[Federal Register Volume 83, Number 206 (Wednesday, October 24, 2018)]
[Notices]
[Pages 53689-53690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23206]
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SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: US Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Extension:
Rules 3a68-2 and 3a68-4(c)
SEC File No. 270-641, OMB Control No. 3235-0685
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 (``SEC'') is soliciting comments on the existing collection
of information provided for Rules 3a68-2 and 3a68-4(c). The SEC plans
to submit this existing collection of information to the Office of
Management and Budget (``OMB'') for extension and approval.
Rule 3a68-2 creates a process for interested persons to request a
joint interpretation by the SEC and the Commodity Futures Trading
Commission (``CFTC'') (together with the SEC, the ``Commissions'')
regarding whether a particular instrument (or class of instruments) is
a swap, a security-based swap, or both (i.e., a mixed swap). Under Rule
3a68-2, a person provides to the Commissions a copy of all material
information regarding the terms of, and a statement of the economic
characteristics and purpose of, each relevant agreement, contract, or
transaction (or class thereof), along with that person's determination
as to whether each such agreement, contract, or transaction (or class
thereof) should be characterized as a swap, security-based swap, or
both (i.e., a mixed swap). The Commissions also may request the
submitting person to provide additional information.
The SEC expects 25 requests pursuant to Rule 3a68-2 per year. The
SEC estimates the total paperwork burden associated with preparing and
submitting each request would be 20 hours to retrieve, review, and
submit the information associated with the submission. This 20 hour
burden is divided between the SEC and the CFTC, with 10 hours per
response regarding reporting to the SEC and 10 hours of response
regarding third party disclosure to the CFTC.\1\ The SEC estimates this
would result in an
[[Page 53690]]
aggregate annual burden of 500 hours (25 requests x 20 hours/request).
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\1\ The burdens imposed by the CFTC are included in this
collection of information.
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The SEC estimates that the total costs resulting from a submission
under Rule 3a68-2 would be approximately $12,000 for outside attorneys
to retrieve, review, and submit the information associated with the
submission. The SEC estimates this would result in aggregate costs each
year of $300,000 (25 requests x 30 hours/request x $400).
Rule 3a68-4(c) establishes a process for persons to request that
the Commissions issue a joint order permitting such persons (and any
other person or persons that subsequently lists, trades, or clears that
class of mixed swap) to comply, as to parallel provisions only, with
specified parallel provisions of either the Commodity Exchange Act
(``CEA'') or the Securities Exchange Act of 1934 (``Exchange Act''),
and related rules and regulations (collectively ``specified parallel
provisions''), instead of being required to comply with parallel
provisions of both the CEA and the Exchange Act.
The SEC expects ten requests pursuant to Rule 3a68-4(c) per year.
The SEC estimates that nine of these requests will have also been made
in a request for a joint interpretation pursuant to Rule 3a68-2, and
one will not have been. The SEC estimates the total burden for the one
request for which the joint interpretation pursuant to 3a68-2 was not
requested would be 30 hours, and the total burden associated with the
other nine requests would be 20 hours per request because some of the
information required to be submitted pursuant to Rule 3a68-4(c) would
have already been submitted pursuant to Rule 3a68-2. The burden in both
cases is evenly divided between the SEC and the CFTC.
The SEC estimates that the total costs resulting from a submission
under Rule 3a68-4(c) would be approximately $20,000 for the services of
outside attorneys to retrieve, review, and submit the information
associated with the submission of the one request for which a request
for a joint interpretation pursuant to Rule 3a68-2 was not previously
made (1 request x 50 hours/request x $400). For the nine requests for
which a request for a joint interpretation pursuant to Rule 3a68-2 was
previously made, the SEC estimates the total costs associated with
preparing and submitting a party's request pursuant to Rule 3a68-4(c)
would be $6,000 less per request because, as discussed above, some of
the information required to be submitted pursuant to Rule 3a68-4(c)
already would have been submitted pursuant to Rule 3a68-2. The SEC
estimates this would result in an aggregate cost each year of $126,000
for the services of outside attorneys (9 requests x 35 hours/request x
$400).
Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information shall have
practical utility; (b) the accuracy of the SEC's estimates of the
burden of the proposed collection of information; (c) ways to enhance
the quality, utility, and clarity of the information to be collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
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.
Please direct your written comments to: Charles Riddle, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o Candace Kenner, 100 F Street NE, Washington, DC 20549, or send an
email to: [email protected].
Dated: October 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23206 Filed 10-23-18; 8:45 am]
BILLING CODE 8011-01-P