Notice2022-25100
Submission for OMB Review; Comment Request; Extension: Rules 13n-4(b)(9), (b)(10) and (d)
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
November 18, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 222 (Friday, November 18, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 222 (Friday, November 18, 2022)]
[Notices]
[Pages 69354-69355]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25100]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-793, OMB Control No. 3235-0738]
Submission for OMB Review; 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'') 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 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 total 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
[[Page 69355]]
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 three 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 three 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: <a href="http://www.reginfo.gov">www.reginfo.gov</a>. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent by December 19, 2022 to (i)
<a href="/cdn-cgi/l/email-protection#e6aba4bec8a9aba4c8a9afb4a7c8b5a3a5b98283958db98980808f858394a6898b84c8838996c8818990"><span class="__cf_email__" data-cfemail="4508071d6b0a08076b0a0c17046b1600061a2120362e1a2a23232c262037052a28276b202a356b222a33">[email protected]</span></a> and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending
an email to: <a href="/cdn-cgi/l/email-protection#aafaf8ebf5e7cbc3c6c8c5d2ead9cfc984cdc5dc"><span class="__cf_email__" data-cfemail="d38381928c9eb2babfb1bcab93a0b6b0fdb4bca5">[email protected]</span></a>.''
Dated: November 14, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25100 Filed 11-17-22; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on November 18, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.