[Federal Register Volume 75, Number 138 (Tuesday, July 20, 2010)]
[Notices]
[Pages 42175-42176]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17642]
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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 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 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget 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, as amended (``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.
After 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)) in order
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 14 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 a 72 hour estimated annual burden), 12 quarterly reports (for a 36
hour estimated annual burden), and 6 amendments (for an 18 hour
estimated annual burden) on Form PILOT per year, with an estimated
total annual response burden of 126 hours. At an average hourly cost of
$307.74, the aggregate related cost of compliance with Rule 19b-5 for
all respondents is $38,775 per year (126 burden hours multiplied by
$307.74/hour = $38,775).
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 unless it displays a
currently valid control number.
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 e-mail to: [email protected]; and (ii) Charles Boucher, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Shirley Martinson,
6432 General Green Way, Alexandria, VA 22312 or send an e-mail to:
[email protected]. Comments must be submitted within 30 days of this
notice.
[[Page 42176]]
Dated: July 14, 2010.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-17642 Filed 7-19-10; 8:45 am]
BILLING CODE 8010-01-P