Document ID: SEC-2010-0723-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2010-05-17T04:00Z

[Federal Register: May 17, 2010 (Volume 75, Number 94)]
[Notices]
[Page 27599-27600]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17my10-97]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; 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'') 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, as amended (``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 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

[[Page 27600]]

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) (15 U.S.C. 78s(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, 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,
12 quarterly reports, and 6 amendments on Form PILOT per year, with an
estimated total annual response burden of 126 hours. At an average
hourly cost of $307.74, the estimated 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).
    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.
    Please direct your written comments to: 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: PRA_Mailbox@sec.gov.

    Dated: May 10, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-11660 Filed 5-14-10; 8:45 am]
BILLING CODE 8010-01-P