Rule 3a71-3(d) - Conditional Exception from De Minimis Counting Requirement in Connection with Certain Transactions Arranged, Negotiated or Executed in the United States

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Rule 3a71-3(d) Supporting Statement (3235-0771 Final Rule 2019).pdf	Supporting Statement A	Uploaded 2020-01-07	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
239077	Risk Management and Control Systems-- maintenance and review		New
239076	Risk Management and Control Systems-- maintenance and review		New
239075	Risk Management Control systems-- policies and procedures		New
239074	Inter-dealer Compliance Documentation-- receipt and maintenance		New
239073	Inter-dealer Compliance Documentation-- identification and conveyance		New
239072	Inter-dealer Compliance Documentation-- identification and conveyance		New
239071	Notice of ANE Activity		New
237736	Listed jurisdiction - application		Modified
237735	Consent to service - drafting/transfer		Unchanged
237734	Trading relationship documentation - receipt and maintenance		Unchanged
237733	Trading relationship documentation - identification and conveyance		Unchanged
237732	Trading relationship documentation - policies and procedures		Unchanged
237731	Portfolio reconciliation - initial reconciliation		Removed
237730	Trade acknowledgement - policies and procedures		Unchanged
237728	Trade acknowledgment - requirement		Unchanged
237727	Fair and balanced communications - legal costs		Modified
237726	Fair and balanced communications - statement drafting		Modified
237725	Fair and balanced communications - internal review		Unchanged
237724	Suitability - other counterparties		Modified
237723	Suitability - swap market counterparties		Modified
237722	Transaction disclosure - system development/maintenance		Unchanged
237721	Transaction disclosures - framework development		Unchanged
237720	Title VII Disclosure Policies/procedures		Modified
237719	Title VII Disclosure Requirement (Group C)		Unchanged
237718	Title VII Disclosure Requirement (Group B)		Unchanged
237717	Title VII Disclosure Requirement (Group A)		Unchanged

ICR Details

OMB Control No: 3235-0771	ICR Reference No: 201912-3235-011
Status: Active	Previous ICR Reference No: 201909-3235-004
Agency/Subagency: SEC	Agency Tracking No: TM-270-817
Title: Rule 3a71-3(d) - Conditional Exception from De Minimis Counting Requirement in Connection with Certain Transactions Arranged, Negotiated or Executed in the United States
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/06/2020
	Date Received in OIRA: 02/04/2020
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2023	36 Months From Approved
Responses	273,481	0	0
Time Burden (Hours)	235,243	0	0
Cost Burden (Dollars)	1,075,834	0	0

---

Abstract: The Securities and Exchange Commission adopted new paragraph (d) to Exchange Act rule 3a71-3, to provide a conditional exception from the security-based swap dealer de minimis counting requirement for certain transactions arranged, negotiated or executed by personnel in the United States.

---

Authorizing Statute(s): US Code: 15 USC 78a et seq. Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM13	Final or interim final rulemaking	85 FR 6270	02/04/2020

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 25

table that charts list of burden

IC Title	Form No.	Form Name
Notice of ANE Activity
Inter-dealer Compliance Documentation-- identification and conveyance
Risk Management Control systems-- policies and procedures
Risk Management and Control Systems-- maintenance and review
Portfolio reconciliation - initial reconciliation
Inter-dealer Compliance Documentation-- identification and conveyance
Inter-dealer Compliance Documentation-- receipt and maintenance
Risk Management and Control Systems-- maintenance and review
Title VII Disclosure Requirement (Group B)
Transaction disclosures - framework development
Trade acknowledgement - policies and procedures
Trading relationship documentation - receipt and maintenance
Listed jurisdiction - application
Suitability - swap market counterparties
Trade acknowledgment - requirement
Title VII Disclosure Requirement (Group A)
Title VII Disclosure Requirement (Group C)
Suitability - other counterparties
Fair and balanced communications - statement drafting
Trading relationship documentation - identification and conveyance
Consent to service - drafting/transfer
Fair and balanced communications - legal costs
Trading relationship documentation - policies and procedures
Title VII Disclosure Policies/procedures
Transaction disclosure - system development/maintenance
Fair and balanced communications - internal review

---

ICR Summary of Burden

table that charts list of burden

	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	273,481	0	0	273,481	0	0
Annual Time Burden (Hours)	235,243	0	0	235,243	0	0
Annual Cost Burden (Dollars)	1,075,834	0	0	1,075,834	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Commission adopted new provisions in the rule (and several new ICs) to, among other things, help mitigate concerns expressed by commenters. The Commission also revised down the burdens in three ICs because of modifications in the rule. Finally, the Commission increased its estimated costs for several ICs to account for inflation. These changes are described in the Supporting Statement.

---

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/04/2020

---