Notice2022-26424
Proposed Collection; Comment Request; Extension: Rule 19b-5 and Form PILOT
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 6, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 233 (Tuesday, December 6, 2022)</title>
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[Federal Register Volume 87, Number 233 (Tuesday, December 6, 2022)]
[Notices]
[Pages 74690-74691]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-26424]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-448, OMB Control No. 3235-0507]
Proposed Collection; 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 (``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 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.
Written comments are invited on (a) whether the proposed collection
of
[[Page 74691]]
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
by February 6, 2023.
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: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to:
<a href="/cdn-cgi/l/email-protection#5b0b091a04163a32373934231b283e38753c342d"><span class="__cf_email__" data-cfemail="025250435d4f636b6e606d7a427167612c656d74">[email protected]</span></a>.
Dated: November 30, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-26424 Filed 12-5-22; 8:45 am]
BILLING CODE 8011-01-P
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