Securities Act Rule 192

Forms and Documents

Document Name	Status
621 - PRA Supporting Statement.Final.pdf Supporting Statement A	2023-12-12

IC Document Collections

IC ID	Document Title	Status
259723	Securities Act Rule 192	Modified

ICR Details

OMB Control No: 3235-0807	ICR Reference No: 202312-3235-011
Status: Received in OIRA	Previous ICR Reference No: 202304-3235-014
Agency/Subagency: SEC	Agency Tracking No:
Title: Securities Act Rule 192
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/12/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	1,277	0
Time Burden (Hours)	31,606	0
Cost Burden (Dollars)	6,321,150	0

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Abstract: Securities Act Rule 192 would prohibit securitization participants with respect to an asset-backed security (“ABS”) from engaging in transactions that would involve or result in a material conflict of interest with investors in the ABS.

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Authorizing Statute(s): US Code: 15 USC 77j, 77q(a), 77s(a), 77z-2a Name of Law: Securities Act of 1933
   US Code: 15 USC 77z-3 Name of Law: Securities Act of 1933
   PL: Pub.L. 111 - 203 621 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL04	Final or interim final rulemaking	88 FR 85396	12/07/2023

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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: 1

IC Title	Form No.	Form Name
Securities Act Rule 192

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ICR Summary 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	1,277	0	0	1,277	0	0
Annual Time Burden (Hours)	31,606	0	0	31,606	0	0
Annual Cost Burden (Dollars)	6,321,150	0	0	6,321,150	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 rule will impose new policies and procedures requirements as a condition to reliance on the exceptions for risk-mitigating hedging activities and bona fide market-making activities. As discussed above, the policies and procedures requirements are intended to enhance the benefits of the rule. Reliance on these exceptions is voluntary, and compliance with this information collection is mandatory only if a securitization participant chooses to rely on one or more of these exceptions. For purposes of the PRA, the Commission estimates the total internal annual burden of the rule to be 31,606 burden hours and the total annual cost burden of the rule to be $6,321,150 for the services of outside professionals.

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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: 12/12/2023

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