Document ID: SEC-2019-0749-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2019-06-03T04:00Z

[Federal Register Volume 84, Number 106 (Monday, June 3, 2019)]
[Notices]
[Pages 25586-25587]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11433]

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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 (``SEC'') 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 (``Exchange Act'') (15 U.S.C. 78a et seq.). The SEC 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 Exchange 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

[[Page 25587]]

shortly after submitting an initial report on Form PILOT to the SEC. 
During operation of any such pilot trading system, the SRO must submit 
quarterly reports of the system's operation to the SEC, 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 Exchange Act (15 U.S.C. 78s(b)(2)) to obtain 
permanent approval of the pilot trading system from the SEC.
    The collection of information is designed to allow the SEC 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 Exchange Act, and is carrying out its 
statutory oversight obligations under the Exchange Act.
    The respondents to the collection of information are national 
securities exchanges and national securities associations.
    There are 23 SROs which could avail themselves of the exemption 
under Rule 19b-5 and the use of Form PILOT. The SEC estimates that 
approximately three of these SROs, in the aggregate, each year will 
file on Form PILOT one initial report (i.e., 3 reports total, for an 
estimated annual burden of 72 hours total), four quarterly reports 
(i.e., 12 reports total, for an estimated annual burden of 36 hours 
total), and two amendments (i.e., 6 reports total, for an estimated 
annual burden of 18 hours total). Thus, the estimated annual response 
burden resulting from Form PILOT is 42 hours per SRO, or a total of 126 
hours for the three SROs. The SEC estimates that the aggregate annual 
internal cost of compliance for all three respondents is approximately 
$38,094 (126 hours at an average of $302.333 per hour). In addition, 
the SEC estimates that the three SRO respondents will incur, in the 
aggregate, printing, supplies, copying, and postage expenses of $6,101 
per year for filing initial reports, $3,046 per year for filing 
quarterly reports, and $1,523 per year for filing notices of material 
systems changes, for a total annual cost burden of $10,670 for all 
three respondents.
    Written comments are invited on (a) whether the proposed collection 
of information is necessary for the proper performance of the functions 
of the SEC, including whether the information shall have practical 
utility; (b) the accuracy of the SEC's estimate of the burden of the 
proposed collection of information; (c) ways to enhance the quality, 
utility, and clarity of the information 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: Charles Riddle, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549 or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: May 28, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11433 Filed 5-31-19; 8:45 am]
BILLING CODE 8011-01-P