Document ID: SEC-2019-1114-0004
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2023-02-10T05:00Z

[Federal Register Volume 88, Number 28 (Friday, February 10, 2023)]
[Notices]
[Pages 8949-8950]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-02832]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-448, OMB Control No. 3235-0507]

Submission for OMB Review; Comment Request; Extension: Rule 19b-5 
and Form PILOT

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    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

[[Page 8950]]

(``SEC'') 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 (``Exchange 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 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 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 24 SROs which could avail themselves of the exemption 
under Rule 19b-5 and the use of Form PILOT. The SEC estimates that 
approximately one of these SROs each year will file on Form PILOT one 
initial report (i.e., 1 report total, for an estimated annual burden of 
24 hours total), four quarterly reports (i.e., 4 reports total, for an 
estimated annual burden of 12 hours total (3 hours per report)), and 
two amendments (i.e., 2 reports total, for an estimated annual burden 
of 6 hours total (3 hours per report)). Thus, the estimated annual time 
burden resulting from Form PILOT is 42 hours for the estimated sole SRO 
respondent. The SEC estimates that the aggregate annual internal cost 
of compliance for the sole SRO respondent is approximately $12,880 (42 
hours at an average of $306.67 per hour). In addition, the SEC 
estimates that the sole SRO respondent will incur, in the aggregate, 
printing, supplies, copying, and postage expenses of $2,287 per year 
for filing initial reports, $1,142 per year for filing quarterly 
reports, and $571 per year for filing notices of material systems 
changes, for a total annual cost burden of $4,000.
    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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent by March 13, 2023 to
    (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending 
an email to: [email protected].

    Dated: February 6, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-02832 Filed 2-9-23; 8:45 am]
BILLING CODE 8011-01-P