[Federal Register Volume 83, Number 117 (Monday, June 18, 2018)]
[Notices]
[Page 28295]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-12982]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; 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:
    Exchange Act Rules 13n-1--13n-12; Form SDR, SEC File No. 270-
629, OMB Control No. 3235-0719

    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-1 through 13n-12 (17 CFR 240.13n-1 through 240.13n-12) and Form SDR 
(``Rules''), under the Securities Exchange Act of 1934 (15 U.S.C. 
78m(n)(3) et seq.).
    Under the Rules, security-based swap data repositories (``SDRs'') 
are required to register with the Commission by filing a completed Form 
SDR (the filing of a completed Form SDR also constitutes an application 
for registration as a securities information processor (``SIP'')). SDRs 
are also required to abide by certain minimum standards set out in the 
Rules, including a requirement to update Form SDR, abide by certain 
duties and core principles, maintain data in accordance with the rules, 
keep systems in accordance with the Rules, keep records, provide 
reports to the Commission, maintain the privacy of security-based swaps 
(``SBSs'') data, make certain disclosures, and designate a Chief 
Compliance Officer. In addition, there are a number of collections of 
information contained in the Rules. The information collected pursuant 
to the Rules is necessary to carry out the mandates of the Dodd-Frank 
Act and help ensure an orderly and transparent market for SBSs.
    The Commission staff estimates that it will take an SDR 
approximately 481 hours to complete the initial Form SDR and any 
amendments thereto. This burden is composed of a one-time reporting 
burden that reflects the applicant's staff time (i.e. internal labor 
costs) to prepare and submit the Form to the Commission and includes 
the burden of responding to additional provisions incorporated from 
Form SIP and finally includes responding to the revised disclosure of 
business affiliations burden. Assuming a maximum of ten SDRs, the 
aggregate one-time estimated dollar cost to complete Form SDR and any 
amendments thereto will be $793,840 ((Compliance Attorney at $334 per 
hour for 180 hours) + (Compliance Clerk at $64 per hour for 301 hours) 
x (10 registrants)) and the aggregate ongoing cost per year will be 
$55,440 to comply with the rule.
    The Commission staff estimates that the average initial paperwork 
cost of filing a Form SDR to withdraw from registration will be 12 
hours per SDR with an estimated dollar cost of $4,008 to comply with 
the rule. The Commission estimates that an SDR will assign these 
responsibilities to a Compliance Attorney, calculated as follows: 
(Compliance Attorney at $334 per hour for 12 hours) x (1 SDR 
withdrawing) = $4,008.
    In addition, the Commission staff estimates that the average 
initial paperwork cost for each non-resident SDR to comply with Rule 
13n-1(f) will be 1 hour and $900 per SDR. Assuming a maximum of three 
non-resident SDRs, the aggregate one-time estimated dollar cost to 
comply with the rule will be $3,840, calculated as follows: ($900 for 
outside legal services + (Attorney at $380 per for 1 hour)) x (3 non-
resident registrants). Finally, the Commission believes that the costs 
of filing Form SDR in a tagged data format beyond the costs of 
collecting the required information will be minimal.
    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. Comments should 
be directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
<a href="/cdn-cgi/l/email-protection#47142f26203221332618062f2a222307282a256922283769202831"><span class="__cf_email__" data-cfemail="d98ab1b8beacbfadb88698b1b4bcbd99b6b4bbf7bcb6a9f7beb6af">[email protected]</span></a>; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Candace 
Kenner, 100 F Street NE, Washington, DC 20549, or by sending an email 
to: <a href="/cdn-cgi/l/email-protection#e7b7b5a6b8aa868e8b85889fa7948284c9808891"><span class="__cf_email__" data-cfemail="b7e7e5f6e8fad6dedbd5d8cff7c4d2d499d0d8c1">[email protected]</span></a>. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: June 13, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12982 Filed 6-15-18; 8:45 am]
 BILLING CODE 8011-01-P


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