Rule 605 of Regulation NMS (f/k/a Rule 11Ac1-5)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
3235-0542.pdf	Supplementary Document	Uploaded 2022-04-01	Available
3235-0542.pdf	Supplementary Document	Uploaded 2022-04-01	Repair queued
DGL REVISED 2021 PRA Supporting Statement Rule 605.pdf	Supporting Statement A	Uploaded 2021-12-01	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
35358	Rule 605 of Regulation NMS (f/k/a Rule 11Ac1-5)		Modified

ICR Details

OMB Control No: 3235-0542	ICR Reference No: 202104-3235-015
Status: Historical Active	Previous ICR Reference No: 201810-3235-043
Agency/Subagency: SEC	Agency Tracking No: TM-270-488
Title: Rule 605 of Regulation NMS (f/k/a Rule 11Ac1-5)
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 05/24/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/01/2022
Terms of Clearance: corrected abstract to reflect drop in burden hours due to fewer estimated respondents.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2025	36 Months From Approved
Responses	3,828	0	0
Time Burden (Hours)	22,968	0	0
Cost Burden (Dollars)	11,399,784	0	0

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Abstract: The information disclosed under Rule 605 of Regulation NMS will be used by investors, broker-dealers, and market centers to help analyze order execution practices and evaluate different market centers. Respondents will be market centers. The Commission recently adopted amendments to Regulation NMS to require new disclosures by broker-dealers relating to their handling of certain categories of orders and enhance existing disclosures relating to their handling to certain other categories of orders and solicited public comment. As part of this, the Commission also amended Rule 605(a)(2) to require market centers to keep reports required pursuant to Rule 605(a)(1) posted on an Internet Web site that is free of charge and readily accessible to the public for a period of three years from the initial date of posting on the Internet Web site. This amendment does not impose a burden because Rule 605 as previously adopted required that reports to be posted to an Internet Web site and the amendment merely prescribes a minimum period of time that the reports shall remain posted. We are adjusting the burden for Rule 605, however, because we have decreased our estimate of the number of respondents from 381 to 319.

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Authorizing Statute(s): US Code: 15 USC 78q Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 17k-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
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 69695	12/08/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 3149	01/20/2022
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Rule 605 of Regulation NMS (f/k/a Rule 11Ac1-5)

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ICR Summary of Burden

table that charts list 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	3,828	0	0	0	-744	4,572
Annual Time Burden (Hours)	22,968	0	0	0	-4,464	27,432
Annual Cost Burden (Dollars)	11,399,784	0	0	0	-2,215,632	13,615,416

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: The total annual hour and cost burden decreased from 27,432 hours and $13,615,416, respectively, to 22,968 hours and $11,399,784, respectively due to a decrease in the estimated number of respondents from 381 to 319.

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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: 04/01/2022

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