[Federal Register Volume 81, Number 98 (Friday, May 20, 2016)]
[Notices]
[Pages 31983-31984]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11871]
-----------------------------------------------------------------------
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 (``Commission'') 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
[[Page 31984]]
Act of 1934 (``Act'') (15 U.S.C. 78a et seq.). The Commission 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 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 shortly after
submitting an initial report on Form PILOT to the Commission. During
operation of any such pilot trading system, the SRO must submit
quarterly reports of the system's operation to the Commission, 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 Act (15 U.S.C. 78s(b)(2)) to obtain
permanent approval of the pilot trading system from the Commission.
The collection of information is designed to allow the Commission
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 Act, and is carrying out its
statutory oversight obligations under the Act.
The respondents to the collection of information are national
securities exchanges and national securities associations.
While there are 20 national securities exchanges and national
securities associations that may avail themselves of the exemption
under Rule 19b-5 and the use of Form PILOT, it is estimated that
approximately three respondents will file a total of 3 initial reports,
12 quarterly reports, and 6 amendments on Form PILOT per year, with an
estimated total annual response burden of 126 hours and an estimated
total annual cost burden of $10,047. At an average hourly cost of
$272.33, the estimated aggregate related internal cost of compliance
with respect to Rule 19b-5 for all respondents is $34,314 per year (126
burden hours multiplied by $272.33/hour = $34,314).
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 Commission's estimates of
the burden of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
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: Pamela Dyson, 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: [email protected].
Dated: May 16, 2016.
Robert W Errett,
Deputy Secretary.
[FR Doc. 2016-11871 Filed 5-19-16; 8:45 am]
BILLING CODE 8011-01-P