Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
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Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Securities and Exchange Commission (the Commission) to regulate security-based swaps and to take steps to encourage accountability and transparency in this market. In an effort to enhance such transparency, section 763(i) of the Act establishes centralized recordkeeping facilities, known as security-based swap data repositories (SDRs), to retain complete records of security-based swap transactions, maintain the integrity of those records, and provide effective access to those records to relevant authorities. Pursuant to sections 763(i) and 766(a) of the Act, transactions in securities-based swaps must be reported to an SDR or the Commission.
The Commission is proposing Rules 13n-1 to 13n-11 (ÂRulesÂ) as well as Form SDR to create a structure to register SDRs in accordance with this statutory mandate. Under the Rules, an SDR would be required to register by filing a Form SDR. SDRs would also be required to abide by certain minimum standards set out in the Rules, including a requirement to update Form SDR, abide by certain duties and core principles, maintain data in accordance with the Rules, keep their systems in accordance with the Rules, keep records, provide reports to the Commission, maintain privacy, make certain disclosures, and designate a Chief Compliance Officer (ÂCCOÂ).
US Code:
15 USC 17m(n)
Name of Law: Periodical and other reports
PL:
Pub.L. 111 - 203 763(i)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 763(i) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
The proposed rules provide for the registration of securities-based swap data repositories and establish the duties and core principles applicable to such persons. The 434,373 annual hourly burden and $100,587,950 in new costs is a new information collection.
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.
Form SDR Registration Requirements and Form SDR
PRA Supporting Statement (Draft 3) (22 Dec 2010).doc
Other Provisions Relevant to the Collection of Information