Document ID: SEC-2007-0976-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2007-07-19T04:00Z

[Federal Register: July 19, 2007 (Volume 72, Number 138)]
[Notices]               
[Page 39645-39646]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr19jy07-74]                         

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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 Filings and Information Services, Washington, DC 
20549.

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 extension of the previously approved 
collection of information discussed below.
    Rule 19b-5 (17 CFR 240.19b-5) provides a temporary exemption from 
the rule-filing requirements of section 19(b) of the Securities 
Exchange Act of 1934 (17 U.S.C. 78a et seq.) (``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.

[[Page 39646]]

    The respondents to the collection of information are SROs, as 
defined by the Act, including national securities exchanges and 
national securities associations.
    Six respondents file an average total of 6 initial reports (for a 
144 hour estimated annual burden), 24 quarterly reports (for a 72 hour 
estimated annual burden), and 12 amendments per year (for a 36 hour 
estimated annual burden), 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 
$13,030 per year (252 burden hours multiplied by $51.71/hour = 
$13,030).
    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.
    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: 
David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, 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. Comments must be submitted within 30 
days of this notice.

    Dated: July 12, 2007.
Nancy M. Morris,
Secretary.
 [FR Doc. E7-13961 Filed 7-18-07; 8:45 am]

BILLING CODE 8010-01-P