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 Proposed Partial Revision (2023).pdf	Supporting Statement A	Uploaded 2023-04-12	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
247827	Substituted Compliance Requests by SBS Entities (d)(6)		Modified
239459	Substituted Compliance Requests by SBS Entities (d)(4)-(5)		Modified
210268	Substituted Compliance Requests by SBS Entiteis (d)(1)-(3), (7)		Modified

ICR Details

OMB Control No: 3235-0715	ICR Reference No: 202304-3235-009
Status: Historical Inactive	Previous ICR Reference No: 202106-3235-008
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
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 06/12/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/12/2023
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2024	09/30/2024	09/30/2024
Responses	9	0	9
Time Burden (Hours)	240	0	240
Cost Burden (Dollars)	252,000	0	252,000

---

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, supervision, chief compliance officer, trade acknowledgement and verification, capital, margin, recordkeeping and reporting, and portfolio reconciliation, portfolio compression, and trading relationship documentation 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, after taking into account such factors as the Commission determines are appropriate, such as the scope and objectives of the relevant foreign requirements, and the effectiveness of supervision and enforcement under the foreign regulatory regime. The Commission is proposing to amend the rule to provide that certain proposed cybersecurity requirements be eligible for a substituted compliance determination.

---

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

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AN15	Proposed rulemaking	88 FR 20212	04/05/2023

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

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 Entiteis (d)(1)-(3), (7)
Substituted Compliance Requests by SBS Entities (d)(4)-(5)
Substituted Compliance Requests by SBS Entities (d)(6)

---

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

---

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

---

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: 04/12/2023

---