Rules 201 and 200(g)

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
208818	"Short Exempt" Order Marking	Modified
208817	On-going Compliance and Surveillance to Ensure that Policies and Procedures are in Compliance with Rule 201 (broker-dealers)	Modified
194114	On-going Compliance and Surveillance to Ensure that Policies and Procedures are in Compliance with Rule 201 (trading centers)	Modified
194113	Establish Policies & Procedures (non-SRO trading centers)	Modified
192813	Establish Policies & Procedures (SRO trading centers)	Modified

ICR Details

OMB Control No: 3235-0670	ICR Reference No: 202601-3235-011
Status: Received in OIRA	Previous ICR Reference No: 202207-3235-016
Agency/Subagency: SEC	Agency Tracking No: TM
Title: Rules 201 and 200(g)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/30/2026

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2026
Responses	6,975	7,540
Time Burden (Hours)	1,446,553	1,556,049
Cost Burden (Dollars)	248,000	370,933

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Abstract: Rule 201 is a short sale-related circuit breaker rule that, when triggered by an intra-day decline in the price of a covered security of 10% or more from the prior day's closing price for the covered security as determined by the covered security’s listing market, will apply for the remainder of the day and the following day a price test restriction that restricts short sales at or below the current national best bid for the particular covered security. Rule 200(g) will add a new marking requirement of "short exempt." In particular, if the broker-dealer chooses to rely on its own determination that it is submitting the short sale order to the trading center at a price that is above the current national best bid at the time of the submission, or to rely on an exception specified in the rule, it must mark the order as "short exempt."

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Authorizing Statute(s): US Code: 15 USC 78b, 78c(b), 78f, 78i(h), 78j Name of Law: Sections 2, 3(b), 6, 9(h), 10 of the Exchange Act
   US Code: 15 USC 78s and 78w(a) Name of Law: Sections 19 and 23(a) of the Exchange Act
   US Code: 15 USC 78k-1, 78o, 78o-3, 78q, 78q-1 Name of Law: Sections 11A, 15, 15A, 17, 17A of the Exchange Act
  

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:
	91 FR 2986	01/23/2026
30-day Notice:	Federal Register Citation:	Citation Date:
	91 FR 15677	03/30/2026
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
"Short Exempt" Order Marking
Establish Policies & Procedures (SRO trading centers)
Establish Policies & Procedures (non-SRO trading centers)
On-going Compliance and Surveillance to Ensure that Policies and Procedures are in Compliance with Rule 201 (broker-dealers)
On-going Compliance and Surveillance to Ensure that Policies and Procedures are in Compliance with Rule 201 (trading centers)

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ICR Summary of Burden

	Total Request	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	6,975	7,540	0	-565	0	0
Annual Time Burden (Hours)	1,446,553	1,556,049	0	-109,496	0	0
Annual Cost Burden (Dollars)	248,000	370,933	0	-122,933	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated burdens for the information collections in this ICR have changed due to changes in the estimated number of respondents and, in some cases, the estimated burden per response. These changes are discussed in more detail in the attached Supporting Statement.

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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: 03/30/2026

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