Rule 3a71-6 Substituted Compliance for Foreign Security-Based Swap Entities

Forms and Documents

Document Name	Status
Supporting Statement for 3235-0715 (Final Rule Amendments June 21, 2019).pdf Supporting Statement A	2020-03-03

IC Document Collections

IC ID	Document Title	Status
239459	Substituted Compliance Requests by SBS Entities (d)(4)-(5)	New
210268	Substituted Compliance Requests by SBS Entities (d)(1)-(3)	Modified

ICR Details

OMB Control No: 3235-0715	ICR Reference No: 202001-3235-006
Status: Active	Previous ICR Reference No: 201904-3235-007
Agency/Subagency: SEC	Agency Tracking No: TM-270-656
Title: Rule 3a71-6 Substituted Compliance for Foreign Security-Based Swap Entities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 03/18/2020
	Date Received in OIRA: 01/28/2020
Terms of Clearance: Revised supporting statement uploading during review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2023	01/31/2023	01/31/2023
Responses	6	0	3
Time Burden (Hours)	160	0	80
Cost Burden (Dollars)	168,000	0	84,000

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Abstract: 3a71-6 provides that the Commission may, conditionally or unconditionally, by order, make a determination with respect to a foreign financial regulatory system that compliance with specified requirements under such foreign financial regulatory system by a registered non-U.S. security-based swap dealer or non-U.S. major security-based swap participant (collectively “SBS Entities), or class thereof, may satisfy certain business conduct requirements by complying with the comparable foreign requirements. The availability of substituted compliance would be predicated on a determination by the Commission that the relevant foreign requirements are comparable to the requirements that otherwise would be applicable, taking into account the scope and objectives of the relevant foreign requirements, and the effectiveness of supervision and enforcement under the foreign regulatory regime.

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Authorizing Statute(s): US Code: 15 USC 78a et seq. Name of Law: Securities and Exchange Act of 1934
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 712, 761(b) 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-AL25	Final or interim final rulemaking	84 FR 43872	08/22/2019

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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
Substituted Compliance Requests by SBS Entities (d)(4)-(5)
Substituted Compliance Requests by SBS Entities (d)(1)-(3)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	6	3	0	3	0	0
Annual Time Burden (Hours)	160	80	0	80	0	0
Annual Cost Burden (Dollars)	168,000	84,000	0	84,000	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The Commission recently adopted amendments to the rule that include collections of information. Specifically, on June 21, 2019, the Commission adopted amendments to Rule 3a71-6 to add a new set of rules to provide that foreign SBSDs and foreign MSBSPs may apply for substituted compliance to satisfy capital and margin requirements which the Commission adopted under section 15F of the Exchange Act the same day.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 01/28/2020

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