate percentage of application required to 

respond ‘‘in writing’’) × 0.20 (approximate 

percentage of applications prepared by in-house 

counsel) = 3.36. 

8This estimate is based on the following 

calculation: 3.36 (estimated total hours utilizing inhouse counsel) × $484 (hourly rate for an in-house 

counsel) = $1,626.24. 

or cost burden for applicants utilizing 

in-house counsel by 7 hours 1 or $3,388 2

per application. Therefore, the 

mandatory requirements under rule 0– 

5(e) increase the total estimated annual 

hour burden by approximately 50 hours 

utilizing in-house counsel.3 The total 

estimated annual cost burden for 

utilizing in-house counsel is $24,200.4

We estimate to receive approximately 

84 applications 5 per year seeking 

standard review under the Act and of 

the 84 applications, we estimate that in 

approximately 10 percent of those, the 

applicants respond ‘‘in writing’’ to 

avoid the application being deemed 

withdrawn pursuant to rule 0–5(g). We 

believe the ‘‘in writing’’ requirement 

under rule 0–5(g) increases the burden 

for applicants utilizing in-house counsel 

by 2 hours or $968 per application.6

Therefore, the ‘‘in writing’’ requirement 

under rule 0–5(g) increases the total 

estimated annual hour burden by 

approximately 3.36 hours utilizing inhouse counsel.7 The total estimated 

annual cost burden utilizing in-house 

counsel is $1,626.24.8

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by March 14, 2024 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: February 8, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–02906 Filed 2–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–823, OMB Control No. 

3235–0778] 

Proposed Collection; Comment 

Request; Extension: Market Data 

Infrastructure 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rules 603 and 614 (17 

CFR 242.603 and 17 CFR 242.614, 

respectively), under the Securities 

Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. 

78a et seq.). The Commission plans to 

submit this existing collection of 

information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

On December 9, 2020, the 

Commission updated the content of 

national market system (‘‘NMS’’) 

information that is required to be 

collected, consolidated, and 

disseminated as part of the national 

market system under Regulation NMS. 

Second, the Commission amended the 

method by which ‘‘consolidated market 

data,’’ as now defined, is collected, 

consolidated, and disseminated by 

introducing a decentralized 

consolidation model with competing 

consolidators, which replaces the 

centralized consolidation model that 

relies on exclusive securities 

information processors (‘‘exclusive 

SIPs’’). 

The amendments, as adopted, 

establish seven new collections of 

information. 

1. Registration requirements and Form 

CC: Rule 614(a)(1)(i) requires each 

competing consolidator to register with 

the Commission by filing Form CC 

electronically in accordance with the 

instructions contained on the form. 

Competing consolidators will be 

required to file amendments to the form 

in accordance with the rule and file 

notice of its cessation of operations. 

2. Competing consolidator duties and 

data collection: Rule 614(d)(1)–(4) 

requires competing consolidators to (i) 

collect from each SRO the information 

with respect to quotations for and 

transactions in NMS stocks as provided 

in Rule 603(b); (ii) calculate and 

generate consolidated market data 

products; (iii) make consolidated market 

data products available to subscribers 

with the required timestamps on terms 

that are not unreasonably 

discriminatory; and (iv) timestamp the 

information collected from the SROs at 

certain specified times. 

3. Competing consolidators’ public 

posting of Form CC: Rule 614(c) requires 

competing consolidators to make public 

on its website a direct URL hyperlink to 

the Commission website that contains 

each effective initial Form CC, as 

amended, order of ineffective initial 

Form CC, and Form CC amendments to 

an effective Form CC. 

4. Recordkeeping: Rule 614(d)(7) 

requires each competing consolidator to 

keep and preserve at least one copy of 

all documents as defined in the rule for 

a period of no less than five years, the 

first two in an easily accessible place. 

Rule 614(d)(8) requires each competing 

consolidator, upon request of any 

representative of the Commission, to 

promptly furnish copies of any 

documents to such representative. 

5. Reports and Reviews: Rule 

614(d)(5) requires competing 

consolidators to publish on their 

websites certain monthly performance 

metrics. Rule 614(d)(6) requires 

competing consolidators to publish 

certain monthly data quality 

information. 

6. Amendment to the effective 

national market system plan(s) for NMS 


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10116 Federal Register / Vol. 89, No. 30 / Tuesday, February 13, 2024 / Notices 

stocks: Rule 614(e) requires the 

participants to the effective national 

market system plan(s) for NMS stocks to 

submit an amendment to such plan(s) 

within 150 days of the effectiveness of 

the amendments that contain certain 

specified provisions. 

7. Collection and dissemination of 

information by national securities 

exchanges and national securities 

associations: The amendment to Rule 

603(b) requires every national securities 

exchange on which an NMS stock is 

traded and the national securities 

association to make available to all 

competing consolidators and selfaggregators all information with respect 

to quotations for and transactions in 

NMS stocks, including all data 

necessary to generate consolidated 

market data products, in the same 

manner and using the same methods, 

including all methods of access and 

using the same format as such exchange 

or association makes available any 

information with respect to quotations 

for and transactions in NMS stocks to 

any person. 

These collections of information are 

necessary to further the national market 

system objectives set forth in Section 

11A(a)(1) of the Exchange Act. Without 

Rules 603 and 614, the Commission 

would be unable to fulfill these 

statutory responsibilities. 

The staff estimates that 8 entities may 

register as competing consolidators and 

therefore are subject to the collection of 

information described in paragraph 1 

through 5 above. The staff estimates that 

there are 19 entities that are subject to 

the collection of information described 

in paragraph 6 above. The staff 

estimates that there are 17 entities that 

are subject to the collection of 

information described in paragraph 7 

above. The staff estimates that the 

aggregate annual compliance burden for 

the industry is 35,715 hours and 

$45,611,043. 

Compliance with Rules 603 and 614 

is mandatory. Competing consolidators 

are required to keep and preserve at 

least one copy of all documents, 

including all correspondence, 

memoranda, papers, books, notices, 

accounts, and such other records as 

shall be made or received by it in the 

course of its business as such and in the 

conduct of its business. Competing 

consolidators must keep these 

documents for a period of no less than 

five years, the first two years in an 

easily accessible place. This 

requirement is consistent with current 

SEC rules for SROs. The Form CC and 

amendments to the effective national 

market system plan(s) will not be 

confidential; they will be posted on the 

Commission’s public website. 

Competing consolidators will make 

available to subscribers consolidated 

market data products, which therefore 

will not be confidential. Competing 

consolidator records will be available to 

the Commission and other regulators. 

The reports and reviews of competing 

consolidators will be published on 

competing consolidator websites and 

will not be confidential. Finally, the 

exchanges and associations will make 

available to competing consolidators 

and self-aggregators quotation and 

transaction information. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

April 15, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: February 8, 2024. 

Sherry R. Haywood 

Assistant Secretary. 

[FR Doc. 2024–02951 Filed 2–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–072, OMB Control No. 

3235–0076] 

Proposed Collection; Comment 

Request; Extension: Regulation D 

(Form D) 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Form D (17 CFR 239.500) is a notice 

of sales filed by issuers making an 

offering of securities in reliance on an 

exemption under Regulation D (17 CFR 

230.501 et seq.) or Section 4(a)(5) of the 

Securities Act of 1933 (15 U.S.C. 

77d(a)(5)). Regulation D sets forth rules 

governing the limited offer and sale of 

securities without Securities Act 

registration. The purpose of Form D is 

to collect empirical data, which 

provides a continuing basis for action by 

the Commission either in terms of 

amending existing rules and regulations 

or proposing new ones. In addition, the 

Form D allows the Commission to elicit 

information necessary in assessing the 

effectiveness of Regulation D (17 CFR 

230.501 et seq.) and Section 4(6) of the 

Securities Act of 1933 (15 U.S.C. 77d(6)) 

as capital-raising devices for all 

businesses. Approximately 38,735 

issuers file Form D and it takes 

approximately 5 hours per response. We 

estimate that 25% of 5 hours per 

response (1.25 hour per response) is 

prepared by the issuer for an annual 

reporting burden 48,419 hours (1.25 

hour per response × 38,735 responses). 

Written comments are invited on: (a) 

whether this proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’s estimate 

of the burden imposed by the collection 

of information; (c) ways to enhance the 

quality, utility, and clarity of the 

information collected; and (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology. Consideration will be given 

to comments and suggestions submitted 

in writing within 60 days of this 

publication by April 15, 2024. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

Please direct your written comment to 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 


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