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
36 Months From Approved
0
0
0
0
0
0
0
0
0
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.
US Code:
15
USC 78c-3 Name of Law: Securities Exchange Act of 1934
PL: Pub.L. 111 - 203 763 Name of Law:
Dodd-Frank Wall Street Reform and Consumer Protection Act
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.
$0
No
No
No
Yes
No
Uncollected
Richard Grant 202
551-5914
No
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:
(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;
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.