Document ID: SEC-2022-0845-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-09-02T04:00Z

[Federal Register Volume 87, Number 170 (Friday, September 2, 2022)]
[Notices]
[Page 54270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-18981]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-405, OMB Control No. 3235-0462]

Submission for OMB Review; Comment Request; Extension: Display of 
Customer Limit Orders (17 CFR 242.604)

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.) (``PRA''), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 604 
(17 CFR 242.604) under the Securities Exchange Act of 1934 (17 U.S.C. 
78a et seq.) (``Exchange Act'').
    Rule 604 requires specialists and market makers to publish customer 
limit orders that are priced superior to the bids or offers being 
displayed by each such specialist or market maker.\1\ Customer limit 
orders that match the bid or offer being displayed by a specialist or 
market maker must be published if the limit price also matches the 
national best bid or offer (``NBBO'') and the size of the customer 
limit order is more than de minimis (i.e., more than 10% of the 
specialist's or market maker's displayed size).
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    \1\ See Securities Exchange Act Release No. 37619A (September 6, 
1996), 61 FR 48290 (September 12, 1996).
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    The information collected pursuant to Rule 604 is necessary to 
facilitate the establishment of a national market system for 
securities. The publication of trading interests that improve 
specialists' and market makers' quotes presents investors with improved 
execution opportunities and improved access to the best available 
prices when they buy or sell securities.
    The Commission estimates that approximately 318 respondents will 
respond to the collection of information requirements each time they 
receive a displayable customer limit order. The Commission further 
estimates that a respondent will receive a customer limit order, on 
average, 15,136.767 times per trading day with an estimate average time 
of 0.1 second per quote update. Accordingly, assuming 252 days in a 
trading year, an average 105.957 hours per year per respondent, the 
Commission estimates that the total annual burden for all respondents 
is 33,694 hours.
    The collection of information in Rule 604 is mandatory for all 
respondents, but does not require the collection of confidential 
information.
    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.
    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 by October 3, 2022 to (i) 
>[email protected] < 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: [email protected].

    Dated: August 29, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-18981 Filed 9-1-22; 8:45 am]
BILLING CODE 8011-01-P