[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Notices]
[Pages 49347-49348]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17821]
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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 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'') 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
19b-5 (17 CFR 240.19b-5) and Form PILOT (17 CFR 249.821) under the
Securities Exchange Act of 1934 (``Act'') (15 U.S.C. 78a et seq.).
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
[[Page 49348]]
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
(for an estimated annual burden of 72 hours total), 12 quarterly
reports (for an estimated annual burden of 36 hours total), and 6
amendments (for an estimated annual burden of 18 hours total) 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 aggregate related internal cost of
compliance pertaining to Rule 19b-5 for all respondents is $34,314 per
year (126 burden hours multiplied by $272.33/hour = $34,314).
Although Rule 19b-5 does not in itself impose recordkeeping burdens
on SROs, it relies on existing requirements imposed by Rule 17a-1 under
the Act (17 CFR 240.17a-1) to require SROs to retain all the rules and
procedures relating to each pilot trading system operating pursuant to
Rule 19b-5, and to make such records available for Commission
inspection for a period of not less than five years, the first two
years in an easily accessible place.
The filing of a Form PILOT is mandatory for any SRO seeking a
temporary exemption under Rule 19b-5 from the rule filing requirements
of Section 19(b) of the Act in connection with the operation of a pilot
trading system. It is also mandatory that an SRO operating a pilot
trading system file with the Commission notices of material systems
changes and quarterly transaction reports on Form PILOT. Information
provided on Form PILOT is deemed confidential and shall be available
only for examination by the Commission, other agencies of the Federal
Government, and state securities authorities.
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:
[email protected]; and (ii) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or by sending an
email to: [email protected]. Comments must be submitted to OMB within
30 days of this notice.
July 22, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-17821 Filed 7-26-16; 8:45 am]
BILLING CODE 8011-01-P