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
Supporting Statement (3235-0542)-- 2022 Proposed Partial Revision.pdf	Supporting Statement A	Uploaded 2023-03-14	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
35358	Rule 605 of Regulation NMS (Ongoing Burden for All Respondents)		Modified
259156	Rule 605 of Regulation NMS (Initial Burden for NMS Plan Participants)		New
259154	Rule 605 of Regulation NMS (Initial Burden for New Respondents)		New
259153	Rule 605 of Regulation NMS (Initial Burden for Existing Respondents)		New

ICR Details

OMB Control No: 3235-0542	ICR Reference No: 202303-3235-029
Status: Historical Inactive	Previous ICR Reference No: 202104-3235-015
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: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 05/26/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/23/2023
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

table that charts list comparision

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

---

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. Proposed Partial Revision: On December 14, 2022, the Commission proposed amendments to Rule 605 to update the disclosure required for order executions in national market system (“NMS”) stocks. The Commission is proposing to revise the existing information collection and apply such collection of information to new categories of respondents and to add new information collections.

---

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

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL67	Proposed rulemaking	88 FR 3786	01/20/2023

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 4

table that charts list of burden

IC Title	Form No.	Form Name
Rule 605 of Regulation NMS (Initial Burden for Existing Respondents)
Rule 605 of Regulation NMS (Initial Burden for NMS Plan Participants)
Rule 605 of Regulation NMS (Initial Burden for New Respondents)
Rule 605 of Regulation NMS (Ongoing Burden for All Respondents)

---

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: The Commission has proposed rule amendments that would modify the existing information collection in this OMB number (including a revision to its title) and that would add three new information collections. These are described in more detail in the attached Supporting Statement. Please note the information collections are listed in a slightly different order in ROCIS than in the Supporting Statement, and this is due to how we organized the discussion of the new information collections in the Supporting 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

---

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: 03/23/2023

---