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OMB Control No: 3235-0715	ICR Reference No: 202401-3235-007
Status: Active	Previous ICR Reference No: 202106-3235-008
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: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/13/2024
	Date Received in OIRA: 07/30/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2027	36 Months From Approved	09/30/2024
Responses	9	0	9
Time Burden (Hours)	240	0	240
Cost Burden (Dollars)	350,400	0	252,000

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:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 45929	05/24/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 60953	07/29/2024
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	9	9	0
Annual Time Burden (Hours)	240	240	0
Annual Cost Burden (Dollars)	350,400	252,000	98,400

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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: Richard Mo 202 551-4656

View ICR - OIRA Conclusion