81 FR 3354 - Access to Data Obtained by Security-Based Swap Data Repositories and Exemption From Indemnification Requirement

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 13 (January 21, 2016)

Page Range		3354-3356
FR Document		2016-01148

The Securities and Exchange Commission (``Commission'') is reopening the comment period for proposed amendments to rule 13n-4 under the Securities Exchange Act of 1934 (``Exchange Act'') related to regulatory access to security-based swap data held by security-based swap data repositories. The proposed rule amendments would implement Exchange Act provisions that conditionally require that security-based swap data repositories make data available to certain regulators and other authorities. Recent legislation has modified certain underlying statutory provisions.

Federal Register, Volume 81 Issue 13 (Thursday, January 21, 2016)

[Federal Register Volume 81, Number 13 (Thursday, January 21, 2016)]
[Proposed Rules]
[Pages 3354-3356]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-01148]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 34-76922; File No. S7-15-15]
RIN 3235-AL74


Access to Data Obtained by Security-Based Swap Data Repositories 
and Exemption From Indemnification Requirement

AGENCY: Securities and Exchange Commission.

ACTION: Reopening of comment period.

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SUMMARY: The Securities and Exchange Commission (``Commission'') is 
reopening the comment period for proposed amendments to rule 13n-4 
under the Securities Exchange Act of 1934 (``Exchange Act'') related to 
regulatory access to security-based swap data held by security-based 
swap data repositories. The proposed rule amendments would implement 
Exchange Act provisions that conditionally require that security-based 
swap data repositories make data available to certain regulators and 
other authorities. Recent legislation has modified certain underlying 
statutory provisions.

DATES: The comment period for the proposed rule published September 14, 
2015, at 80 FR 55182, is reopened. Submit comments on or before 
February 22, 2016.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml); or
     Send an email to [email protected]. Please include 
File Number S7-15-15 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments to Secretary, Securities and Exchange 
Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number S7-15-15. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/proposed.shtml). Comments 
are also available for Web site viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE., Washington, DC 
20549 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.
    Studies, memoranda, or other substantive items may be added by the 
Commission or staff to the comment file during this rulemaking. A 
notification of the inclusion in the comment file of any such materials 
will be made available on the SEC's Web site. To ensure direct 
electronic receipt of such notifications, sign up through the ``Stay 
Connected'' option at www.sec.gov to receive notifications by email.

FOR FURTHER INFORMATION CONTACT: Carol McGee, Assistant Director, 
Joshua Kans, Senior Special Counsel, or Kateryna P. Imus, Special 
Counsel, at (202) 551-5870; Division of Trading and Markets, Securities 
and Exchange

[[Page 3355]]

Commission, 100 F Street NE., Washington, DC 20549-7010.

SUPPLEMENTARY INFORMATION: 

I. Introduction

A. Proposed Rule

    Exchange Act sections 13(n)(5)(G) and (H), which were added by 
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act of 2010, conditionally require security-based swap data 
repositories to make data available to certain regulators and other 
entities. The statute identifies certain entities as being eligible to 
access data, and states that the Commission may determine that other 
persons are appropriate to access such data. The statute further 
provides that the Commission must be notified of requests for access, 
and also conditions data access on the security-based swap data 
repository receiving certain confidentiality-related agreements. 
Moreover, under the statute as it was originally enacted in 2010, data 
access was conditional on the recipient entity agreeing to indemnify 
the repository and the Commission for expenses arising from litigation 
relating to the information provided.\1\
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    \1\ See generally Access to Data Obtained by Security-Based Swap 
Data Repositories and Exemption From Indemnification Requirement, 
Exchange Act Release No. 75845 (Sept. 14, 2015), 80 FR 55182 (Sept. 
14, 2015) (``Data Access Proposing Release'').
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    On September 14, 2015, the Commission proposed rules to implement 
those data access provisions.\2\ Key features of the proposal included:
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    \2\ The proposal built upon two prior Commission proposals to 
implement the data access provisions and to provide an exemption 
from the indemnification requirement. See id. at 55182-84.
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    (i) Designation of entities that may access data. The proposal 
provided that, in addition to the entities identified by the statute, 
the Federal Reserve Banks and the Office of Financial Research 
(``OFR'') may access data.\3\ The proposal also specified factors and 
conditions that the Commission would consider in making future 
determinations regarding entities eligible to access data and the scope 
of such entities' access to data. In that regard the Commission stated 
that it preliminarily expected that such determination orders 
``typically would incorporate conditions that specify the scope of a 
relevant authority's access to data, and that limit this access in a 
manner that reflects the relevant authority's regulatory mandates or 
legal responsibility or authority.'' \4\
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    \3\ See proposed Exchange Act rule 13n-4(b)(9)(ix).
    \4\ See Data Access Proposing Release, 80 FR 55187-88.
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    (ii) Confidentiality condition to data access. To implement the 
statutory confidentiality condition, the proposal provided that there 
must be a memorandum of understanding (``MOU'') or other arrangement 
between the Commission and the recipient of data to address the 
confidentiality of the data provided to the recipient.\5\ The 
Commission stated that it expected this approach would help avoid the 
possibility of uneven and potentially inconsistent application of the 
confidentiality condition.\6\
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    \5\ See proposed Exchange Act rule 13n-4(b)(10).
    \6\ See Data Access Proposing Release, 80 FR 55190.
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    (iii) Notification requirement. The proposal provided that a 
security-based swap data repository could satisfy the statutory 
notification requirement by notifying the Commission of the first data 
access request by an entity, and maintaining a record of subsequent 
requests.\7\
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    \7\ See id. at 55188-89; proposed Exchange Act rule 13n-4(e).
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    (iv) Indemnification exemption. The proposal included an exemption 
from the indemnification requirement. This exemption would have been 
conditioned, in part, on the information provided relating to ``persons 
or activities within the recipient entity's regulatory mandate, or 
legal responsibility or authority.'' \8\
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    \8\ See proposed Exchange Act rule 13n-4(d). The proposal also 
would require the Commission and the recipient of data to enter into 
an MOU or other arrangement to specify the type of information that 
would fall within this regulatory mandate, or legal responsibility 
or authority. See id.
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B. Statutory Amendment

    On December 4, 2015, President Obama signed into law Public Law 
114-94, the Surface Transportation Reauthorization and Reform Act of 
2015. This law, among other things, amended the statutory data access 
provisions by eliminating the indemnification requirement discussed 
above.\9\ The law also revised the data access provisions in two other 
ways.\10\
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    \9\ See Public Law 114-94, sec. 86011(c)(2).
    \10\ In part, the statutory revision clarified that the scope of 
the data access provision applies to security-based swap data, not 
all data maintained by the repository. See Public Law 114-94, sec. 
86011(c)(1)(A) (striking ``all'' and adding ``security-based swap'' 
in the introductory part of Exchange Act section 13(n)(5)(G)). That 
focus on security-based swaps already was incorporated into the 
proposal. See proposed Exchange Act rule 13n-4(b)(9).
    The statutory revision also added the term ``other foreign 
authorities'' to the nonexclusive statutory list of entities that 
the Commission may determine appropriate to access data under these 
provisions. See Public Law 114-94, sec. 86011(c)(1)(B). That change 
is consistent with the proposal, which used the term ``including, 
but not limited to'' in the relevant portion of the rule text 
(preceding the specific references to foreign financial supervisors, 
foreign central banks, and foreign ministries). See proposed 
Exchange Act rule 13n-4(b)(9)(x).
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    The elimination of the indemnification requirement makes 
unnecessary paragraph (d) of proposed rule 13n-4, which would have 
implemented the conditional exemption from the indemnification 
requirement.\11\ The statutory amendments, however, do not affect the 
proposed provisions: (i) Addressing the designation of additional 
entities as being eligible to access data (potentially including the 
Federal Reserve Banks and the OFR); (ii) implementing the 
confidentiality condition to data access; and (iii) implementing the 
statutory notification requirement.
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    \11\ See Data Access Proposing Release, 80 FR at 55211.
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II. Request for Comments

    Commenters are invited to discuss the proposal in light of the 
recent statutory amendments. Commenters particularly are invited to 
address the impact, on the remaining aspects of the proposal, arising 
from the elimination of the proposed indemnification exemption, 
including the exemption's proposed condition limiting access to 
security-based swap data to persons or authorities within a relevant 
authority's regulatory mandate or legal responsibility or authority. 
For example, to what extent should those criteria related to an 
entity's regulatory mandate or legal responsibility and authority be 
used by the Commission as it implements the confidentiality condition 
and/or the Commission's determination authority?
    Commenters further are invited to address whether the use of that 
limitation should vary depending on the type of recipient entity. For 
example, should those criteria be considered exclusively in conjunction 
with recipient authorities not specifically named in the statute, 
including the Federal Reserve Banks and the OFR, or should those 
criteria instead be considered in conjunction with access to data by 
all entities under these provisions? \12\
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    \12\ As noted above, the Commission stated that it preliminarily 
expected that subsequent determination orders under the statute and 
proposed rule ``typically would incorporate conditions that specify 
the scope of a relevant authority's access to data, and that limit 
this access in a manner that reflects the relevant authority's 
regulatory mandates or legal responsibility or authority.''
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    In addition, commenters are requested to address whether the 
proposal should be revised to address the other statutory changes to 
the data access provisions--such as addition of the term ``other

[[Page 3356]]

foreign authorities'' to the list of entities that the Commission may 
determine appropriate to access data. For example, should the 
Commission revise proposed paragraph (b)(9)(x) of rule 13n-4 to 
specifically note that it may determine that ``other foreign 
authorities'' also may access data pursuant to these provisions?
    Commenters are also invited to address the impact of the statutory 
amendments on the Commission's economic analysis.

    By the Commission.

    Dated: January 15, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-01148 Filed 1-20-16; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 13 / Thursday, January 21, 2016 / Proposed Rules 3355

Commission, 100 F Street NE., (ii) Confidentiality condition to data The elimination of the
Washington, DC 20549–7010. access. To implement the statutory indemnification requirement makes
SUPPLEMENTARY INFORMATION: confidentiality condition, the proposal unnecessary paragraph (d) of proposed
provided that there must be a rule 13n–4, which would have
I. Introduction memorandum of understanding implemented the conditional exemption
A. Proposed Rule (‘‘MOU’’) or other arrangement between from the indemnification requirement.11
the Commission and the recipient of The statutory amendments, however, do
Exchange Act sections 13(n)(5)(G) and
data to address the confidentiality of the not affect the proposed provisions: (i)
(H), which were added by Title VII of data provided to the recipient.5 The Addressing the designation of
the Dodd-Frank Wall Street Reform and Commission stated that it expected this additional entities as being eligible to
Consumer Protection Act of 2010, approach would help avoid the access data (potentially including the
conditionally require security-based possibility of uneven and potentially Federal Reserve Banks and the OFR); (ii)
swap data repositories to make data inconsistent application of the implementing the confidentiality
available to certain regulators and other confidentiality condition.6 condition to data access; and (iii)
entities. The statute identifies certain (iii) Notification requirement. The implementing the statutory notification
entities as being eligible to access data, proposal provided that a security-based requirement.
and states that the Commission may swap data repository could satisfy the
determine that other persons are statutory notification requirement by II. Request for Comments
appropriate to access such data. The notifying the Commission of the first Commenters are invited to discuss the
statute further provides that the data access request by an entity, and proposal in light of the recent statutory
Commission must be notified of maintaining a record of subsequent amendments. Commenters particularly
requests for access, and also conditions requests.7 are invited to address the impact, on the
data access on the security-based swap (iv) Indemnification exemption. The remaining aspects of the proposal,
data repository receiving certain proposal included an exemption from arising from the elimination of the
confidentiality-related agreements. the indemnification requirement. This proposed indemnification exemption,
Moreover, under the statute as it was exemption would have been including the exemption’s proposed
originally enacted in 2010, data access conditioned, in part, on the information condition limiting access to security-
was conditional on the recipient entity provided relating to ‘‘persons or based swap data to persons or
agreeing to indemnify the repository activities within the recipient entity’s authorities within a relevant authority’s
and the Commission for expenses regulatory mandate, or legal regulatory mandate or legal
arising from litigation relating to the responsibility or authority.’’ 8 responsibility or authority. For example,
information provided.1 to what extent should those criteria
On September 14, 2015, the B. Statutory Amendment
related to an entity’s regulatory mandate
Commission proposed rules to On December 4, 2015, President or legal responsibility and authority be
implement those data access Obama signed into law Public Law 114– used by the Commission as it
provisions.2 Key features of the proposal 94, the Surface Transportation implements the confidentiality
included: Reauthorization and Reform Act of condition and/or the Commission’s
(i) Designation of entities that may 2015. This law, among other things, determination authority?
access data. The proposal provided that, amended the statutory data access Commenters further are invited to
in addition to the entities identified by provisions by eliminating the address whether the use of that
the statute, the Federal Reserve Banks indemnification requirement discussed limitation should vary depending on the
and the Office of Financial Research above.9 The law also revised the data type of recipient entity. For example,
(‘‘OFR’’) may access data.3 The proposal access provisions in two other ways.10 should those criteria be considered
also specified factors and conditions exclusively in conjunction with
that the Commission would consider in 5 See proposed Exchange Act rule 13n–4(b)(10). recipient authorities not specifically
making future determinations regarding 6 See Data Access Proposing Release, 80 FR
named in the statute, including the
entities eligible to access data and the 55190.
7 See id. at 55188–89; proposed Exchange Act rule Federal Reserve Banks and the OFR, or
scope of such entities’ access to data. In 13n–4(e). should those criteria instead be
that regard the Commission stated that 8 See proposed Exchange Act rule 13n-4(d). The considered in conjunction with access
it preliminarily expected that such proposal also would require the Commission and to data by all entities under these
determination orders ‘‘typically would the recipient of data to enter into an MOU or other
provisions? 12
incorporate conditions that specify the arrangement to specify the type of information that
would fall within this regulatory mandate, or legal In addition, commenters are requested
scope of a relevant authority’s access to responsibility or authority. See id. to address whether the proposal should
data, and that limit this access in a 9 See Public Law 114–94, sec. 86011(c)(2).
be revised to address the other statutory
manner that reflects the relevant 10 In part, the statutory revision clarified that the
changes to the data access provisions—
authority’s regulatory mandates or legal scope of the data access provision applies to
such as addition of the term ‘‘other
responsibility or authority.’’ 4 security-based swap data, not all data maintained
by the repository. See Public Law 114–94, sec.
86011(c)(1)(A) (striking ‘‘all’’ and adding ‘‘security- specific references to foreign financial supervisors,
1 See generally Access to Data Obtained by
based swap’’ in the introductory part of Exchange foreign central banks, and foreign ministries). See
Security-Based Swap Data Repositories and Act section 13(n)(5)(G)). That focus on security- proposed Exchange Act rule 13n–4(b)(9)(x).
Exemption From Indemnification Requirement, based swaps already was incorporated into the 11 See Data Access Proposing Release, 80 FR at
jstallworth on DSK7TPTVN1PROD with PROPOSALS

Exchange Act Release No. 75845 (Sept. 14, 2015), proposal. See proposed Exchange Act rule 13n– 55211.
80 FR 55182 (Sept. 14, 2015) (‘‘Data Access 4(b)(9). 12 As noted above, the Commission stated that it
Proposing Release’’). The statutory revision also added the term ‘‘other preliminarily expected that subsequent
2 The proposal built upon two prior Commission
foreign authorities’’ to the nonexclusive statutory determination orders under the statute and
proposals to implement the data access provisions list of entities that the Commission may determine proposed rule ‘‘typically would incorporate
and to provide an exemption from the appropriate to access data under these provisions. conditions that specify the scope of a relevant
indemnification requirement. See id. at 55182–84. See Public Law 114–94, sec. 86011(c)(1)(B). That authority’s access to data, and that limit this access
3 See proposed Exchange Act rule 13n–4(b)(9)(ix).
change is consistent with the proposal, which used in a manner that reflects the relevant authority’s
4 See Data Access Proposing Release, 80 FR the term ‘‘including, but not limited to’’ in the regulatory mandates or legal responsibility or
55187–88. relevant portion of the rule text (preceding the authority.’’

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3356 Federal Register / Vol. 81, No. 13 / Thursday, January 21, 2016 / Proposed Rules

foreign authorities’’ to the list of entities Tax and Trade Bureau, 1310 G Street a viticultural area for American wine as
that the Commission may determine NW., Box 12, Washington, DC 20005; or a delimited grape-growing region having
appropriate to access data. For example, • Hand delivery/courier in lieu of distinguishing features, as described in
should the Commission revise proposed mail: Alcohol and Tobacco Tax and part 9 of the regulations, and a name
paragraph (b)(9)(x) of rule 13n–4 to Trade Bureau, 1310 G Street NW., Suite and a delineated boundary, as
specifically note that it may determine 400, Washington, DC 20005. established in part 9 of the regulations.
that ‘‘other foreign authorities’’ also may See the Public Participation section of These designations allow vintners and
access data pursuant to these this notice for specific instructions and consumers to attribute a given quality,
provisions? requirements for submitting comments, reputation, or other characteristic of a
Commenters are also invited to and for information on how to request wine made from grapes grown in an area
address the impact of the statutory a public hearing or view or obtain to the wine’s geographic origin. The
amendments on the Commission’s copies of the petition and supporting establishment of AVAs allows vintners
economic analysis. materials. to describe more accurately the origin of
By the Commission. FOR FURTHER INFORMATION CONTACT: their wines to consumers and helps
Dated: January 15, 2016. Karen A. Thornton, Regulations and consumers to identify wines they may
Brent J. Fields, Rulings Division, Alcohol and Tobacco purchase. Establishment of an AVA is
Secretary. Tax and Trade Bureau, 1310 G Street neither an approval nor an endorsement
[FR Doc. 2016–01148 Filed 1–20–16; 8:45 am]
NW., Box 12, Washington, DC 20005; by TTB of the wine produced in that
phone 202–453–1039, ext. 175. area.
BILLING CODE 8011–01–P
SUPPLEMENTARY INFORMATION: Requirements
Background on Viticultural Areas Section 4.25(e)(2) of the TTB
DEPARTMENT OF THE TREASURY regulations (27 CFR 4.25(e)(2)) outlines
TTB Authority
the procedure for proposing an AVA
Alcohol and Tobacco Tax and Trade Section 105(e) of the Federal Alcohol and provides that any interested party
Bureau Administration Act (FAA Act), 27 may petition TTB to establish a grape-
U.S.C. 205(e), authorizes the Secretary growing region as an AVA. Section 9.12
27 CFR Part 9 of the Treasury to prescribe regulations of the TTB regulations (27 CFR 9.12)
[Docket No. TTB–2016–0002; Notice No. for the labeling of wine, distilled spirits, prescribes the standards for petitions for
157] and malt beverages. The FAA Act the establishment or modification of
provides that these regulations should, AVAs. Petitions to establish an AVA
RIN 1513–AC23 among other things, prohibit consumer must include the following:
Proposed Establishment of the Willcox deception and the use of misleading • Evidence that the area within the
Viticultural Area statements on labels and ensure that proposed AVA boundary is nationally
labels provide the consumer with or locally known by the AVA name
AGENCY: Alcohol and Tobacco Tax and adequate information as to the identity specified in the petition;
Trade Bureau, Treasury. and quality of the product. The Alcohol • An explanation of the basis for
ACTION: Notice of proposed rulemaking. and Tobacco Tax and Trade Bureau defining the boundary of the proposed
(TTB) administers the FAA Act AVA;
SUMMARY: The Alcohol and Tobacco Tax pursuant to section 1111(d) of the • A narrative description of the
and Trade Bureau (TTB) proposes to Homeland Security Act of 2002, features of the proposed AVA affecting
establish the approximately 526,000- codified at 6 U.S.C. 531(d). The viticulture, such as climate, geology,
acre ‘‘Willcox’’ viticultural area in Secretary has delegated various soils, physical features, and elevation,
portions of Cochise and Graham authorities through Treasury that make the proposed AVA distinctive
Counties in southeastern Arizona. The Department Order 120–01 (dated and distinguish it from adjacent areas
proposed viticultural area does not lie December 10, 2013, superseding outside the proposed AVA boundary;
within, nor does it contain, any other Treasury Order 120–01 (Revised), • The appropriate United States
established viticultural area. TTB ‘‘Alcohol and Tobacco Tax and Trade Geological Survey (USGS) map(s)
designates viticultural areas to allow Bureau,’’ dated January 24, 2003), to the showing the location of the proposed
vintners to better describe the origin of TTB Administrator to perform the AVA, with the boundary of the
their wines and to allow consumers to functions and duties in the proposed AVA clearly drawn thereon;
better identify wines they may administration and enforcement of this and
purchase. TTB invites comments on this law. • A detailed narrative description of
proposed addition to its regulations. Part 4 of the TTB regulations (27 CFR the proposed AVA boundary based on
DATES: Comments must be received by part 4) authorizes TTB to establish USGS map markings.
March 21, 2016. definitive viticultural areas and regulate
Willcox Petition
ADDRESSES: Please send your comments the use of their names as appellations of
on this proposed rule to one of the origin on wine labels and in wine TTB received a petition from Paul S.
following addresses (please note that advertisements. Part 9 of the TTB Hagar, the special projects manager of
TTB has a new address for comments regulations (27 CFR part 9) sets forth Dragoon Mountain Vineyard, on behalf
submitted by U.S. mail): of Dragoon Mountain Vineyard and
jstallworth on DSK7TPTVN1PROD with PROPOSALS

standards for the preparation and
• Internet: http://www.regulations.gov submission of petitions for the other vineyard and winery owners in
(via the online comment form for this establishment or modification of Willcox, Arizona, proposing the
proposed rule as posted within Docket American viticultural areas (AVAs) and establishment of the ‘‘Willcox’’ AVA in
No. TTB–2016–0002 at lists the approved AVAs. southeastern Arizona. The proposed
‘‘Regulations.gov,’’ the Federal e- AVA contains approximately 526,000
rulemaking portal); Definition acres and has 21 commercial vineyards,
• U.S. Mail: Director, Regulations and Section 4.25(e)(1)(i) of the TTB covering approximately 454 acres,
Rulings Division, Alcohol and Tobacco regulations (27 CFR 4.25(e)(1)(i)) defines distributed across the proposed AVA.

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Document Created: 2018-02-02 12:33:58
Document Modified: 2018-02-02 12:33:58

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		Proposed Rules
Action		Reopening of comment period.
Dates		The comment period for the proposed rule published September 14, 2015, at 80 FR 55182, is reopened. Submit comments on or before February 22, 2016.
Contact		Carol McGee, Assistant Director, Joshua Kans, Senior Special Counsel, or Kateryna P. Imus, Special Counsel, at (202) 551-5870; Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-7010.
FR Citation		81 FR 3354
RIN Number		3235-AL74