[Federal Register Volume 84, Number 77 (Monday, April 22, 2019)]
[Notices]
[Page 16746]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08036]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request, Copies Available From: U.S. Securities and
Exchange Commission, Office of FOIA Services, Washington, DC 20549-
2736.
Extension:
Rule 3a71-6, SEC File No. 270-656, OMB Control No. 3235-0715.
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 (``SEC'') is soliciting comments on the existing collection
of information provided for Rule 3a71-6. The SEC plans to submit this
existing collection of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Rule 3a71-6 provides that non-U.S. security-based swap dealers and
major security-based swap participants may comply with certain Exchange
Act requirements via compliance with requirements of a foreign
financial regulatory system that the Commission has determined by order
to be comparable to those Exchange Act requirements, taking into
account the scope and objectives of the relevant foreign requirements,
and the effectiveness of supervision and enforcement under the foreign
regulatory regime.
Requests for substituted compliance may come from parties or groups
of parties that may rely on substituted compliance, or from foreign
financial authorities supervising such parties or their security-based
swap activities. In practice, the Commission expects that the greater
portion of any such substituted compliance requests will be submitted
by foreign financial authorities. For purposes of the PRA, the
Commission estimates that three security-based swap dealers or major
security-based swap participants will submit substituted compliance
applications.
The Commission staff estimates that the one-time reporting burden
associated with making each substituted compliance request pursuant to
Rule 3a71-6 would occur in the first year and would be approximately 80
hours of in-house counsel time, or 240 aggregate hours across the three
entities. The Commission staff estimates that the total costs
associated with each substituted compliance request would occur in the
first year and would be appropriately $84,000 for outside counsel, or
$252,000 in the aggregate across the three entities. Annualized over
three years, the time burden is 26.67 hours per respondent per year for
a total burden of 80 hours per year for all respondents. Annualized
over three years, the cost burden is $28,000 per respondent per year
for a total cost burden of $84,000 per year for all respondents.
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: April 17, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-08036 Filed 4-19-19; 8:45 am]
BILLING CODE 8011-01-P