Notice2026-04959
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 19b-4 and Form 19b-4
Primary source
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Published
March 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 49 (Friday, March 13, 2026)</title>
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[Federal Register Volume 91, Number 49 (Friday, March 13, 2026)]
[Notices]
[Pages 12454-12456]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04959]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0045]
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Extension: Rule 19b-4 and Form 19b-4
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
[[Page 12455]]
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. Sec. 3501 et seq.), the Securities and Exchange
Commission (SEC or ``Commission'') is submitting to the Office of
Management and Budget (OMB) this request for an extension of the
proposed collection of information Section 19(b) of the Act (15 U.S.C.
78s(b)) requires each self-regulatory organization (``SRO'') to file
with the Commission copies of any proposed rule, or any proposed change
in, addition to, or deletion from the rules of such SRO. Rule 19b-4
implements the requirements of Section 19(b) by requiring the SROs to
file their proposed rule changes on Form 19b-4 and by clarifying which
actions taken by SROs are subject to the filing requirement set forth
in Section 19(b). Rule 19b-4(n) requires a designated clearing agency
to provide the Commission advance notice (``Advance Notice'') of any
proposed change to its rules, procedures, or operations that could
materially affect the nature or level of risks presented by such
clearing agency. Rule 19b-4(o) requires a registered clearing agency to
submit for a Commission determination any security-based swap, or any
group, category, type, or class of security-based swaps it plans to
accept for clearing (``Security-Based Swap Submission''), and provide
notice to its members of such submissions.
The collection of information is designed to provide the Commission
with the information necessary to determine, as required by the Act,
whether the proposed rule change is consistent with the Act and the
rules thereunder. The information is used to determine if the proposed
rule change should be approved, disapproved, suspended, or if
proceedings should be instituted to determine whether to approve or
disapprove the proposed rule change.
The respondents to the collection of information are SROs (as
defined by Section 3(a)(26) of the Act),\1\ including national
securities exchanges, national securities associations, registered
clearing agencies, notice registered securities future product
exchanges, and the Municipal Securities Rulemaking Board.
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\1\ 15 U.S.C. 78c(a)(26).
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In calendar year 2024, each respondent filed an average of
approximately 41 proposed rule changes. Each filing takes approximately
41 hours to complete on average. Thus, the total annual reporting
burden for filing proposed rule changes with the Commission is 75,645
hours (41 proposals per year x 45 SROs x 41 hours per filing) for the
estimated future number of 45 SROs.\2\ In addition to filing their
proposed rule changes with the Commission, the respondents also are
required to post each of their proposals on their respective websites,
a process that takes approximately four hours to complete per proposal.
Thus, the total annual reporting burden on respondents to post the
proposals on their websites is 7,380 hours (41 proposals per year x 45
SROs x 4 hours per filing) for the estimated future number of 45 SROs.
Further, the respondents are required to update their rulebooks, which
they maintain on their websites, to reflect the changes that they make
in each proposal they file. The total annual reporting burden for
updating online rulebooks is 4,496 hours ((1,719 filings per year -590
withdrawn filings \3\-5 disapproved filings \4\) x 4 hours). Finally, a
respondent is required to notify the Commission if it does not post a
proposed rule change on its website on the same day that it filed the
proposal with the Commission. The Commission estimates that SROs will
fail to post proposed rule changes on their websites on the same day as
the filing 17 times a year (across all SROs), and that each SRO will
spend approximately one hour preparing and submitting such notice to
the Commission, resulting in a total annual burden of 17 hours (17
notices x 1 hour per notice). There are no estimated external costs in
connection with informing the Commission of the date on which it posted
a proposed rule change on its website (if the posting did not occur on
the same day that the SRO filed the proposal with the Commission).
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\2\ Currently, there are 42 SROs, though not all of those SROs
filed a proposed rule change in 2024. The Commission expects three
additional respondents to register during the three-year period for
which this Paperwork Reduction Act extension is applicable (one as a
registered clearing agency and two as national securities
exchanges), bringing the total number of respondents to 45.
\3\ For 43 SROs, 274 withdrawn filings equal approximately 6.37
filings per SRO. For 45 SROs, the figure would increase to 293
withdrawn filings.
\4\ For 43 SROs, 20 disapproved filings equal approximately 0.47
filings per SRO. For 45 SROs, the figure would increase to 22
disapproved filings.
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Designated clearing agencies have additional information collection
burdens. As noted above, pursuant to Rule 19b-4(n), a designated
clearing agency must file with the Commission an Advance Notice of any
proposed change to its rules, procedures, or operations that could
materially affect the nature or level of risks presented by such
designated clearing agency. The Commission estimates, based on
historical rulemaking data that each designated clearing agency
submitting Advance Notices will each submit two Advance Notices per
year, with each submission taking 90 hours to complete. The total
annual reporting burden for filing Advance Notices is therefore 720
hours (4 designated clearing agencies x 2 Advance Notices per year x 90
hours per response). The above information collection has an estimated
external cost burden. The Commission estimates that each designated
clearing agency will require 40 hours of outside legal work to prepare,
review, and electronically file each Advance Notice with the
Commission. Assuming an hourly cost of $462 for an outside attorney,
the total annual cost for the four clearing agencies to meet these
requirements will be $147,840 (four designated clearing agencies x two
Advance Notice filings per year x 40 hours per response x $462 per hour
for an outside attorney).
Designated clearing agencies are required to post all Advance
Notices to their websites, each of which takes approximately four hours
to complete. For eight Advance Notices, the total annual reporting
burden for posting them to respondents' websites is 32 hours (4
designated clearing agencies x 2 Advance Notices per year x 4 hours per
website posting). Respondents are required to update the postings of
those Advance Notices that become effective, each of which takes
approximately four hours to complete. The total annual reporting burden
for updating Advance Notices on the respondents' websites is 32 hours
(4 designated clearing agencies x 2 Advance Notices per year x 4 hours
per website posting). There are no estimated external costs in
connection with (i) the posting of Advance Notices on their websites,
or (ii) the posting of notices of changes to rules, procedures or
operations referred to in Advance Notices.
Pursuant to Rule 19b-4(n)(5), the respondents are also required to
provide copies of all materials submitted to the Commission relating to
an Advance Notice to the Board of Governors of the Federal Reserve
System (``Board'') contemporaneously with such submission to the
Commission, which is estimated to take two hours. The total annual
reporting burden for designated clearing agencies to meet this
requirement is 16 hours (4 designated clearing agencies x 2 Advance
Notices per year x 2 hours per response). There are no estimated
external costs in connection with the requirement to provide to the
Board copies of all materials submitted to the Commission relating to
an Advance Notice contemporaneously with such submission to the
Commission.
[[Page 12456]]
The Commission estimates that two security-based swap clearing
agencies will each submit 13 Security-Based Swap Submissions per year,
with each submission taking 140 hours to complete resulting in a total
annual reporting burden of 3,640 hours (2 respondent clearing agencies
x 13 Security-Based Swap Submissions per year x 140 hours per
response). Respondent clearing agencies are required to post all
Security-Based Swap Submissions to their websites, each of which takes
approximately four hours to complete. For 13 Security-Based Swap
Submissions, the total annual reporting burden for posting them to the
two respondents' websites is 104 hours (2 respondent clearing agencies
x 13 Security-Based Swap Submissions per year x 4 hours per website
posting). The above information collection has an estimated external
cost burden. The Commission estimates that each clearing agency will
require 60 hours of outside legal work to prepare, review, and submit a
Security-Based Swap Submission. Assuming an hourly cost of $462 for an
outside attorney, the total annual cost in the aggregate for the two
clearing agencies to meet these requirements will be $720,720 (2
respondent clearing agencies x 13 Security-Based Swap Submissions per
year x 60 hours per response x $462 per hour for an outside attorney).
In addition, two clearing agencies that have not previously posted
Security-Based Swap Submissions on their websites may need to update
their existing websites to post such filings online. The Commission
estimates that each of these two clearing agencies would spend
approximately 15 hours updating their existing websites, resulting in a
total one-time burden of 30 hours (2 respondent clearing agencies x 15
hours per website update) or 10 hours annualized over three years.
There are no estimated external costs in connection with creating or
updating their existing websites in order to provide the capability to
post Security-Based Swap Submissions, Advance Notices, or proposed rule
changes on their websites.
Respondent SROs will also have to provide training to staff members
using the Electronic Form 19b-4 Filing System (``EFFS'') to submit
Security-Based Swap Submissions, Advance Notices, and/or proposed rule
changes electronically. The Commission estimates that two anticipated
national securities exchanges will spend approximately 60 hours
training all staff members who will use EFFS to submit Security-Based
Swap Submissions, Advance Notices, and/or proposed rule changes
electronically, or 20 hours annualized over three years. The Commission
also estimates that these newly-registered and anticipated SROs will
have a one-time burden of 260 hours to draft and implement internal
policies and procedures for using EFFS to make these submissions, or 87
hours annualized over three years. The Commission estimates that each
of the 45 respondents will spend 10 hours each year training new
compliance staff members and updating the training of existing
compliance staff members to use EFFS, for a total annual burden of 450
hours (45 respondent SROs x 10 hours). There are no estimated external
costs in connection with (i) drafting and implementing internal
policies and procedures relating to using EFFS to submit Security-Based
Swap Submissions, Advance Notices, and/or proposed rule changes with
the Commission, or (ii) training personnel about the procedures for
submitting Security-Based Swap Submissions and/or Advance Notices in
electronic format through EFFS.
In connection with Security-Based Swap Submissions, counterparties
may apply for a stay from a mandatory clearing requirement under Rule
3Ca-1. The Commission estimates that each clearing agency will submit
four applications for stays from a clearing requirement per year and it
will take approximately 18 hours to retrieve, review, and submit each
application. Thus, the total annual reporting burden for the Rule 3Ca-1
stay of clearing requirement would be 144 hours (2 respondent clearing
agencies x 4 stay of clearing applications per year x 18 hours to
retrieve, review, and submit the stay of clearing information). The
above information collection has estimated external cost burdens. The
Commission estimates that a clearing agency will require seven hours of
outside legal work to retrieve, review, and submit the information
associated with the stay of the clearing requirement. The Commission
also estimates that each clearing agency will be required to provide
information requested by the Commission in the course of its reviews of
five requests for a stay of the clearing requirement. Assuming an
hourly cost of $462 for an outside attorney, the total estimated annual
cost in the aggregate for the two clearing agencies to meet these
requirements will be $25,872 (2 respondent clearing agencies x 4 stay
of clearing applications per year x 7 hours per response x $462 per
hour for an outside attorney) (this was previously noticed as $32,340,
as the number of stay applications had not been adjusted from the
previous estimate of 5 to the current estimate of 4). The Commission
also estimates that 100 hours of outside legal counsel would be
required by a counterparty to a security-based swap to prepare and
submit an application requesting a stay of the clearing requirement.
Assuming an hourly cost of $462 for an outside attorney, the total
annual cost in the aggregate for the respondent counterparties to meet
these requirements will be $369,600 (2 respondent clearing agencies x 4
stay of clearing applications per year x 100 hours per response x $462
per hour for an outside attorney.
Based on the above, the total estimated annual response burden
pursuant to Rule 19b-4 and Form 19b-4 is the sum of the total annual
reporting burdens for filing proposed rule changes, Advance Notices,
and Security-Based Swap Submissions; training staff to file such
proposals; drafting, modifying, and implementing internal policies and
procedures for filing such proposals; posting each proposal on the
respondents' websites; updating websites to enable posting of
proposals; updating the respondents' online rulebooks to reflect the
proposals that became effective; submitting copies of Advance Notices
to the Board; and applying for stays from clearing requirements, which
is 92,876 hours. The total estimated external cost burden for the above
information collection is $1,264,032.
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.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202512-3235-029">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202512-3235-029</a> or email comment to
<a href="/cdn-cgi/l/email-protection#d29f908afc9d9f90fc9d9b8093fc8197918db6b7a1b98dbdb4b4bbb1b7a092bdbfb0fcb7bda2fcb5bda4"><span class="__cf_email__" data-cfemail="5b16190375141619751412091a75081e18043f3e283004343d3d32383e291b343639753e342b753c342d">[email protected]</span></a> within 30 days of the day
after publication of this notice, by April 13, 2026.
Dated: March 11, 2026.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-04959 Filed 3-12-26; 8:45 am]
BILLING CODE 8011-01-P
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