[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


