[Federal Register Volume 84, Number 149 (Friday, August 2, 2019)]
[Notices]
[Page 37939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-16529]



[[Page 37939]]

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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Rules 13n-4(b)(9), (b)(10) and (d), SEC File No. 270-793, OMB 
Control No. 3235-0738

    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 (``Commission'') is soliciting comments on the existing 
collection of information provided for in rules 13n-4(b)(9), (b)(10) 
and (d) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et 
seq.). The Commission plans to submit this existing collection of 
information to the Office of Management and Budget (``OMB'') for 
extension and approval.
    Rules 13n-4(b)(9), (b)(10) and (d) implement Exchange Act sections 
13(n)(5)(G) and (H), which conditionally require security-based swap 
data repositories (SDRs) registered with the Commission to make 
security-based swap data available to certain regulators and other 
authorities. The rules in part would condition this access to data on 
the regulators and other authorities entering into memoranda of 
understanding or other arrangements with the Commission to address the 
confidentiality of the data made available. The rules further would 
require SDRs to create and maintain records regarding such data access. 
In addition, certain regulators or other authorities that are not 
otherwise designated by statute or rule may submit applications to the 
Commission requesting that they be deemed eligible to access the 
relevant security-based swap data.
    Implementation of the statutory data access provisions--including 
the confidentiality condition and the Commission's authority to 
designate entities to access such information--will facilitate 
regulatory oversight of the security-based swap market and its 
participants, including oversight of systemic and other risks 
associated with the market. Implementation also will promote compliance 
with applicable laws and regulations, including but not limited to 
compliance with the antifraud provisions of the federal securities 
laws.
    Commission Staff estimates that the total annual burden associated 
with Rules 13n-4(b)(9), (b)(10) and (d) is 35,700 hours and $400,000, 
calculated as follows:
    Commission staff estimates a total of 30 regulators or other 
authorities will enter into confidentiality arrangements with the 
Commission to obtain access to security-based swap data pursuant to 
these provisions. On average, each of those recipients of data is 
expected to expend 500 hours in connection with negotiating these MOUs 
or other arrangements, for a one-time aggregate burden of 15,000 hours, 
with no associated ongoing burdens. This equates to 5,000 hours per 
year when annualized over three years.
    Commission staff estimates that a total of 21 regulators or other 
authorities (that otherwise are not identified by statute or the rules 
as being eligible for access) may request that the Commission determine 
that they be able to access such security-based swap data. On average, 
each of those entities is expected to expend 40 hours in connection 
with such requests, for a one-time aggregate burden of 840 hours, with 
no associated ongoing burdens. This equates to 280 hours per year when 
annualized over three years.
    Commission staff also estimates that a total of 10 SDRs may be 
expected to incur systems-related costs associated with setting up 
access to security-based swap data for regulators and other 
authorities. On average, each of those entities is expected to expend 
7,800 hours in connection with providing such connectivity, for a one-
time aggregate burden of 78,000 hours, with no associated no ongoing 
burdens associated with this requirement. This equates to 26,000 hours 
when annualized over three years.
    In addition, Commission staff estimates that a total of 10 SDRs may 
incur costs associated with notifying the Commission when the SDR 
receives the first request for security-based swap data from a 
particular entity. On average, each of those SDRs is expected to expend 
150 hours in connection with this notice requirement (based on each SDR 
providing 300 notices, at half-hour per notice), for a one-time 
aggregate burden of 1,500 hours, with no associated ongoing burdens. 
This equates to 500 hours per year when annualized over three years.
    Commission staff estimates that a total of 10 SDRs may incur costs 
associated with the requirement that they maintain records of all 
information related to initial and subsequent requests for data access. 
On average, compliance with this provision is expected to require 360 
hours initially and 280 hours annually per SDR, for a total burden of 
3,600 hours initially and 2,800 hours annually across ten SDRs. This 
equates to 4,000 hours per year when annualized over three years. 
Commission staff further estimates that those SDRs each will require 
$40,000 annually in connection with that requirement, for a total cost 
of $400,000 annually across ten SDRs.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information will 
have practical utility; (b) the accuracy of the Commission's estimate 
of the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information 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: PRA_Mailbox@sec.gov.

    Dated: July 30, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-16529 Filed 8-1-19; 8:45 am]
BILLING CODE 8011-01-P


