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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:
3235-0715
ICR Reference No:
202106-3235-008
Status:
Active
Previous ICR Reference No:
202001-3235-006
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-656
Title:
Rule 3a71-6 Substituted Compliance for Foreign Security-Based Swap Entities
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/14/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/10/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2024
36 Months From Approved
01/31/2023
Responses
9
0
6
Time Burden (Hours)
240
0
160
Cost Burden (Dollars)
252,000
0
168,000
Abstract:
3a71-6 provides that the Commission may, conditionally or unconditionally, by order, make a determination with respect to a foreign financial regulatory system that compliance with specified requirements under such foreign financial regulatory system by a registered non-U.S. security-based swap dealer or non-U.S. major security-based swap participant (collectively “SBS Entities), or class thereof, may satisfy certain business conduct requirements by complying with the comparable foreign requirements. The availability of substituted compliance would be predicated on a determination by the Commission that the relevant foreign requirements are comparable to the requirements that otherwise would be applicable, taking into account the scope and objectives of the relevant foreign requirements, and the effectiveness of supervision and enforcement under the foreign regulatory regime. Rule 3a71-6 was initially adopted in April 2016 as part of the SEC’s rules implementing business conduct standards for SBS entities. It was amended twice in 2019 : once in June 2019 to include the SEC’s capital and margin requirements applicable to SBS entities as provisions for which foreign SBS entities could seek approval to use substituted compliance, and again in September 2019 to include the SEC’s recordkeeping and reporting requirements applicable to SBS entities. An ICR was submitted to and approved by OMB with respect to the initial April 2016 adoption and another for the June 2019 amendments. However, due to an oversight, an ICR was not submitted with respect to the September 2019 amendments prior to the rule amendments becoming effective. We are seeking to revise the estimated burdens in light of the September 2019 amendments for OMB review and are seeking expedited review if possible.
Authorizing Statute(s):
US Code:
15 USC 78a et seq.
Name of Law: Securities and Exchange Act of 1934
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 712, 761(b) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL25
Final or interim final rulemaking
84 FR 87005
12/16/2019
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Substituted Compliance Requests by SBS Entities (d)(1)-(3)
Substituted Compliance Requests by SBS Entities (d)(4)-(5)
Substituted Compliance Requests by SBS Entities (d)(6)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
9
6
0
3
0
0
Annual Time Burden (Hours)
240
160
0
80
0
0
Annual Cost Burden (Dollars)
252,000
168,000
0
84,000
0
0
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:
No
Burden Reduction Due to:
Short Statement:
An amendment to the rule adopted in Sept. 2019 (published in the FR in Dec. 2019) resulted in a new information collection in paragraph (d)(6) of the rule.
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?
No
Agency Contact:
Abraham Jacob 202 551-5583
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:
06/10/2021
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