[Federal Register Volume 84, Number 106 (Monday, June 3, 2019)]
[Notices]
[Pages 25586-25587]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11433]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission Office of FOIA Services 100 F Street NE, Washington, DC
20549-2736
Extension:
Rule 19b-5 and Form PILOT, SEC File No. 270-448, OMB Control No.
3235-0507
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 (``SEC'') is soliciting comments on the existing
collection of information provided for in Rule 19b-5 (17 CFR 240.19b-5)
and Form PILOT (17 CFR 249.821) under the Securities Exchange Act of
1934 (``Exchange Act'') (15 U.S.C. 78a et seq.). The SEC plans to
submit this existing collection of information to the Office of
Management and Budget (``OMB'') for extension and approval.
Rule 19b-5 provides a temporary exemption from the rule-filing
requirements of Section 19(b) of the Exchange Act (15 U.S.C. 78s(b)) to
self-regulatory organizations (``SROs'') wishing to establish and
operate pilot trading systems. Rule 19b-5 permits an SRO to develop a
pilot trading system and to begin operation of such system
[[Page 25587]]
shortly after submitting an initial report on Form PILOT to the SEC.
During operation of any such pilot trading system, the SRO must submit
quarterly reports of the system's operation to the SEC, as well as
timely amendments describing any material changes to the system. Within
two years of operating such pilot trading system under the exemption
afforded by Rule 19b-5, the SRO must submit a rule filing pursuant to
Section 19(b)(2) of the Exchange Act (15 U.S.C. 78s(b)(2)) to obtain
permanent approval of the pilot trading system from the SEC.
The collection of information is designed to allow the SEC to
maintain an accurate record of all new pilot trading systems operated
by SROs and to determine whether an SRO has properly availed itself of
the exemption afforded by Rule 19b-5, is operating a pilot trading
system in compliance with the Exchange Act, and is carrying out its
statutory oversight obligations under the Exchange Act.
The respondents to the collection of information are national
securities exchanges and national securities associations.
There are 23 SROs which could avail themselves of the exemption
under Rule 19b-5 and the use of Form PILOT. The SEC estimates that
approximately three of these SROs, in the aggregate, each year will
file on Form PILOT one initial report (i.e., 3 reports total, for an
estimated annual burden of 72 hours total), four quarterly reports
(i.e., 12 reports total, for an estimated annual burden of 36 hours
total), and two amendments (i.e., 6 reports total, for an estimated
annual burden of 18 hours total). Thus, the estimated annual response
burden resulting from Form PILOT is 42 hours per SRO, or a total of 126
hours for the three SROs. The SEC estimates that the aggregate annual
internal cost of compliance for all three respondents is approximately
$38,094 (126 hours at an average of $302.333 per hour). In addition,
the SEC estimates that the three SRO respondents will incur, in the
aggregate, printing, supplies, copying, and postage expenses of $6,101
per year for filing initial reports, $3,046 per year for filing
quarterly reports, and $1,523 per year for filing notices of material
systems changes, for a total annual cost burden of $10,670 for all
three respondents.
Written comments are invited on (a) whether the proposed collection
of information is necessary for the proper performance of the functions
of the SEC, including whether the information shall have practical
utility; (b) the accuracy of the SEC'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.
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: Charles Riddle, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549 or send an
email to: [email protected].
Dated: May 28, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11433 Filed 5-31-19; 8:45 am]
BILLING CODE 8011-01-P