[Federal Register Volume 87, Number 222 (Friday, November 18, 2022)]
[Notices]
[Pages 69354-69355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25100]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-793, OMB Control No. 3235-0738]


Submission for OMB Review; Comment Request; Extension: Rules 13n-
4(b)(9), (b)(10) and (d)

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

    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'') 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 in rules 
13n-4(b)(9), (b)(10) and (d) under the Securities Exchange Act of 1934 
(15 U.S.C. 78a et seq.).
    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 SEC 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 11,405 hours and $120,000, 
calculated as follows:
    Commission staff estimates a total of 50 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 25,000 hours, 
with no associated ongoing burdens. This equates to 8,333 hours per 
year when annualized over three years.
    Commission staff estimates that a total of 41 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 1,640 hours, 
with no associated ongoing burdens. This equates to 547 hours per year 
when annualized over three years.
    Commission staff also estimates that a total of three 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 
1,300 hours in connection with providing such connectivity (based on 
each SDR incurring 26 hours per recipient, over 50 total recipients), 
for a one-time aggregate burden of 3,900 hours, with no associated no 
ongoing burdens associated with this requirement. This equates to 1,300 
hours when annualized over three years.
    In addition, Commission staff estimates that a total of three 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

[[Page 69355]]

to expend 25 hours in connection with this notice requirement (based on 
each SDR providing 50 notices, at half-hour per notice), for a one-time 
aggregate burden of 75 hours, with no associated ongoing burdens. This 
equates to 25 hours per year when annualized over three years.
    Commission staff estimates that a total of three 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 
1,080 hours initially and 840 hours annually across three SDRs. This 
equates to 1,200 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 $120,000 annually across three SDRs.
    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 by December 19, 2022 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: November 14, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-25100 Filed 11-17-22; 8:45 am]
BILLING CODE 8011-01-P


