
[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Notices]
[Pages 49347-49348]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17821]


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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 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 (``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 (``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. 
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 Act (15 U.S.C. 78s(b)(2)) 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

[[Page 49348]]

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 20 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 an estimated annual burden of 72 hours total), 12 quarterly 
reports (for an estimated annual burden of 36 hours total), and 6 
amendments (for an estimated annual burden of 18 hours total) on Form 
PILOT per year, with an estimated total annual response burden of 126 
hours and an estimated total annual cost burden of $10,047. At an 
average hourly cost of $272.33, the aggregate related internal cost of 
compliance pertaining to Rule 19b-5 for all respondents is $34,314 per 
year (126 burden hours multiplied by $272.33/hour = $34,314).
    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 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 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 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) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or by sending an 
email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 
30 days of this notice.

     July 22, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-17821 Filed 7-26-16; 8:45 am]
 BILLING CODE 8011-01-P


