Notice2025-23736
Agency Information Collection Activities; 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 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 244 (Tuesday, December 23, 2025)</title>
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[Federal Register Volume 90, Number 244 (Tuesday, December 23, 2025)]
[Notices]
[Page 60177]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23736]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0507]
Agency Information Collection Activities; 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 proposed
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 29 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 $15,890 (42
hours at an average of $378.33 per hour). In addition, the SEC
estimates that the sole SRO respondent will incur, in the aggregate,
printing, supplies, copying, and postage expenses of $2,516 per year
for filing initial reports, $1,256 per year for filing quarterly
reports, and $628 per year for filing notices of material systems
changes, for a total annual cost burden of $4,400.
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.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#2f7f4e5f4a5d58405d447d4a4b5a4c5b4640416e4c5b6f5c4a4c01484059"><span class="__cf_email__" data-cfemail="e5b584958097928a978eb780819086918c8a8ba48691a5968086cb828a93">[email protected]</span></a> by February 23, 2026. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission Notice.
Dated: December 19, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23736 Filed 12-22-25; 8:45 am]
BILLING CODE 8011-01-P
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