Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
04/30/2011
6 Months From Approved
1,000
0
0
527,000
0
0
0
0
0
TTo implement Section 766 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Commission is adopting an interim final temporary rule that requires specified counterparties to security-based swap transactions entered into on or before July 22, 2010 to (1) report certain information relating to those transactions to a registered security-based swap data repository or to the Commission and (2) report information relating to those transactions to the Commission upon request.
The Securities and Exchange Commission (ÂCommissionÂ) is requesting emergency consideration of one collection of information pursuant to 44 U.S.C. § 3507(j) as implemented by 5 C.F.R. § 1320.13. The title for this collection of information is ÂRule 13Aa-2T  Interim Rule for Reporting Security-Based Swap Transactions. In connection with this request, the Commission has determined:
1. The collection of information is needed prior to the time periods established under the Paperwork Reduction Act of 1995, 44 U.S.C. § 3501 et seq. (ÂPRAÂ) and applicable regulations, 5 C.F.R. § 1320.1 et seq.
2. The collection of information is mandated under Section 766 of the Frank-Dodd Act. The Dodd-Frank Act adds Section 13A to the Securities Exchange Act of 1934, which requires, among other things, that security-based swaps entered into before July 21, 2010, the terms of which had not expired as of that date (Âpre-enactment security-based swapsÂ), be reported to a registered security-based swap data repository or the Commission. The Commission is directed to adopt a temporary rule to govern such reporting within 90 days of the enactment of the Dodd-Frank Act. Due to the short time between enactment of the statute and the deadline to promulgate the final interim temporary rule, the Commission is unable to solicit public comment on the collection and estimated burden.
3. For the reasons explained above, the collection of information is essential to the mission of the Commission.
4. The Commission cannot reasonably comply with the normal clearance requirement of the PRA and applicable regulations because the use of normal clearance procedures is reasonably likely to prevent or disrupt the collection of information.
5. The Commission requests that OMB approve or disapprove the collection of information by October 1, 2010.
6. The Commission requests that OMB waive the notice requirement set forth in 5 C.F.R. § 1320.5(a)(1)(iv).
PL:
Pub.L. 111 - 203 766
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
This is a new rule, which requires the reporting of certain information. The annual hourly burden will be 527,000 hours for the 1,000 responses that are required.
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:
(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;
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.
Interim Rule for Reporting Pre-Enactment Security-Based Swap Transactions