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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:
3235-0695
ICR Reference No:
201809-3235-017
Status:
Historical Inactive
Previous ICR Reference No:
201609-3235-023
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-646
Title:
Rule 17ad-22 Clearing Agency Standards for Operation and Governance
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
02/06/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/25/2018
Terms of Clearance:
OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2020
36 Months From Approved
03/31/2020
Responses
209
0
209
Time Burden (Hours)
13,398
0
13,398
Cost Burden (Dollars)
11,894,080
0
11,894,080
Abstract:
The Securities and Exchange Commission (“Commission”) is proposing to amend the definitions of “covered clearing agency” in Rule 17Ad-22(a)(5), “central securities depository services” in Rule 17Ad-22(a)(3), and “sensitivity analysis” in Rule 17Ad-22(a)(16) pursuant to Section 17A of the Securities Exchange Act of 1934 (“Exchange Act”) and the Payment, Clearing, and Settlement Supervision Act of 2010 (“Clearing Supervision Act”), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). Specifically, the Commission is proposing to amend Rule 17Ad-22(a)(5) to define “covered clearing agency” to mean a registered clearing agency that provides the services of a central counterparty (“CCP”) or central securities depository (“CSD”). The Commission also is proposing to amend Rule 17Ad-22(a)(3) to define “central securities depository" to mean a clearing agency that is a securities depository as described in Section 3(a)(23)(A) of the Exchange Act. In addition, the Commission is proposing to amend the definition of “sensitivity analysis” in Rule 17Ad-22(a)(16) so that the policies and procedures of all covered clearing agencies that are CCPs provide for a sensitivity analysis that considers the most volatile relevant periods, where practical, that have been experienced by the markets served by the covered clearing agency. The proposed amendments would add one new respondent to the ICRs in most of the paragraphs of Rule 17Ad-22(e), but does not otherwise change the substantive requirements in the rule. This submission revises the previously-approved estimates by adding new estimates for the one additional respondent. These estimates were added separately for each affected paragraph because the previously-approved estimates included one-time initial burdens that have been partially incurred. Accordingly, we needed to add the new respondent as a separate entry so the initial one-time burden for that respondent would be accounted for accurate. We also revised the amount of the one-time burden for the previously-approved estimates, given that a portion of that burden has already been incurred (i.e., approximately two-thirds of the one-time burden will have been incurred when the Commission adopts the final rules). In addition, this submission makes corrections to previously approved burdens in paragraphs (a) through (d) of the rule to remove one-time burdens that have already been fully incurred and to correct the number of responses per year pursuant to paragraph (d).
Authorizing Statute(s):
US Code:
15 USC 78q-1
Name of Law: Securities Exchange Act of 1934
US Code:
15 USC 5464(a)(2)
Name of Law: Wall Street Reform and Consumer Protection Act
US Code:
15 USC 78c-3
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
US Code: 12 USC 5464(a)(2) Name of Law: Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL48
Proposed rulemaking
81 FR 70744
10/13/2016
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
51
IC Title
Form No.
Form Name
Rule 17Ad-22(b)(4) - Model Validation
Rule 17Ad-22(c)
Rule 17Ad-22(c)(1) - Record of Financial Resources
Rule 17Ad-22(c)(2)
Rule 17Ad-22(e)(1)
Rule 17Ad-22(e)(1)
Rule 17Ad-22(e)(10)
Rule 17Ad-22(e)(10)
Rule 17Ad-22(e)(11)
Rule 17Ad-22(e)(12)
Rule 17Ad-22(e)(12)
Rule 17Ad-22(e)(13)
Rule 17Ad-22(e)(13)
Rule 17Ad-22(e)(14)
Rule 17Ad-22(e)(15)
Rule 17Ad-22(e)(15)
Rule 17Ad-22(e)(16)
Rule 17Ad-22(e)(16)
Rule 17Ad-22(e)(17)
Rule 17Ad-22(e)(17)
Rule 17Ad-22(e)(18)
Rule 17Ad-22(e)(18)
Rule 17Ad-22(e)(19)
Rule 17Ad-22(e)(19)
Rule 17Ad-22(e)(2)
Rule 17Ad-22(e)(2)
Rule 17Ad-22(e)(20)
Rule 17Ad-22(e)(20)
Rule 17Ad-22(e)(21)
Rule 17Ad-22(e)(21)
Rule 17Ad-22(e)(22)
Rule 17Ad-22(e)(22)
Rule 17Ad-22(e)(23)
Rule 17Ad-22(e)(23)
Rule 17Ad-22(e)(3)
Rule 17Ad-22(e)(3)
Rule 17Ad-22(e)(4)
Rule 17Ad-22(e)(4)
Rule 17Ad-22(e)(5)
Rule 17Ad-22(e)(5)
Rule 17Ad-22(e)(6)
Rule 17Ad-22(e)(6)
Rule 17Ad-22(e)(7)
Rule 17Ad-22(e)(7)
Rule 17Ad-22(e)(8)
Rule 17Ad-22(e)(8)
Rule 17Ad-22(e)(9)
Rule 17Ad-22(e)(9)
Rules 17Ad-22(b)(1)-(3)
Rules 17Ad-22(b)(5)-(7)
Rules 17Ad-22(d)(1)-(15)
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The burden estimates for Rules 17Ad-22(b), (c), and (d) have been revised (1) to make a correction to remove the initial ongoing burden, which has already been incurred; and (2) to make a correction to adjust the number of ICRs in paragraph (c) from once to four times per year. With respect to Rule 17Ad-22(e), the amendments in the proposed rulemaking would increase the number of respondents by 1 for most of the ICRs in the rule. As a result of the additional respondent, the total burden will increase, although the Commission is not changing its previously-approved estimates with respect to each entity. The additional burdens for the new respondent was added as separate entries in the ICR because the burdens approved for the other respondents include one-time burdens that have been only partially incurred. We found that we could not combine the one-time burdens for the new respondent with the partially-incurred one-time burdens for the existing respondents, so we made separate entries. We also revised the one-time burdens for the existing respondents (for an overall decrease) since those have already been partially incurred and we are requesting a new three-year expiration period.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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]?
Yes
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:
Catherine Moore 202 551-5718 mooreca@sec.gov
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:
10/25/2018