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 78w(a)
Name of Law: Section 23(a) of the Securities Exchange Act of 1934
US Code:
15 USC 78m(n)
Name of Law: Section 13(n) of the Securities Exchange Act of 1934
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
Some of the burdens appear to have changed. However, in the proposed rule submission, information collections were erroneously aggregated together into a single category. Staff has since revised this and separated out the information into separate information collections to more accurately characterize the actual burdens. Those burdens that have actually changed are the result of the following: Based on statistical information and data, the number of impacted entities and the number of transactions has declined resulting in a decreased burden. However, based on additional requirements contained in the rules and additional specificity in the requirements of various provisions of the rules, an increase in burden has also occurred.
$0
No
No
No
Yes
No
Uncollected
Kevin Schopp 202 551-5643
Reginfo record details
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.
Form SDR Registration on Form SDR: 13n-1(b) and 13n-3(a) and Form SDR
Supporting Statement Adopted Regulation SDR - Final - 3-19-15.docx
Privacy Requirements: 13n-9(b)(2)