View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0507
ICR Reference No:
201006-3235-014
Status:
Historical Active
Previous ICR Reference No:
200705-3235-004
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-448
Title:
Rule 19b-5 Under the Securities Exchange Act of 1934 (17 CFR 240.19b-5); Pilot Trading System Rule Filing Requirements
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
08/27/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/20/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2013
36 Months From Approved
11/30/2010
Responses
21
0
10
Time Burden (Hours)
126
0
2,520
Cost Burden (Dollars)
38,775
0
13,030
Abstract:
Rule 19b-5 permits a self-regulatory organization (SRO) to operate a pilot trading system, under certain conditions, for two years without submitting a proposed rule change to the Commission pursuant to Rule 19b-4. SROs availing themselves of Rule 19b-5 are required to file a Form PILOT at least 20 days before com- mencing operation of the system. SROs are also required to file notices of material systems changes and quarterly activity re- ports on Form PILOT.
Authorizing Statute(s):
US Code:
15 USC 78s(b)
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
75 FR 27599
05/17/2010
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 42175
07/20/2010
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Rule 19b-5 Under the Securities Exchange Act of 1934; Pilot Trading System Rule Filing Requirements (Initial Reports)
SEC 2552
Form PILOT
Rule 19b-5 Under the Securities Exchange Act of 1934; Pilot Trading System Rule Filing Requirements (Material System Changes)
Rule 19b-5 Under the Securities Exchange Act of 1934; Pilot Trading System Rule Filing Requirements (Quarterly Reports)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
21
10
0
0
11
0
Annual Time Burden (Hours)
126
2,520
0
0
-2,394
0
Annual Cost Burden (Dollars)
38,775
13,030
0
0
25,745
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimates of burden under Rule 19b-5 have decreased since the prior submission. In the prior submission, the Commission anticipated receiving as many as six proposals per year from six respondents to operate pilot trading systems filed as initial reports on Form PILOT each year. The Commission estimated that each respondent would file four quarterly reports on Form PILOT per year, for a total of 24 quarterly reports from all respondents, and 2 notices of material systems changes on Form PILOT per year, for a total of 12 notices of material systems changes from all respondents. Since the prior submission, the Commission has received no initial reports on Form PILOT. The Commission has received four Form PILOT submissions since Rule 19b-5 was adopted and the Form PILOT process was created in 1998. Additionally, no pilot trading system is currently operating under the Rule 19b-5 exemption. Based on these facts and circumstances, at this time the Commission anticipates receiving up to three proposals to operate pilot trading systems filed as initial reports on Form PILOT each year. The Commission continues to estimate that each respondent filing an initial proposal would file four quarterly reports on Form PILOT per year, for a total of 12 quarterly reports from all respondents, and 2 notices of material systems changes on Form PILOT per year, for a total of 6 notices of material systems changes from all respondents. Based on the Commissions experience with Rule 19b-5 since its adoption, the Commission now believes that it would be reasonable to make a much lower estimate of the number of pilot trading systems that will be established by SROs over the next three-year period pursuant to Rule 19b-5. Although the Commission anticipates fewer initial filings on Form PILOT, and thus fewer overall quarterly filings and notices of material systems changes, the Commission estimates the time required to complete an initial form, quarterly report or notice of material system change to be the same. Therefore, the estimated aggregate reporting burden to all respondents in a year under Rule 19b-5 has decreased from 252 hours to 126 hours. Although the total estimated annual hour compliance burden has decreased, the estimated related cost associated with such burden has increased from $13,030 to $38,775 due to increases in the hourly estimated rates for professional legal work and clerical work
Annual Cost to Federal Government:
$6,663
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Sarah Schandler 202 551-7145
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
07/20/2010
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