Rule 3a71-6 Substituted Compliance for Foreign Security-Based Swap Entities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
3235-0715 Final Rule Amendment Sept. 2019.pdf	Supporting Statement A	Uploaded 2021-06-10	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
247827	Substituted Compliance Requests by SBS Entities (d)(6)		New
239459	Substituted Compliance Requests by SBS Entities (d)(4)-(5)		Modified
210268	Substituted Compliance Requests by SBS Entities (d)(1)-(3)		Modified

ICR Details

OMB Control No: 3235-0715	ICR Reference No: 202106-3235-008
Status: Received in OIRA	Previous ICR Reference No: 202001-3235-006
Agency/Subagency: SEC	Agency Tracking No: TM-270-656
Title: Rule 3a71-6 Substituted Compliance for Foreign Security-Based Swap Entities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 06/10/2021

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2023
Responses	9	6
Time Burden (Hours)	240	160
Cost Burden (Dollars)	252,000	168,000

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Abstract: 3a71-6 provides that the Commission may, conditionally or unconditionally, by order, make a determination with respect to a foreign financial regulatory system that compliance with specified requirements under such foreign financial regulatory system by a registered non-U.S. security-based swap dealer or non-U.S. major security-based swap participant (collectively “SBS Entities), or class thereof, may satisfy certain business conduct requirements by complying with the comparable foreign requirements. The availability of substituted compliance would be predicated on a determination by the Commission that the relevant foreign requirements are comparable to the requirements that otherwise would be applicable, taking into account the scope and objectives of the relevant foreign requirements, and the effectiveness of supervision and enforcement under the foreign regulatory regime. Rule 3a71-6 was initially adopted in April 2016 as part of the SEC’s rules implementing business conduct standards for SBS entities. It was amended twice in 2019 : once in June 2019 to include the SEC’s capital and margin requirements applicable to SBS entities as provisions for which foreign SBS entities could seek approval to use substituted compliance, and again in September 2019 to include the SEC’s recordkeeping and reporting requirements applicable to SBS entities. An ICR was submitted to and approved by OMB with respect to the initial April 2016 adoption and another for the June 2019 amendments. However, due to an oversight, an ICR was not submitted with respect to the September 2019 amendments prior to the rule amendments becoming effective. We are seeking to revise the estimated burdens in light of the September 2019 amendments for OMB review and are seeking expedited review if possible.

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

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 712, 761(b) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL25	Final or interim final rulemaking	84 FR 87005	12/16/2019

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Substituted Compliance Requests by SBS Entities (d)(1)-(3)
Substituted Compliance Requests by SBS Entities (d)(4)-(5)
Substituted Compliance Requests by SBS Entities (d)(6)

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ICR Summary of Burden

table that charts list of burden

	Total Request	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	9	6	0	3	0	0
Annual Time Burden (Hours)	240	160	0	80	0	0
Annual Cost Burden (Dollars)	252,000	168,000	0	84,000	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: An amendment to the rule adopted in Sept. 2019 (published in the FR in Dec. 2019) resulted in a new information collection in paragraph (d)(6) of the rule.

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Annual Cost to Federal Government: $0

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? No

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Common Form ICR:  No

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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: 06/10/2021

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