Document ID: SEC-2013-1430-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2013-08-12T04:00Z

[Federal Register Volume 78, Number 155 (Monday, August 12, 2013)]
[Notices]
[Pages 48917-48918]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-19407]

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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 (``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, 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 17 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 
$350.07, the aggregate related cost of compliance with Rule 19b-5 for 
all respondents is $44,109 per year (126 burden hours multiplied by 
$350.07/hour = $44,109).
    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

[[Page 48918]]

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 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: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 
F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: August 6, 2013.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-19407 Filed 8-9-13; 8:45 am]
BILLING CODE 8011-01-P