80 FR 76055 - Proposed Collection; Comment Request
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 234 (December 7, 2015)
Federal Register Volume 80, Issue 234 (December 7, 2015)
| Page Range | 76055-76057 | |
| FR Document | 2015-30746 |
[Federal Register Volume 80, Number 234 (Monday, December 7, 2015)] [Notices] [Pages 76055-76057] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-30746] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Proposed Collection; 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: Rules 17Ad-22--Clearing Agency Standards and Governance, SEC File No. 270-646, OMB Control No. 3235-0695. 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'') is soliciting comments on the existing collection of information provided for in Rules 17Ad-22 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). The Commission plans to submit this existing collection of information to the Office of Management and Budget (``OMB'') for extension and approval. i. Standards for Clearing Agencies a. Measurement and Management of Credit Exposures Rule 17Ad-22(b)(1) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to measure its credit exposures to its participants at least once each day, and limit its exposures to potential losses from defaults by its participants in normal market conditions so that the operations of the clearing agency would not be disrupted and non-defaulting participants would not be exposed to losses that they cannot anticipate or control. The purpose of the collection of information is to enable the clearing agency to monitor and limit its exposures to its participants. b. Margin Requirements Rule 17Ad-22(b)(2) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to: (i) Use margin requirements to limit its credit exposures to participants in normal market conditions; (ii) use risk-based models and parameters to set margin requirements; and (iii) review the models and parameters at least monthly. The purpose of the collection of information is to enable the clearing agency to maintain sufficient collateral or margin. c. Financial Resources Rule 17Ad-22(b)(3) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to maintain sufficient financial resources to withstand, at a minimum, a default by the participant family to which it has the largest exposure in extreme but plausible market conditions, provided that a registered clearing agency acting as a central counterparty for security-based swaps shall maintain additional financial resources sufficient to withstand, at a minimum, a default by the two participant families to which it has the largest exposures in extreme but plausible market conditions, in its capacity as a central counterparty for security-based swaps. The purpose of the collection of information is to enable the clearing agency to satisfy all of its settlement obligations in the event of a participant default. [[Page 76056]] d. Model Validation Rule 17Ad-22(b)(4) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for an annual model validation consisting of evaluating the performance of the clearing agency's margin models and the related parameters and assumptions associated with such models by a qualified person who is free from influence from the persons responsible for the development or operation of the models being validated. The purpose of the collection of information is to enable the clearing agency to obtain an assessment of its margin model by a qualified, independent person. e. Non-Dealer Access Rule 17Ad-22(b)(5) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide the opportunity for a person that does not perform any dealer or security-based swap dealer services to obtain membership at the clearing agency to clear securities for itself or on behalf of other persons. The purpose of the collection of information is to enable more market participants to obtain indirect access to clearing agencies. f. Portfolio Size and Transaction Volume Restrictions Rule 17Ad-22(b)(6) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to have membership standards that do not require that participants maintain a portfolio of any minimum size or that participants maintain a minimum transaction volume. The purpose of the collection of information is to remove unnecessary barriers to participation in clearing agencies that provide CCP services. g. Net Capital Restrictions Rule 17Ad-22(b)(7) would require a clearing agency that provides CCP services to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide a person that maintains net capital equal to or greater than $50 million with the ability to obtain membership at the clearing agency, provided that such persons are able to comply with other reasonable membership standards, with any net capital requirements being scalable so that they are proportional to the risks posed by the participant's activities to the clearing agency. The rule also permits a clearing agency to provide for a higher net capital requirement (i.e., higher than $50 million) as a condition for membership at the clearing agency if the clearing agency demonstrates to the Commission that such a requirement is necessary to mitigate risks that could not otherwise be effectively managed by other measures, such as scalable limitations on the transactions that the participants may clear through the clearing agency, and the Commission approves the higher net capital requirement as part of a rule filing or clearing agency registration application. The purpose of the collection of information is to remove unnecessary barriers to clearing access by market participants with a net capital level above $50 million, while at the same time facilitating sound risk management practices by clearing agencies by encouraging them to examine and articulate the benefits that higher net capital requirements would create through having clearing agencies develop scalable membership standards that links the activities any participants could potentially engage in with the potential risks posed by the participant. h. Record of Financial Resources Rule 17Ad-22(c)(1) would require that each fiscal quarter (based on calculations made as of the last business day of the clearing agency's fiscal quarter), or at any time upon Commission request, a clearing agency that performs CCP services shall calculate and maintain a record of the financial resources necessary to meet the requirement in Rule 17Ad-22(b)(3) and sufficient documentation to explain the methodology it uses to compute such financial resource requirement. The purpose of the collection of information is to enable the Commission to monitor the financial resources of clearing agencies that provide CCP services. i. Annual Audited Financial Statements Rule 17Ad-22(c)(2) would require a clearing agency to post on its Web site an annual audited financial statement that must (i) be a complete set of financial statements of the clearing agency for the most recent two fiscal years of the clearing agency and be prepared in accordance with U.S. generally accepted accounting principles (``U.S. GAAP''), except that for a clearing agency that is a corporation or other organization incorporated or organized under the laws of any foreign country, the financial statements may be prepared according to U.S. GAAP or International Financial Reporting Standards as issued by the International Accounting Standards Board (``IFRS''); (ii) be audited in accordance with standards of the Public Company Accounting Oversight Board by a registered public accounting firm that is qualified and independent in accordance with Rule 2-01 of Regulation S- X (17 CFR 210.2-01); and (iii) include a report of the registered public accounting firm that complies with paragraphs (a) through (d) of Rule 2-02 of Regulation S-X (17 CFR 210.2-02). The purpose of the collection of information is to enable the Commission to monitor the financial resources of clearing agencies that provide CCP services. j. Transparent and Enforceable Rules and Procedures Rule 17Ad-22(d)(1) would require clearing agencies to establish, implement, maintain and enforce written policies and procedures reasonably designed to provide for a well-founded, transparent, and enforceable legal framework for each aspect of their activities in all relevant jurisdictions. The purpose of the collection of information is to help ensure that clearing agencies' policies and procedures do not cause confusion or legal uncertainty among their participants because they are unclear, incomplete or conflict with other applicable laws or judicial precedent. The Commission believes that 10 registered clearing agencies will incur a total burden of approximately 8,029 hours annually. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information on respondents; 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: Pamela Dyson, Director/ Chief [[Page 76057]] Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington DC 20549, or send an email to: [email protected]. Dated: December 2, 2015. Robert W. Errett, Deputy Secretary. [FR Doc. 2015-30746 Filed 12-4-15; 8:45 am] BILLING CODE 8011-01-P
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the date of the filing. However, pursuant post all comments on the Commission’s of information to the Office of
to Rule 19b–4(f)(6)(iii),14 the Internet Web site (http://www.sec.gov/ Management and Budget (‘‘OMB’’) for
Commission may designate a shorter rules/sro.shtml). Copies of the extension and approval.
time if such action is consistent with the submission, all subsequent
i. Standards for Clearing Agencies
protection of investors and the public amendments, all written statements
interest. with respect to the proposed rule a. Measurement and Management of
FINRA has asked the Commission to change that are filed with the Credit Exposures
waive the 30-day operative delay. The Commission, and all written Rule 17Ad–22(b)(1) would require a
Commission believes that waiving the communications relating to the
30-day operative delay is consistent clearing agency that provides CCP
proposed rule change between the services to establish, implement,
with the protection of investors and the Commission and any person, other than
public interest. Such waiver will allow maintain and enforce written policies
those that may be withheld from the and procedures reasonably designed to
FINRA to implement the proposed rule public in accordance with the
change to coincide with the effective measure its credit exposures to its
provisions of 5 U.S.C. 552, will be participants at least once each day, and
dates of the relevant consolidated available for Web site viewing and
FINRA rules. Therefore, the limit its exposures to potential losses
printing in the Commission’s Public from defaults by its participants in
Commission hereby waives the 30-day Reference Room, 100 F Street NE.,
operative delay and designates the normal market conditions so that the
Washington, DC 20549 on official operations of the clearing agency would
proposed rule change to be operative business days between the hours of
upon filing with the Commission.15 not be disrupted and non-defaulting
10:00 a.m. and 3:00 p.m. Copies of such participants would not be exposed to
At any time within 60 days of the filing also will be available for
filing of the proposed rule change, the losses that they cannot anticipate or
inspection and copying at the principal control. The purpose of the collection of
Commission summarily may offices of FINRA. All comments
temporarily suspend such rule change if information is to enable the clearing
received will be posted without change; agency to monitor and limit its
it appears to the Commission that such the Commission does not edit personal
action is: (i) Necessary or appropriate in exposures to its participants.
identifying information from
the public interest; (ii) for the protection submissions. You should submit only b. Margin Requirements
of investors; or (iii) otherwise in information that you wish to make
furtherance of the purposes of the Act. Rule 17Ad–22(b)(2) would require a
available publicly. All submissions clearing agency that provides CCP
If the Commission takes such action, the should refer to File Number SR–FINRA–
Commission shall institute proceedings services to establish, implement,
2015–050, and should be submitted on maintain and enforce written policies
to determine whether the proposed rule or before December 28, 2015.
should be approved or disapproved. and procedures reasonably designed to:
For the Commission, by the Division of (i) Use margin requirements to limit its
IV. Solicitation of Comments Trading and Markets, pursuant to delegated credit exposures to participants in
authority.16 normal market conditions; (ii) use risk-
Interested persons are invited to
submit written data, views, and Robert W. Errett, based models and parameters to set
arguments concerning the foregoing, Deputy Secretary. margin requirements; and (iii) review
including whether the proposed rule [FR Doc. 2015–30721 Filed 12–4–15; 8:45 am] the models and parameters at least
change is consistent with the Act. BILLING CODE 8011–01–P monthly. The purpose of the collection
Comments may be submitted by any of of information is to enable the clearing
the following methods: agency to maintain sufficient collateral
SECURITIES AND EXCHANGE or margin.
Electronic Comments COMMISSION
c. Financial Resources
• Use the Commission’s Internet
comment form (http://www.sec.gov/ Proposed Collection; Comment Rule 17Ad–22(b)(3) would require a
rules/sro.shtml); or Request clearing agency that provides CCP
• Send an email to rule-comments@ services to establish, implement,
sec.gov. Please include File Number SR– Upon Written Request, Copies Available maintain and enforce written policies
FINRA–2015–050 on the subject line. From: Securities and Exchange and procedures reasonably designed to
Commission, Office of FOIA Services, maintain sufficient financial resources
Paper Comments 100 F Street NE., Washington, DC to withstand, at a minimum, a default
• Send paper comments in triplicate 20549–2736. by the participant family to which it has
to Secretary, Securities and Exchange Extension: the largest exposure in extreme but
Commission, 100 F Street NE., Rules 17Ad–22—Clearing Agency plausible market conditions, provided
Washington, DC 20549–1090. Standards and Governance, SEC File No. that a registered clearing agency acting
All submissions should refer to File 270–646, OMB Control No. 3235–0695. as a central counterparty for security-
Number SR–FINRA–2015–050. This file Notice is hereby given that pursuant based swaps shall maintain additional
number should be included on the to the Paperwork Reduction Act of 1995 financial resources sufficient to
subject line if email is used. To help the (‘‘PRA’’)(44 U.S.C. 3501 et seq.), the withstand, at a minimum, a default by
Commission process and review your Securities and Exchange Commission the two participant families to which it
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comments more efficiently, please use (‘‘Commission’’) is soliciting comments has the largest exposures in extreme but
only one method. The Commission will on the existing collection of information plausible market conditions, in its
provided for in Rules 17Ad–22 under capacity as a central counterparty for
14 17 CFR 240.19b–4(f)(6)(iii). the Securities Exchange Act of 1934 (15 security-based swaps. The purpose of
15 For purposes only of waiving the operative U.S.C. 78a et seq.). The Commission the collection of information is to enable
delay for this proposal, the Commission has
considered the proposed rule’s impact on plans to submit this existing collection the clearing agency to satisfy all of its
efficiency, competition, and capital formation. See settlement obligations in the event of a
15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). participant default.
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Information Officer, Securities and • OMB Control Number: 1405–0184. instructions. Respondents, using the
Exchange Commission, c/o Remi Pavlik- • Type of Request: Revision of a Cerenade filler, will complete the form
Simon, 100 F Street NE., Washington Currently Approved Collection. and email the form file to their
DC 20549, or send an email to: PRA_ • Originating Office: Bureau of Contracting Officers or Grants Officer.
Mailbox@sec.gov. Population, Refugees, and Migration, Dated: November 27, 2015.
Dated: December 2, 2015. Office of Admissions, PRM/A.
Larry Bartlett,
• Form Number: DS–7655.
Robert W. Errett, Director, Office of Admissions, Bureau of
• Respondents: Refugee applicants for
Deputy Secretary. Population, Refugees, and Migration,
the U.S. Refugee Admissions Program.
Department of State.
[FR Doc. 2015–30746 Filed 12–4–15; 8:45 am] • Estimated Number of Respondents:
[FR Doc. 2015–30775 Filed 12–4–15; 8:45 am]
BILLING CODE 8011–01–P 50 Department of State contractors,
BILLING CODE 4710–33–P
grantees, and cooperative agreement
partners.
DEPARTMENT OF STATE • Estimated Number of Responses:
200. DEPARTMENT OF STATE
[Public Notice: 9369]
• Average Time per Response: 30 [Public Notice 9370]
30-Day Notice of Proposed Information minutes.
Collection: Iraqi Citizens and Nationals • Total Estimated Burden Time: 100 Notice of Public Meeting
Employed by Federal Contractors and hours.
The Department of State will conduct
Grantees • Frequency: On occasion.
an open meeting at 9:30 a.m. on
• Obligation to Respond: Required to
Tuesday January 26, 2016, in Room 5 of
ACTION: Notice of request for public Obtain a Benefit.
We are soliciting public comments to the DOT Conference Center, 1200 New
comment and submission to OMB of Jersey Ave, SE., Washington, DC 20590.
proposed collection of information. permit the Department to:
• Evaluate whether the proposed The primary purpose of the meeting is
SUMMARY: The Department of State has information collection is necessary for to prepare for the third Session of the
submitted the information collection the proper functions of the Department. International Maritime Organization’s
described below to the Office of • Evaluate the accuracy of our (IMO) Sub-Committee on Human
Management and Budget (OMB) for estimate of the time and cost burden for Element, Training and Watchkeeping
approval. In accordance with the this proposed collection, including the (HTW) to be held at the IMO
Paperwork Reduction Act of 1995 we validity of the methodology and Headquarters, United Kingdom, on
are requesting comments on this assumptions used. February 1–5, 2016.
collection from all interested • Enhance the quality, utility, and The agenda items to be considered
individuals and organizations. The clarity of the information to be include:
purpose of this Notice is to allow 30 collected. —Decisions of other IMO bodies
days for public comment. • Minimize the reporting burden on —Validated model training courses
those who are to respond, including the —Reports on unlawful practices
DATES: Submit comments directly to the
use of automated collection techniques associated with certificates of
Office of Management and Budget
or other forms of information competency
(OMB) up to January 6, 2016.
technology. —Guidance for the implementation of
ADDRESSES: Direct comments to the the 2010 Manila Amendments
Please note that comments submitted
Department of State Desk Officer in the —Comprehensive review of the 1995
in response to this Notice are public
Office of Information and Regulatory STCW–F Convention
record. Before including any detailed
Affairs at the Office of Management and —Role of the human element
personal information, you should be
Budget (OMB). You may submit —Revision of the Guidelines on Fatigue
aware that your comments as submitted,
comments by the following methods: —Revised Guidelines on the
including your personal information,
• Email: oira_submission@ Implementation of the ISM Code by
will be available for public review.
omb.eop.gov. You must include the DS Administrations (resolution
Abstract of proposed collection:
form number, information collection The information requested will be A.1071(28)) on training audits
title, and the OMB control number in used to verify the employment of Iraqi —Review of STCW passenger ship-
the subject line of your message. citizens and nationals for the processing specific safety training
• Fax: 202–395–5806. Attention: Desk and adjudication of other refugee, —Amendments to SOLAS chapter II–1
Officer for Department of State. asylum, special immigrant visa, and and associated guidelines on damage
FOR FURTHER INFORMATION CONTACT: other immigration claims and control drills for passenger ships
Direct requests for additional applications. —Completion of the detailed review of
information regarding the collection Methodology: the Global Maritime Distress and
listed in this notice, including requests The method for the collection of Safety System (GMDSS)
for copies of the proposed collection information will be via electronic —Revision of requirements for escape
instrument and supporting documents, submission. The format for compiling route signs and equipment location
to Sophie Yan Gao, PRM/Admissions, the information will be the Department markings in SOLAS and related
2025 E Street NW., SA–9, 8th Floor, of State’s eForms application which is instruments
Washington, DC 20522–0908, who may —Amendments to the IGF Code and
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currently used by over 36,000
be reached on (202) 453–9255 or at Department users worldwide. development of guidelines for low-
GaoY1@state.gov. Contracting Officers and Grants Officers flashpoint fuels
SUPPLEMENTARY INFORMATION: will distribute by email to the —Review MODU Code, LSA Code and
• Title of Information Collection: Iraqi contractors, grantees and cooperative MSC.1/Circ.1206/Rev.1
Citizens and Nationals Employed by agreement partners under their Members of the public may attend
Federal Contractors, Grantees and authority the DS–7655 form file and this meeting up to the seating capacity
Cooperative Agreement Partners. Cerenade e-Form filler installation of the room. Upon request, members of
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Document Created: 2015-12-14 13:30:49
Document Modified: 2015-12-14 13:30:49
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 76055 |
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