Notice2022-18303
Proposed Collection; Comment Request; Extension: Rules 13n-4(b)(9), (b)(10) and (d)
Primary source
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Published
August 25, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 164 (Thursday, August 25, 2022)</title>
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[Federal Register Volume 87, Number 164 (Thursday, August 25, 2022)]
[Notices]
[Pages 52420-52421]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-18303]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-793, OMB Control No. 3235-0738]
Proposed Collection; Comment Request; Extension: Rules 13n-
4(b)(9), (b)(10) and (d)
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 (``Commission'') is soliciting comments on the existing
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.). The Commission plans to submit this existing collection of
information to the Office of Management and Budget (``OMB'') for
extension and approval.
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 Commission 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
[[Page 52421]]
Rules 13n-4(b)(9), (b)(10) and (d) is 11,405 hours and $120,000,
calculated as follows:
Commission staff estimates a total of 50 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 25,000 hours,
with no associated ongoing burdens. This equates to 8,333 hours per
year when annualized over three years.
Commission staff estimates that a total of 41 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 1,640 hours,
with no associated ongoing burdens. This equates to 547 hours per year
when annualized over three years.
Commission staff also estimates that a total of three 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
1,300 hours in connection with providing such connectivity (based on
each SDR incurring 26 hours per recipient, over 50 recipients), for a
one-time aggregate burden of 3,900 hours, with no associated no ongoing
burdens associated with this requirement. This equates to 1,300 hours
when annualized over three years.
In addition, Commission staff estimates that a total of three 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
25 hours in connection with this notice requirement (based on each SDR
providing 50 notices, at half-hour per notice), for a one-time
aggregate burden of 75 hours, with no associated ongoing burdens. This
equates to 25 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
1,080 hours initially and 840 hours annually across three SDRs. This
equates to 1,200 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 $120,000 annually across ten SDRs.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information will
have practical utility; (b) the accuracy of the Commission's estimate
of the burden of the 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 in writing by October
24, 2022.
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#adfdffecf2e0ccc4c1cfc2d5eddec8ce83cac2db"><span class="__cf_email__" data-cfemail="d48486958b99b5bdb8b6bbac94a7b1b7fab3bba2">[email protected]</span></a>.
Dated: August 19, 2022.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2022-18303 Filed 8-24-22; 8:45 am]
BILLING CODE 8011-01-P
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