Rules 13n-1 to 13n-12: Form SDR, SDR Registration, Duties, and Core Principles and the Form and Manner with which SDRs Must Make Security-Based Swap Data Available to the Commission
Rules 13n-1 to 13n-12: Form SDR, SDR Registration, Duties, and Core Principles and the Form and Manner with which SDRs Must Make Security-Based Swap Data Available to the Commission
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
05/31/2018
36 Months From Approved
09/30/2018
203
0
203
425,009
0
425,009
99,682,619
0
99,682,619
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).
On December 11, 2015, the Commission proposed to amend the SDR Rules to specify the form and manner with which SDRs would be required to make SBS data available to the Commission. The proposed rule would require that SBS data made available by SDRs be formatted and structured consistently to allow the Commission to accurately analyze data made available by multiple SDRs. Rule 13n-4(b)(5) under the Exchange Act requires an SDR to provide direct electronic access to the Commission (or any designee of the Commission, including another registered entity).
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
US Code:
15 USC 78w(a)
Name of Law: Section 23(a) 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
SDR Rules were adopted in the Regulation SDR Adopting Release. The proposed amendment would increase the burdens 1,575 hours annually.
$0
No
No
No
Yes
No
Uncollected
David Michehl 202 551-5627
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 SDR Proposed Amendments (Form and Manner SBS Data) - Final - 7-26-16.docx
Policies and Procedures: 13n-4(b)(5)