[Federal Register Volume 87, Number 13 (Thursday, January 20, 2022)]
[Notices]
[Pages 3130-3131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01055]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-641, OMB Control No. 3235-0685]
Submission for OMB Review; 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)
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'') 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 the following rules:
Rules 3a68-2 and 3a68-4(c) under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.).
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
[[Page 3131]]
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 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).
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) [email protected] and (ii) David Bottom,
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending
an email to: [email protected].
Dated: January 14, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01055 Filed 1-19-22; 8:45 am]
BILLING CODE 8011-01-P