Rule 15Fi-2 Trade Acknowledgment and Verification of Security-Based Swap Transactions

ICR 201909-3235-010

OMB: 3235-0713

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2020-01-16
Supplementary Document
2020-01-16
Supporting Statement A
2019-11-04
Supplementary Document
2014-03-24
ICR Details
3235-0713 201909-3235-010
Active 201606-3235-010
SEC TM-270-633
Rule 15Fi-2 Trade Acknowledgment and Verification of Security-Based Swap Transactions
Extension without change of a currently approved collection   No
Regular
Approved without change 03/31/2020
Retrieve Notice of Action (NOA) 01/16/2020
  Inventory as of this Action Requested Previously Approved
03/31/2023 36 Months From Approved 03/31/2020
220 0 410,080
34,155 0 34,155
0 0 0

Rule 15Fi-2 prescribes documentation standards for the timely and accurate acknowledgment and verification of SBS transactions by SBS Entities. The rule contains seven paragraphs: (a) the trade acknowledgment obligations of specific SBS Entities; (b) the prescribed time frames under which a trade acknowledgment must be provided; (c) the form and content requirements of the trade acknowledgment; (d) SBS Entities’ verification obligations; (e) a limited exception from the requirement to provide a clearing agency a trade acknowledgment in a clearing transaction; (f) a limited exception from the requirement to provide a trade acknowledgment for certain transactions executed on a security-based swap execution facility or a national securities exchange or accepted for clearing by a clearing agency; and (g) a limited exemption from the requirements of Exchange Act Rule 10b-10 for a broker-dealer acting as principal for its own account in a security-based swap transaction.

US Code: 15 USC 78o-8(i) Name of Law: Securities Exchange Act of 1934
  
US Code: 15 USC 78o-8(i) Name of Law: Securities Exchange Act of 1934

Not associated with rulemaking

  84 FR 60461 11/08/2019
85 FR 2762 01/16/2020
No

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 220 410,080 0 0 -409,860 0
Annual Time Burden (Hours) 34,155 34,155 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There is no change in burden. As noted above, the compliance date for the Rules has not yet passed, and the staff has not changed its estimates of the burdens and costs the respondents will incur when the compliance date is in effect. The staff has, however, changed how the burdens in IC1 and IC2 are calculated in order to more effectively present the burdens for each SBS entity. When the rule was adopted, the staff viewed each trade acknowledgement as a response, with each response having a very low burden associated with it. Practically speaking, however, the burden associated with modifying and supporting OMSs is not dependent on the number of trade acknowledgments sent; the burden will not change regardless of that number. Therefore, we have revised the calculation so that it has the number of SBS entities as the respondents and the number of hours to modify or support the OMS as the burden per respondent. Both the earlier analysis and the current analysis yield the same number of burden hours per year. In addition, the burdens were previously presented as two ICs, but we have separated them into four (i.e., the first burden is now IC1 and IC2 and the second burden is now IC3 and IC4). We did this so the estimates would be easier to follow and to revise in the future.

$0
No
    No
    No
No
Yes
No
Uncollected
Margaret Smith 202 551-5757 [email protected]

  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.
01/16/2020


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