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Federal Register / Vol. 86, No. 126 / Tuesday, July 6, 2021 / Notices
Applicants Condition Applicants agree that any order granting the requested relief will be subject to the following condition:
Each Fund relying on the requested order will comply with the provisions of rules 6c10, 12b1, 17d3, 18f3, 22d 1 and, where applicable, 11a3 under the 1940 Act, as amended from time to time or replaced, as if those rules applied to closed-end management investment companies, and will comply with FINRA Rule 2341, as amended from time to time, as if that rule applies to all closed-end management investment companies.
For the Commission, by the Division of Investment Management, under delegated authority.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202114261 Filed 7221; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
SEC File No. 270450, OMB Control No.
32350505

Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
205492736

jbell on DSKJLSW7X2PROD with NOTICES

Extension:
Rule 303 of Regulation ATS

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 is soliciting comments on the existing collection of information provided for in Rule 303 of Regulation ATS 17 CFR 242.303 under the Securities Exchange Act of 1934 15
U.S.C. 78a et seq. Exchange Act.
The Commission plans to submit this existing collection of information to the Office of Management and Budget OMB for extension and approval.
Regulation ATS sets forth a regulatory regime for alternative trading systems ATSs, which are entities that carry out exchange functions but 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
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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 301b5ii 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 ATSs 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 301b5 of Regulation ATS. For an ATS
subject to the capacity, integrity, and security requirements for automated systems under Rule 301b6 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. Rule 303a1v of Regulation ATS requires every ATS to preserve the written safeguards and written procedures mandated under Rule 301b10. As provided in Rule 303a1, 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 301b2 and Rule 304, and records made pursuant to Rule 301b5 for the life of the ATS. ATSs that trade both NMS Stock and securities other than NMS Stock are required to file, and also preserve under Rule 303, both Form ATS and related amendments and Form ATSN and related amendments.
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 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
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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 94 respondents.
The Commission believes that the average ongoing hourly burden for a respondent to comply with the baseline record preservation requirements under Rule 303 is approximately 15 hours per year. We thus estimate that the average aggregate ongoing burden to comply with the baseline Rule 303 record preservation requirements is approximately 1,410 hours per year 94
ATSs 15 hours = 1,410 hours. In addition, there are currently two ATSs that transact in both NMS stock and non-NMS stock on their ATSs. These two ATSs have a slightly greater burden because they have to keep both Form ATS and Form ATSN and related documents e.g., amendments. For these two ATSs, we estimate that the ongoing burden above the current baseline estimate for preserving records will be approximately 1 hour annually per ATS for a total annual burden above the current baseline burden estimate of 2 hours for all respondents. Thus, the estimated average annual aggregate burden for alternative trading systems to comply with Rule 303 is approximately 1,412 hours 1,410 hours + 2 hours.
Written comments are invited on: a Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility;
b the accuracy of the Commissions estimates 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.
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.
Please direct your written comments to: David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or send an email to: PRA_
Mailbox@sec.gov.

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