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Federal Register / Vol. 85, No. 11 / Thursday, January 16, 2020 / Notices

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proposed submission to the Office of
Management and Budget (OMB) for
clearance simultaneously with the
publication of this second notice. The
full submission may be found at: http://
www.reginfo.gov/public/do/PRAMain.
DATES: Comments regarding this
information collection are best assured
of having their full effect if received by
February 18, 2020.
FOR FURTHER INFORMATION CONTACT:
Office of Information and Regulatory
Affairs of OMB, Attention: Desk Officer
for National Science Foundation, 725
17th Street NW, Room 10235,
Washington, DC 20503, and Suzanne H.
Plimpton, Reports Clearance Officer,
National Science Foundation, 2415
Eisenhower Avenue, Alexandria, VA
22314, or send email to splimpto@
nsf.gov. Individuals who use a
telecommunications device for the deaf
(TDD) may call the Federal Information
Relay Service (FIRS) at 1–800–877–
8339, which is accessible 24 hours a
day, 7 days a week, 365 days a year
(including federal holidays).
Copies of the submission may be
obtained by calling 703–292–7556.
SUPPLEMENTARY INFORMATION: NSF may
not conduct or sponsor a collection of
information unless the collection of
information displays a currently valid
OMB control number and the agency
informs potential persons who are to
respond to the collection of information
that such persons are not required to
respond to the collection of information
unless it displays a currently valid OMB
control number.
Comments regarding (a) whether the
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of burden including
the validity of the methodology and
assumptions used; (c) ways to enhance
the quality, utility and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on those who are to
respond, including through the use of
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology should be
addressed to the points of contact in the
FOR FURTHER INFORMATION CONTACT

section.
Title of Collection: Grantee Reporting
Requirements for Prediction of and
Resilience against Extreme Events
(PREEVENTS).
OMB Number: 3145–0244.
Proposed Project: NSF and the
Directorate for Geosciences (GEO) have

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long supported basic research in
scientific and engineering disciplines
necessary to understand natural hazards
and extreme events. The Prediction of
and Resilience against Extreme Events
(PREEVENTS) program is one element
of the NSF-wide Risk and Resilience
activity, which has the overarching goal
of improving predictability and risk
assessment, and increasing resilience, in
order to reduce the impact of extreme
events on our life, society, and
economy. PREEVENTS provides an
additional mechanism to support
research and related activities that will
improve our understanding of the
fundamental processes underlying
natural hazards and extreme events in
the geosciences.
PREEVENTS is intended to encourage
new scientific directions in the domains
of natural hazards and extreme events.
PREEVENTS will consider proposals for
conferences that will foster
development of interdisciplinary or
multidisciplinary communities required
to address complex questions
surrounding natural hazards and
extreme events. Such proposals are
called PREEVENTS Track 1 proposals.
In addition to standard NSF annual
and final report requirements, PIs for all
PREEVENTS Track 1 awards will be
required to submit to NSF a public
report that summarizes the conference
activities, attendance, and outcomes;
describes scientific and/or technical
challenges that remain to be overcome
in the areas discussed during the
conference; and identifies specific next
steps to advance knowledge in the areas
of natural hazards and extreme events
that were considered during the
conference. These reports will be made
publicly available via the NSF website,
and are intended to foster nascent
interdisciplinary or multidisciplinary
communities and to enable growth of
new scientific directions.
Use of the Information: NSF will use
the information to understand and
evaluate the outcomes of the conference,
to foster growth of new scientific
communities, and to evaluate the
progress of the PREEVENTS program.
Estimate of Burden: 40 hours per
award for 5–10 conference awards for a
total of 200–400 hours.
Respondents: Universities and
Colleges; Non-profit, non-academic
organizations; For-profit organizations;
NSF-funded Federally Funded Research
and Development Centers (FFRDCs).
Estimated Number of Responses per
Report: One from each five to ten Track
1 awardees.

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Dated: January 13, 2020.
Suzanne H. Plimpton,
Reports Clearance Officer, National Science
Foundation.
[FR Doc. 2020–00654 Filed 1–15–20; 8:45 am]
BILLING CODE 7555–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 15Fi–2—Trade Acknowledgment and
Verification of Security-Based Swap
Transactions, SEC File No. 270–633,
OMB Control No. 3235–0713

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 15Fi–2 (17 CFR 240.15Fi–2) under
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) (15 U.S.C. 78a et seq.).
Rule 15Fi–2 requires security-based
swaps (‘‘SBS’’) dealers and major SBS
participants (collectively, ‘‘SBS
Entities’’) to provide to their
counterparties a trade acknowledgment,
to provide prompt verification of the
terms provided in a trade
acknowledgment of transactions from
other SBS Entities, and to have written
policies and procedures that are
reasonably designed to obtain prompt
verification of the terms provided in a
trade acknowledgment. The Rule
promotes the efficient operation of the
SBS market and facilitate market
participants’ management of their SBSrelated risk.
The Commission estimates that
approximately 50 entities fit within the
definition of SBS dealer, and up to five
entities fit within the definition of major
SBS participant. Thus, we expect that
approximately 55 entities will be
required to register with the
Commission as SBS Entities and will be
subject to the trade acknowledgment
provision and verification requirements
of Rule 15Fi–2. The total estimated
annual burden of Rule 15Fi–2 is 34,155
hours.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information

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Federal Register / Vol. 85, No. 11 / Thursday, January 16, 2020 / Notices
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected]; and (ii)
David Bottom, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Cynthia
Roscoe, 100 F Street NE, Washington,
DC 20549, or by sending an email to:
[email protected]. Comments must
be submitted to OMB within 30 days of
this notice.
Dated: January 10, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–00559 Filed 1–15–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–87943; File No. S7–27–11]

Order Extending Temporary
Exemptions From Exchange Act
Section 8 and Exchange Act Rules 8c–
1, 10b–16, 15a–1, 15c2–1 and 15c2–5 in
Connection With the Revision of the
Definition of ‘‘Security’’ To Encompass
Security-Based Swaps
January 10, 2020.

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I. Introduction
The Securities and Exchange
Commission (‘‘Commission’’) is
extending until November 5, 2020,
temporary exemptions from Section 8 1
of the Securities Exchange Act of 1934
(‘‘Exchange Act’’) and from Exchange
Act Rules 8c–1, 15c2–1, 10b–16, 15c2–
5, and 15a–1 2 in connection with the
revision of the definition of ‘‘security’’
to encompass security-based swaps. The
Commission is granting this nine-month
extension because it believes the
temporary exemptions from these
provisions warrant further consideration
to take into account the finalized
regulatory regime for security-based
swap dealers and major security-based
swap participants, as well as the
1 15

U.S.C. 78h.
CFR 240.8c–1, 240.15c2–1, 240.10b–16,
240.15c2–5 and 240.15a–1.
2 17

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compliance date for registration of those
entities.3
These and other temporary
exemptions were originally provided by
the Commission in 2011 and
periodically extended by the
Commission, most recently in January
2019.4 The remainder of the temporary
exemptions extended in January 2019,
and not extended in this Order, will
expire on February 5, 2020.5
3 Because the Commission ultimately may
determine not to provide permanent exemptions for
security-based swaps from one or more of these
provisions, during the extension market
participants may wish to consider how they would
design and implement appropriate compliance
measures and controls.
4 See Order Granting Temporary Exemptions
under the Securities Exchange Act of 1934 in
Connection with the Pending Revisions of the
Definition of ‘‘Security’’ to Encompass SecurityBased Swaps, Exchange Act Release No. 64795 (July
1, 2011), 76 FR 39927 (July 7, 2011) (‘‘2011
Exchange Act Exemptive Order’’); see also Further
Definition of ‘‘Swap,’’ ‘‘Security-Based Swap,’’ and
‘‘Security-Based Swap Agreement’’; Mixed Swaps;
Security-Based Swap Agreement Recordkeeping,
Exchange Act Release No. 67453 (July 18, 2012), 77
FR 48207 (Aug. 13, 2012) (extending the expiration
date of the temporary exemptions to February 11,
2013); Order Extending Temporary Exemptions
under the Securities Exchange Act of 1934 in
Connection with the Revision of the Definition of
‘‘Security’’ to Encompass Security-Based Swaps,
and Request for Comment, Exchange Act Release
No. 68864 (Feb. 7, 2013), 78 FR 10218 (Feb. 13,
2013) (extending the expiration date of the
temporary exemptions to February 11, 2014); Order
Extending Temporary Exemptions under the
Securities Exchange Act of 1934 in Connection with
the Revision of the Definition of ‘‘Security’’ to
Encompass Security-Based Swaps, and Request for
Comment, Exchange Act Release No. 71485 (Feb. 5,
2014), 79 FR 7731 (Feb. 10, 2014) (‘‘2014 Extension
Order’’) (extending the expiration date for certain
temporary exemptions to February 5, 2017); Order
Extending Certain Temporary Exemptions Under
the Securities Exchange Act of 1934 in Connection
With the Revision of the Definition of ‘‘Security’’
To Encompass Security-Based Swaps and Request
for Comment, Exchange Act Release No. 79833 (Jan.
18, 2017), 82 FR 8467 (Jan. 25, 2017) (extending the
expiration date for certain temporary exemptions to
February 5, 2018); Order Extending Until February
5, 2019 Certain Temporary Exemptions under the
Securities Exchange Act of 1934 in Connection with
the Pending Revision of the Definition of ‘‘Security’’
to Encompass Security-Based Swaps and Request
for Comment, Exchange Act Release No. 82626
(Feb. 2, 2018), 83 FR 5665 (Feb. 18, 2018) (‘‘2018
Extension Order’’) (extending the expiration date
for certain temporary exemptions to February 5,
2019); Order Granting a Limited Exemption from
the Exchange Act Definition of ‘‘Penny Stock’’ for
Security-Based Swap Transactions between Eligible
Contract Participants; Granting a Limited
Exemption from the Exchange Act Definition of
‘‘Municipal Securities’’ for Security-Based Swaps;
and Extending Certain Temporary Exemptions
under the Exchange Act in Connection with the
Revision of the Definition of ‘‘Security’’ to
Encompass Security-Based Swaps, Exchange Act
Release No. 84991 (Jan. 25, 2019), 84 FR 863 (Jan.
31, 2019) (‘‘January 2019 Extension Order’’)
(extending the expiration date for certain temporary
exemptions to February 5, 2020).
5 See January 2019 Extension Order, 84 FR at
864–65.

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II. Discussion
A. Background
Title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act 6 amended the definition of
‘‘security’’ under the Exchange Act to
expressly encompass security-based
swaps.7 The expansion of the definition
of the term ‘‘security’’ to include
security-based swaps had the effect of
changing the scope of the Exchange Act
regulatory provisions that apply to
security-based swaps and, in doing so,
raised certain complex questions that
required further consideration.
In July 2011, the Commission issued
an order (the ‘‘2011 Exchange Act
Exemptive Order’’), which granted two
relevant temporary exemptions from
compliance with certain provisions of
the Exchange Act, and the rules and
regulations thereunder. First, the
Commission granted to any person who
meets the definition of ‘‘eligible contract
participant’’ set forth in Section 1a(12)
of the Commodity Exchange Act as in
effect on July 20, 2010 (i.e., the day prior
to the date the Dodd-Frank Act was
signed into law) and who is not a
registered broker or dealer 8 or a selfregulatory organization 9 a temporary
exemption from certain provisions of
the Exchange Act, and the rules and
regulations thereunder, solely in
connection with the person’s activities
involving security-based swaps.10
Second, the Commission granted to a
broker or dealer registered under
Section 15(b) of the Exchange Act (other
than a broker or dealer registered under
Section 15(b)(11) of the Exchange Act),
a temporary exemption from certain
provisions of the Exchange Act, and the
6 The Dodd-Frank Wall Street Reform and
Consumer Protection Act, Public Law 111–203, 124
Stat. 1376 (2010) (‘‘Dodd-Frank Act’’).
7 See Section 761(a)(2) of the Dodd-Frank Act
(amending Section 3(a)(10) of the Exchange Act, 15
U.S.C. 78c(a)(10)). The provisions of Title VII
generally became effective on July 16, 2011 (360
days after the enactment of the Dodd-Frank Act)
(the ‘‘Effective Date’’), unless a provision required
a rulemaking, in which case the provision would
go into effect ‘‘not less than’’ 60 days after
publication of the related final rules in the Federal
Register or on July 16, 2011, whichever is later. See
Section 774 of the Dodd-Frank Act, 15 U.S.C. 77b
note.
8 This temporary exemption is available to a
broker or dealer registered under Section 15(b)(11)
of the Exchange Act who meets the other eligibility
criteria for this relief. See 2011 Exchange Act
Exemptive Order, 76 FR at 39938.
9 This temporary exemption is available to a selfregulatory organization in limited circumstances.
See 2011 Exchange Act Exemptive Order, 76 FR at
39938–39.
10 See 2011 Exchange Act Exemptive Order, 76
FR at 39938–39.

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