[Federal Register Volume 84, Number 201 (Thursday, October 17, 2019)]
[Notices]
[Pages 55630-55631]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-22579]
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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:
Rules 13n-4(b)(9), (b)(10) and (d), SEC File No. 270-793, OMB
Control No. 3235-0738
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 rules
13n-4(b)(9), (b)(10) and (d) under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.).
Rules 13n-4(b)(9), (b)(10) and (d) implement Exchange Act sections
13(n)(5)(G) and (H), which conditionally require security-based swap
data repositories (SDRs) registered with the SEC to make security-based
swap data available to certain regulators and other authorities. The
rules in part would condition this access to data on the regulators and
other authorities entering into memoranda of understanding or other
arrangements with the Commission to address the confidentiality of the
data made available. The rules further would require SDRs to create and
maintain records regarding such data access. In addition, certain
regulators or other authorities that are not otherwise designated by
statute or rule may submit applications to the Commission requesting
that they be deemed eligible to access the relevant security-based swap
data.
Implementation of the statutory data access provisions--including
the confidentiality condition and the Commission's authority to
designate entities to access such information--will facilitate
regulatory oversight of the security-based swap market and its
participants, including oversight of systemic and other risks
associated with the market. Implementation also will promote compliance
with applicable laws and regulations, including but not limited to
compliance with the antifraud provisions of the federal securities
laws.
Commission Staff estimates that the total annual burden associated
with Rules 13n-4(b)(9), (b)(10) and (d) is 35,700 hours and $400,000,
calculated as follows:
Commission staff estimates a total of 30 regulators or other
authorities will enter into confidentiality arrangements with the
Commission to obtain access to security-based swap data pursuant to
these provisions. On average, each of those recipients of data is
expected to expend 500 hours in connection with negotiating these MOUs
or other arrangements, for a one-time aggregate burden of 15,000 hours,
with no associated ongoing burdens. This
[[Page 55631]]
equates to 5,000 hours per year when annualized over three years.
Commission staff estimates that a total of 21 regulators or other
authorities (that otherwise are not identified by statute or the rules
as being eligible for access) may request that the Commission determine
that they be able to access such security-based swap data. On average,
each of those entities is expected to expend 40 hours in connection
with such requests, for a one-time aggregate burden of 840 hours, with
no associated ongoing burdens. This equates to 280 hours per year when
annualized over three years.
Commission staff also estimates that a total of 10 SDRs may be
expected to incur systems-related costs associated with setting up
access to security-based swap data for regulators and other
authorities. On average, each of those entities is expected to expend
7,800 hours in connection with providing such connectivity, for a one-
time aggregate burden of 78,000 hours, with no associated no ongoing
burdens associated with this requirement. This equates to 26,000 hours
when annualized over three years.
In addition, Commission staff estimates that a total of 10 SDRs may
incur costs associated with notifying the Commission when the SDR
receives the first request for security-based swap data from a
particular entity. On average, each of those SDRs is expected to expend
150 hours in connection with this notice requirement (based on each SDR
providing 300 notices, at half-hour per notice), for a one-time
aggregate burden of 1,500 hours, with no associated ongoing burdens.
This equates to 500 hours per year when annualized over three years.
Commission staff estimates that a total of 10 SDRs may incur costs
associated with the requirement that they maintain records of all
information related to initial and subsequent requests for data access.
On average, compliance with this provision is expected to require 360
hours initially and 280 hours annually per SDR, for a total burden of
3,600 hours initially and 2,800 hours annually across ten SDRs. This
equates to 4,000 hours per year when annualized over three years.
Commission staff further estimates that those SDRs each will require
$40,000 annually in connection with that requirement, for a total cost
of $400,000 annually across ten SDRs.
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. 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:
[email protected]; and (ii) Charles Riddle, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Candace Kenner, 100 F Street NE, Washington, DC 20549, or by sending an
email to: [email protected]. Comments must be submitted to OMB within
30 days of this notice.
Dated: October 10, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-22579 Filed 10-16-19; 8:45 am]
BILLING CODE 8011-01-P