Rule 3a71-6 Substituted
Compliance for Foreign Security-Based Swap Entities
Revision of a currently approved collection
No
Regular
06/10/2021
Requested
Previously Approved
36 Months From Approved
01/31/2023
9
6
240
160
252,000
168,000
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.
US Code:
15 USC 78a et seq. Name of Law: Securities and Exchange Act of
1934
PL: Pub.L. 111 - 203 712, 761(b) Name of Law:
Dodd-Frank Wall Street Reform and Consumer Protection Act
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.
$0
No
No
No
No
Yes
No
No
Abraham Jacob 202
551-5583
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.
3235-0715 Final Rule Amendment Sept. 2019.pdf
Substituted Compliance Requests by SBS Entities (d)(6)