End-User Exception to Mandatory Clearing of Security-Based Swaps - Rule 3Cg-1

Forms and Documents

Document Name	Status
Supporting Statement for Form 83-I (End-User Exception Release) (16Mar11).doc Supporting Statement A	2011-03-17
End User Statutory Authority.PDF Supplementary Document	2011-03-17

IC Document Collections

IC ID	Document Title	Status
196944	Rule 3Cg-1: Notice to Commission [and Financial Entity Exemption] -- Ongoing Burdens	New
196943	Rule 3Cg-1: Notice to Commission [and Financial Entity Exemption] - Initial Burden	New

ICR Details

OMB Control No: 3235-0680	ICR Reference No: 201012-3235-029
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: SEC	Agency Tracking No: TM-270-632
Title: End-User Exception to Mandatory Clearing of Security-Based Swaps - Rule 3Cg-1
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 05/26/2011
	Date Received in OIRA: 03/17/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Section 763(a) of the Dodd-Frank Act adds new Section 3C(g)(1)(C) to the Securities Exchange Act of 1934 ("Exchange Act"), which requires any counter party to a security-based swap that seeks to rely on the Dodd-Frank Act's statutory exception from mandatory clearing of security-based swaps to notify the Commission "how it generally meets its financial obligations associated with entering into non-cleared security-based swaps." Section 3C(g)(1)(C) contemplates that the Commission may establish the manner of notification and Exchange Act Section 3C(g)(6) provides that the Commission may prescribe such rules as may be necessary to prevent abuse of this statutory exception, referred to herein as the "end-user clearing exception." Proposed Rule 3Cg-1(a) under the Exchange Act would require a counter party to a security-based swap transaction to meet the requirements of Exchange Act Section 3C(g)(1)(C) by delivering certain specified items of information to a swap data repository ("SDR") in the manner required by proposed Regulation SBSR.

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Authorizing Statute(s): US Code: 15 USC 78c-3 Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 763 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK88	Proposed rulemaking	75 FR 79992	12/21/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Rule 3Cg-1: Notice to Commission [and Financial Entity Exemption] - Initial Burden
Rule 3Cg-1: Notice to Commission [and Financial Entity Exemption] -- Ongoing Burdens

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new rule proposal, so the burdens related thereto are new. The notice required under proposed Rule 3Cg-1(a) provides the Commission with information concerning how an entity seeking to rely on this exception from mandatory clearing generally meets its financial obligations associated with security-based swaps, as well as certain information that will help the Commission prevent abuse of the exception.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/17/2011

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