Clearing Agency Standards for Operation and Governance

Forms and Documents

Document Name	Status
PRA_Supporting_Statement_Clearing_Agency_Standards.AdoptingRelease.10-22-12[1].pdf Supporting Statement A	2012-11-02

IC Document Collections

IC ID	Document Title	Status
204630	Rule 17Ad-22(c)	New
203070	Rule 3Cj-1(b) - Designation of Chief Compliance Officer	Removed
203069	Rule 17Ad-26 - Standards for Board or Board Committee Directors	Removed
203068	Rule 17Ad-25 - Clearing Agency Procedures to Identify and Address Conflicts of Interest	Removed
203067	Rule 17Ad-23 - Clearing Agency Policies and Procedures to Protect the Confidentiality of Trading Information of Clearing Agency Participants	Removed
203066	Rule 17Aj-1 - Dissemination of Pricing and Valuation Information by Security-Based Swap Clearing Agencies that Perform Central Counterparty Services	Removed
203065	Rule 17Ad-22(d)(15) - Identification and Management of Physical Delivery Risks	Removed
203064	Rule 17Ad-22(d)(14) - Risk Controls to Address Participant's Failure to Settle	Removed
203063	Rule 17Ad-22(d)(13) - Delivery Versus Payment	Removed
203062	Rule 17Ad-22(d)(12) - Timing of Settlement Finality	Removed
203061	Rule 17Ad-22(d)(11) - Default Procedures	Removed
203060	Rule 17Ad-22(d)(10) - Immobilization and Dematerialization of Stock Certificates	Removed
203059	Rule 17Ad-22(d)(9) - Information on Services	Removed
203058	Rule 17Ad-22(d)(8) - Governance	Removed
203057	Rule 17Ad-22(d)(7) - Links	Removed
203056	Rule 17Ad-22(d)(6) - Cost-Effectiveness	Removed
203055	Rule 17Ad-22(d)(5) - Money Settlement Risks	Removed
203054	Rule 17Ad-22(d)(4) - Identification and Mitigation of Operational Risk	Removed
203052	Rule 17Ad-22(d)(3) - Custody of Assets and Investment Risk	Removed
203051	Rule 17Ad-22(d)(2) - Participation Requirements	Removed
203050	Rule 17Ad-22(d)(1) - Transparent and Enforceable Rules and Procedures	Removed
203049	Rule 17Ad-22(c)(2)	Modified
203048	Rule 17Ad-22(c)(1) - Record of Financial Resources	Modified
203046	Rule 17Ad-22(b)(7) - Net Capital Restrictions	Removed
203045	Rule 17Ad-22(b)(6) - Portfolio Size and Transaction Volume Restrictions	Removed
203044	Rules 17Ad-22(b)(5)-(7)	Modified
203043	Rule 17Ad-22(b)(4) - Model Validation	Modified
203042	Rule 17Ad-22(b)(3) - Financial Resources	Removed
203041	Rule 17Ad-22(b)(2) - Margin Requirements	Removed
203040	Rules 17Ad-22(b)(1)-(3) and (d)(1)-(15)	Modified

ICR Details

OMB Control No: 3235-0695	ICR Reference No: 201210-3235-008
Status: Historical Active	Previous ICR Reference No: 201207-3235-001
Agency/Subagency: SEC	Agency Tracking No: TM-270-646
Title: Clearing Agency Standards for Operation and Governance
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: Approved without change	Conclusion Date: 02/12/2013
	Date Received in OIRA: 11/02/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/29/2016	36 Months From Approved
Responses	57	0	0
Time Burden (Hours)	8,029	0	0
Cost Burden (Dollars)	8,888,000	0	0

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Abstract: In accordance with Section 763 of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Section 805 of Title VIII of the Dodd-Frank Act, and Section 17A of the Securities Exchange Act of 1934, the Securities and Exchange Commission is adopting rules regarding registration of clearing agencies and standards for the operation and governance of clearing agencies.

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Authorizing Statute(s): US Code: 15 USC 78c-3 Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78q-1 Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 5464(a)(2) Name of Law: Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: US Code: 12 USC 5464(a)(2) Name of Law: Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL13	Final or interim final rulemaking	77 FR 66219	11/02/2012

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Rule 17Ad-22(b)(7) - Net Capital Restrictions
Rule 17Ad-22(b)(3) - Financial Resources
Rule 17Ad-22(b)(2) - Margin Requirements
Rule 17Ad-22(d)(1) - Transparent and Enforceable Rules and Procedures
Rule 17Ad-22(d)(3) - Custody of Assets and Investment Risk
Rule 17Ad-22(b)(4) - Model Validation
Rule 17Ad-22(d)(2) - Participation Requirements
Rule 17Aj-1 - Dissemination of Pricing and Valuation Information by Security-Based Swap Clearing Agencies that Perform Central Counterparty Services
Rule 17Ad-23 - Clearing Agency Policies and Procedures to Protect the Confidentiality of Trading Information of Clearing Agency Participants
Rule 17Ad-25 - Clearing Agency Procedures to Identify and Address Conflicts of Interest
Rule 17Ad-22(d)(8) - Governance
Rule 17Ad-22(d)(9) - Information on Services
Rule 17Ad-22(d)(10) - Immobilization and Dematerialization of Stock Certificates
Rule 17Ad-22(d)(11) - Default Procedures
Rule 17Ad-22(d)(12) - Timing of Settlement Finality
Rule 17Ad-22(d)(13) - Delivery Versus Payment
Rule 17Ad-22(d)(14) - Risk Controls to Address Participant's Failure to Settle
Rule 17Ad-22(d)(5) - Money Settlement Risks
Rule 17Ad-22(d)(6) - Cost-Effectiveness
Rule 17Ad-22(c)(1) - Record of Financial Resources
Rule 17Ad-22(d)(4) - Identification and Mitigation of Operational Risk
Rule 17Ad-22(c)(2)
Rules 17Ad-22(b)(1)-(3) and (d)(1)-(15)
Rule 17Ad-22(b)(6) - Portfolio Size and Transaction Volume Restrictions
Rule 17Ad-22(d)(7) - Links
Rule 17Ad-22(d)(15) - Identification and Management of Physical Delivery Risks
Rule 17Ad-26 - Standards for Board or Board Committee Directors
Rule 3Cj-1(b) - Designation of Chief Compliance Officer
Rules 17Ad-22(b)(5)-(7)
Rule 17Ad-22(c)

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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	57	0	422	0	-365	0
Annual Time Burden (Hours)	8,029	0	86,735	0	-78,706	0
Annual Cost Burden (Dollars)	8,888,000	0	9,715,334	0	-827,334	0

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 collection of information that will add 8,029 hours to the current inventory. The original burden estimates were reduced after reviewing public comments.

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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: 11/02/2012

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