[Federal Register Volume 66, Number 112 (Monday, June 11, 2001)]
[Notices]
[Pages 31261-31262]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-14585]


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SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 19b-5 and Form PILOT; SEC File No. 270-448; OMB 
Control No. 3235-0507]


Submission for OMB Review; Comment Request;

    Upon Written Request, Copies Available From: Securities and 
Exchange Commission, Office of Filings and Information Services, 
Washington, DC 20549

[[Page 31262]]

    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 extension of the previously approved 
collection of information discussed below.
    Rule 19b-5 provides a temporary exemption from the rule-filing 
requirements of Section 19(b) of the Securities Exchange Act of 1934 
(``Act'') 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 the 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 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.
    The respondents to the collection of information are SROs, as 
defined by the Act, including national securities exchanges and 
national securities associations.
    Ten respondents file an average total of 6 initial reports, 24 
quarterly reports, and 12 amendments per year, with an estimated total 
annual response burden of 252 hours. At an average hourly cost of 
$51.71, the aggregate related cost of compliance with Rule 19b-5 for 
all respondents is $13,032 per year (252 burden hours multiplied by 
$51.71/hour=$13,032).
    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 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.
    Compliance with Rule 19b-5 is mandatory. Information received in 
response to Rule 19b-5 shall be available only for examination by the 
Commission, other agencies of the federal government, state securities 
authorities and SROs.
    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.
    Written comments regarding the above information should be directed 
to the following persons: (a) 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; and (b) Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549. 
Comments must be submitted to the Office of Management and Budget 
within 30 days of this notice.

    Dated: June 4, 2001.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-14585 Filed 6-8-01; 8:45 am]
BILLING CODE 8010-01-M