Document ID: SEC-2019-0530-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2019-04-22T04:00Z

[Federal Register Volume 84, Number 77 (Monday, April 22, 2019)]
[Notices]
[Page 16746]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08036]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: U.S. Securities and 
Exchange Commission, Office of FOIA Services, Washington, DC 20549-
2736.

Extension:
    Rule 3a71-6, SEC File No. 270-656, OMB Control No. 3235-0715.

    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 (``SEC'') is soliciting comments on the existing collection 
of information provided for Rule 3a71-6. The SEC plans to submit this 
existing collection of information to the Office of Management and 
Budget (``OMB'') for extension and approval.
    Rule 3a71-6 provides that non-U.S. security-based swap dealers and 
major security-based swap participants may comply with certain Exchange 
Act requirements via compliance with requirements of a foreign 
financial regulatory system that the Commission has determined by order 
to be comparable to those Exchange Act requirements, taking into 
account the scope and objectives of the relevant foreign requirements, 
and the effectiveness of supervision and enforcement under the foreign 
regulatory regime.
    Requests for substituted compliance may come from parties or groups 
of parties that may rely on substituted compliance, or from foreign 
financial authorities supervising such parties or their security-based 
swap activities. In practice, the Commission expects that the greater 
portion of any such substituted compliance requests will be submitted 
by foreign financial authorities. For purposes of the PRA, the 
Commission estimates that three security-based swap dealers or major 
security-based swap participants will submit substituted compliance 
applications.
    The Commission staff estimates that the one-time reporting burden 
associated with making each substituted compliance request pursuant to 
Rule 3a71-6 would occur in the first year and would be approximately 80 
hours of in-house counsel time, or 240 aggregate hours across the three 
entities. The Commission staff estimates that the total costs 
associated with each substituted compliance request would occur in the 
first year and would be appropriately $84,000 for outside counsel, or 
$252,000 in the aggregate across the three entities. Annualized over 
three years, the time burden is 26.67 hours per respondent per year for 
a total burden of 80 hours per year for all respondents. Annualized 
over three years, the cost burden is $28,000 per respondent per year 
for a total cost burden of $84,000 per year for all respondents.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the SEC, including whether the information shall have 
practical utility; (b) the accuracy of the SEC's estimates of the 
burden of the proposed collection of information; (c) ways to enhance 
the quality, utility, and clarity of the information to be 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: [email protected].

    Dated: April 17, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-08036 Filed 4-19-19; 8:45 am]
 BILLING CODE 8011-01-P