30 Day Notice

Federal Register / Vol. 87, No. 7 / Tuesday, January 11, 2022 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–442, OMB Control No.
3235–0498]

khammond on DSKJM1Z7X2PROD with NOTICES

Submission for OMB Review;
Comment Request; Extension: Rule
17a–12/Form X–17A–5 Part II
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
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 17a–12 (17 CFR 240.17a–12) and
Part II of Form X–17A–5 (17 CFR
249.617) under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.).
Rule 17a–12 is the reporting rule
tailored specifically for over-the-counter
(‘‘OTC’’) derivatives dealers registered
with the Commission, and Part II of
Form X–17A–5, the Financial and
Operational Combined Uniform Single
(‘‘FOCUS’’) Report, is the basic
document for reporting the financial
and operational condition of OTC
derivatives dealers. Rule 17a–12
requires registered OTC derivatives
dealers to file Part II of the FOCUS
Report quarterly. Rule 17a–12 also
requires that OTC derivatives dealers
file audited financial statements
(‘‘audited report’’) annually.
The reports required under Rule 17a–
12 provide the Commission with
information used to monitor the
operations of OTC derivatives dealers
and to enforce their compliance with
the Commission’s rules. These reports
also enable the Commission to review
the business activities of OTC
derivatives dealers and to anticipate,
where possible, how these dealers may
be affected by significant economic
events.
There are currently five registered
OTC derivatives dealers. The staff
expects that three of those firms will
register as Security-Based Swap Dealers
within the next three years and
therefore will no longer be subject to
Rule 17a–12. Thus, only two OTC
derivatives dealers will be subject to the
requirements of Rule 17a–12. The staff
estimates that the average amount of
time necessary to prepare and file the
quarterly reports required by the rule is
eighty hours per OTC derivatives

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dealer 1 per year and that the average
amount of time to prepare and file the
annual audited report is 100 hours per
OTC derivatives dealer per year, for a
total reporting burden of 180 hours per
OTC derivatives dealer annually. Thus
the staff estimates that the total
industry-wide time burden to comply
with the requirements of Rule 17a–12 is
360 hours per year (180 × 2). The
Commission estimates that the average
annual cost burden per OTC derivatives
dealer for an independent public
accountant to examine the financial
statements is approximately $46,300 per
respondent. Thus, the total industrywide annual cost burden is
approximately $92,600 ($46,300 × 2).
The retention period for the
recordkeeping requirement under Rule
17a–12 is not less than two years
following the date the notice is
submitted. The recordkeeping
requirement under this rule is
mandatory to assist the Commission in
monitoring OTC derivatives dealers.
This rule does not involve the collection
of confidential information.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
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. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission,
c/o John R. Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: January 5, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–00252 Filed 1–10–22; 8:45 am]
BILLING CODE 8011–01–P

1 Based upon an average of 4 responses per year
and an average of 20 hours spent preparing each
response.

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SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–264, OMB Control No.
3235–0341]

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 17Ad–4(b) & (c)

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(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 17Ad–4(b) & (c) under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17Ad–4(b) & (c) (17 CFR
240.17Ad–4) is used to document when
transfer agents are exempt, or no longer
exempt, from the minimum
performance standards and certain
recordkeeping provisions of the
Commission’s transfer agent rules.
Pursuant to Rule 17Ad–4(b), if the
Commission or the Office of the
Comptroller of the Currency (‘‘OCC’’) is
the appropriate regulatory agency
(‘‘ARA’’) for an exempt transfer agent,
that transfer agent is required to prepare
and maintain in its possession a notice
certifying that it is exempt from certain
performance standards and
recordkeeping and record retention
provisions of the Commission’s transfer
agent rules. This notice need not be
filed with the Commission or OCC. If
the Board of Governors of the Federal
Reserve System (‘‘Fed’’) or the Federal
Deposit Insurance Corporation (‘‘FDIC’’)
is the transfer agent’s ARA, that transfer
agent must prepare a notice and file it
with the Fed or FDIC.
Rule 17Ad–4(c) sets forth the
conditions under which a registered
transfer agent loses its exempt status.
Once the conditions for exemption no
longer exist, the transfer agent, to keep
the appropriate ARA apprised of its
current status, must prepare, and file if
the ARA for the transfer agent is the Fed
or the FDIC, a notice of loss of exempt
status under paragraph (c). The transfer
agent then cannot claim exempt status
under Rule 17Ad–4(b) again until it
remains subject to the minimum
performance standards for non-exempt

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