
[Federal Register Volume 78, Number 140 (Monday, July 22, 2013)]
[Notices]
[Page 43943]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-17474]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension: Rule 303.
    SEC File No. 270-450; OMB Control No. 3235-0505.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), 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 
303 (17 CFR 242.303) of Regulation ATS (17 CFR 242.300 et seq.) under 
the Securities and Exchange Act of 1934 (``Act'') (15 U.S.C. 78a et 
seq.).
    Regulation ATS sets forth a regulatory regime for ``alternative 
trading systems'' (``ATSs''), which are entities that carry out 
exchange functions but which are not required to register as national 
securities exchanges under the Act. In lieu of exchange registration, 
an ATS can instead opt to register with the Commission as a broker-
dealer and, as a condition to not having to register as an exchange, 
must instead comply with Regulation ATS. Rule 303 of Regulation ATS (17 
CFR 242.303) describes the record preservation requirements for ATSs. 
Rule 303 also describes how such records must be maintained, what 
entities may perform this function, and how long records must be 
preserved.
    Under Rule 303, ATSs are required to preserve all records made 
pursuant to Rule 302, which includes information relating to 
subscribers, trading summaries, and time-sequenced order information. 
Rule 303 also requires ATSs to preserve any notices provided to 
subscribers, including, but not limited to, notices regarding the ATSs 
operations and subscriber access. For an ATS subject to the fair access 
requirements described in Rule 301(b)(5)(ii) of Regulation ATS, Rule 
303 further requires the ATS to preserve at least one copy of its 
standards for access to trading, all documents relevant to the ATS's 
decision to grant, deny, or limit access to any person, and all other 
documents made or received by the ATS in the course of complying with 
Rule 301(b)(5) of Regulation ATS. For an ATS subject to the capacity, 
integrity, and security requirements for automated systems under Rule 
301(b)(6) of Regulation ATS, Rule 303 requires an ATS to preserve all 
documents made or received by the ATS related to its compliance, 
including all correspondence, memoranda, papers, books, notices, 
accounts, reports, test scripts, test results and other similar 
records. As provided in Rule 303(a)(1), ATSs are required to keep all 
of these records, as applicable, for a period of at least three years, 
the first two in an easily accessible place. In addition, Rule 303 
requires ATSs to preserve records of partnership articles, articles of 
incorporation or charter, minute books, stock certificate books, copies 
of reports filed pursuant to Rule 301(b)(2), and records made pursuant 
to Rule 301(b)(5) for the life of the ATS.
    The information contained in the records required to be preserved 
by Rule 303 will be used by examiners and other representatives of the 
Commission, state securities regulatory authorities, and the self-
regulatory organizations (``SROs'') to ensure that ATSs are in 
compliance with Regulation ATS as well as other applicable rules and 
regulations. Without the data required by the Rule, regulators would be 
limited in their ability to comply with their statutory obligations, 
provide for the protection of investors, and promote the maintenance of 
fair and orderly markets.
    Respondents consist of ATSs that choose to register as broker-
dealers and comply with the requirements of Regulation ATS. There are 
currently 92 respondents. To comply with the record preservation 
requirements of Rule 303, these respondents will spend approximately 
1,380 hours per year (92 respondents at 15 burden hours/respondent). At 
an average cost per burden hour of $104.20, the resultant total related 
cost of compliance for these respondents is $143,796 per year (1,380 
burden hours multiplied by $104.20/hour).
    Compliance with Rule 303 is mandatory. The information required by 
Rule 303 is available only for the examination of the Commission staff, 
state securities authorities and the SROs. Subject to the provisions of 
the Freedom of Information Act, 5 U.S.C. 522 (``FOIA''), and the 
Commission's rules thereunder (17 CFR 200.80(b)(4)(iii)), the 
Commission does not generally publish or make available information 
contained in any reports, summaries, analyses, letters, or memoranda 
arising out of, in anticipation of, or in connection with an 
examination or inspection of the books and records of any person or any 
other investigation.
    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 Web site: www.reginfo.gov. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 
F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted within 30 days of this 
notice.

    Dated: July 16, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-17474 Filed 7-19-13; 8:45 am]
BILLING CODE 8011-01-P


