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.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
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0
0
0
0
0
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Section 763(a) of the Dodd-Frank Act adds new Section 3C(g)(1)(C) to the Securities Exchange Act of 1934 ("Exchange Act"), which requires any counter party to a security-based swap that seeks to rely on the Dodd-Frank Act's statutory exception from mandatory clearing of security-based swaps to notify the Commission "how it generally meets its financial obligations associated with entering into non-cleared security-based swaps." Section 3C(g)(1)(C) contemplates that the Commission may establish the manner of notification and Exchange Act Section 3C(g)(6) provides that the Commission may prescribe such rules as may be necessary to prevent abuse of this statutory exception, referred to herein as the "end-user clearing exception." Proposed Rule 3Cg-1(a) under the Exchange Act would require a counter party to a security-based swap transaction to meet the requirements of Exchange Act Section 3C(g)(1)(C) by delivering certain specified items of information to a swap data repository ("SDR") in the manner required by proposed Regulation SBSR.
US Code:
15 USC 78c-3
Name of Law: Securities Exchange Act of 1934
PL: Pub.L. 111 - 203 763 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
This is a new rule proposal, so the burdens related thereto are new. The notice required under proposed Rule 3Cg-1(a) provides the Commission with information concerning how an entity seeking to rely on this exception from mandatory clearing generally meets its financial obligations associated with security-based swaps, as well as certain information that will help the Commission prevent abuse of the exception.
$0
No
No
No
Yes
No
Uncollected
Richard Grant 202 551-5914
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:
(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.
Supporting Statement for Form 83-I (End-User Exception Release) (16Mar11).doc
End User Statutory Authority.PDF
Rule 3Cg-1: Notice to Commission [and Financial Entity Exemption] -- Ongoing Burdens