[Federal Register: June 15, 2004 (Volume 69, Number 114)]
[Notices]
[Page 33432]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15jn04-107]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.
Extension:
Rule 302; SEC File No. 270-453; OMB Control No. 3235-0510.
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.
Regulation ATS provides a regulatory structure that directly
addresses issues related to alternative trading systems' role in the
marketplace. Regulation ATS allows alternative trading systems to
choose between two regulatory structures. Alternative trading systems
have the choice between registering as broker-dealers and complying
with Regulation ATS or registering as national securities exchanges.
Regulation ATS provides the regulatory framework for those alternative
trading systems that choose to be regulated as broker-dealers. Rule 302
of Regulation ATS describes the recordkeeping requirements for
alternative trading systems that are not national securities exchanges.
Under Rule 302, alternative trading systems are required to make a
record of subscribers to the alternative trading system, daily
summaries of trading in the alternative trading system and time-
sequenced records of order information in the alternative trading
system.
The information required to be collected under the Rule should
increase the abilities of the Commission, state securities regulatory
authorities, and the SROs to ensure that alternative trading systems
are in compliance with Regulation ATS as well as other rules and
regulations of the Commission and the SROs. If the information is not
collected or is collected less frequently, the Commission would be
severely limited in its ability to comply with its statutory
obligations, provide for the protection of investors and promote the
maintenance of fair and orderly markets.
Respondents consist of alternative trading systems that choose to
register as broker-dealers and comply with the requirements of
Regulation ATS. The Commission estimates that there are currently
approximately 50 respondents.
An estimated 50 respondents will spend approximately 1,800 hours
per year to comply with the recordkeeping requirements of Rule 302. At
an average cost per burden hour of $86.54, the resultant total related
cost of compliance for these respondents is $155,772.00 per year (1,800
burden hours multiplied by $86.54/hour).
Written comments are invited on (a) Whether the proposed collection
of information is necessary for the proper performance of the functions
of the agency, including whether the information shall have practical
utility; (b) the accuracy of the agency's estimate 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 in writing within 60 days of this
publication.
Direct your written comments to R. Corey Booth, Director/Chief
Financial Officer, Office of Information Technology, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.
Dated: June 7, 2004.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 04-13417 Filed 6-14-04; 8:45 am]
BILLING CODE 8010-01-P