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
ICR 201607-3235-006
OMB: 3235-0719
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 3235-0719 can be found here:
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
(Rules) 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
(CCO). 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.