Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies; Technical Amendments to Rule 19b-4 and Form 19b-4 Applicable to All Self-Regulatory Organizations; Correction, 43487-43488 [2012-17985]
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43487
Rules and Regulations
Federal Register
Vol. 77, No. 143
Wednesday, July 25, 2012
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Parts 240 and 249
[Release No. 34–67286A; File No. S7–44–
10]
RIN 3235–AK87
Process for Submissions for Review of
Security-Based Swaps for Mandatory
Clearing and Notice Filing
Requirements for Clearing Agencies;
Technical Amendments to Rule 19b–4
and Form 19b–4 Applicable to All SelfRegulatory Organizations; Correction
Securities and Exchange
Commission.
ACTION: Final rule; correction;
clarification.
AGENCY:
On July 13, 2012, the
Securities and Exchange Commission
(‘‘Commission’’) published a document
in the Federal Register (77 FR 41602),
concerning, among other things, the
process for submissions for review of
security-based swaps for mandatory
clearing and notice filing requirements
for clearing agencies. The document
contained typographical errors in the
preamble and in the general authority
for Part 240. The Commission is
publishing corrections to the preamble
and the general authority as well as a
clarification concerning the Office of
Management and Budget (‘‘OMB’’)
control number for Rule 3Ca–1 under
the Securities Exchange Act of 1934
(‘‘Exchange Act’’).
DATES: Effective on August 13, 2012.
FOR FURTHER INFORMATION CONTACT:
Catherine Moore, Senior Special
Counsel, Kenneth Riitho, Special
Counsel or Andrew Bernstein, Special
Counsel, at (202) 551–5710; Division of
Trading and Markets, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–7010.
SUPPLEMENTARY INFORMATION:
TKELLEY on DSK3SPTVN1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
16:20 Jul 24, 2012
Jkt 226001
Correction
In the Federal Register of July 13,
2012, in FR Doc. 2012–16233, the
following corrections are made:
■ 1. On page, 41627 in the third line of
the third column remove ‘‘3’’ and add
in its place ‘‘10.’’
■ 2. On page, 41631 in the 40th line of
the third column remove ‘‘3’’ and add
in its place ‘‘10.’’
■ 3. On page, 41632 in the 32nd line of
the first column remove ‘‘3’’ and add in
its place ‘‘10.’’
■ 4. On page, 41645 in the 23rd line of
the third column remove ‘‘SecurityBased Swap Submissions’’ after the
phrase, ‘‘mandate to submit’’ and add in
its place ‘‘Advance Notices.’’
5. On page, 41646 in the 57th line of
the first column remove ‘‘14’’ after the
phrase, ‘‘resulting in a total annual
burden of’’ and add in its place ‘‘16.’’
PART 240—[CORRECTED]
6. On page 41647, in the 24th line
from the bottom of the third column, the
general authority citation for part 240 is
corrected to read as follows:
■
Authority: 15 U.S.C. 77c, 77d, 77g, 77j,
77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn,
77sss, 77ttt, 78c, 78c–3, 78d, 78e, 78f, 78g,
78i, 78j, 78j–1, 78k, 78k–1, 78l, 78m, 78n,
78n–1, 78o, 78o–4, 78p, 78q, 78s, 78u–5,
78w, 78x, 78ll, 78mm, 80a–20, 80a–23, 80a–
29, 80a–37, 80b–3, 80b–4, 80b–11, and 7201
et seq.; 18 U.S.C. 1350, 12 U.S.C. 5221(e)(3),
and Sec. 939A, Pub. L. 111–203, 124 Stat.
1376, (2010), unless otherwise noted.
*
*
*
*
*
Clarification
On page 41627, in the 14th line from
the bottom of the first column, it states:
‘‘Finally, the Commission has submitted
a new collection of information titled
‘Rule 3Ca–1 Stay of Clearing
Requirement and Review by the
Commission under the Securities
Exchange Act of 1934’ to OMB for
review in accordance with 44 U.S.C.
3507 and 5 CFR 1320.11. OMB has not
yet assigned a control number to the
new collection of information.’’ The
Commission has submitted the
collection of information under Rule
3Ca–1 as part of the collection of
information in ‘‘Rule 19b–4 Filings with
Respect to Proposed Rule Changes by
Self-Regulatory Organizations’’ (OMB
Control No. 3235–0045), so a new
control number for the information
collection request under Rule 3Ca–1
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
will not be assigned. We provide below
a clarification of why the information
collection request under Rule 3Ca–1
was submitted under OMB Control No.
3235–0045:
Section 3C of the Exchange Act, as
added by Section 763(a) of the DoddFrank Act (‘‘Exchange Act Section 3C’’)
requires each clearing agency that plans
to accept a security-based swap (or any
group, category, type or class of
security-based swaps) for clearing to
submit such security-based swap to the
Commission (referred to herein as a
‘‘Security-Based Swap Submission’’) for
a determination by the Commission of
whether the security-based swap (or any
group, category, type or class of
security-based swaps) referenced in the
submission is required to be cleared.1
The amendments to Rule 19b–4 and
Form 19b–4 will require, among other
things, that clearing agencies file
Security-Based Swap Submissions and
any related information electronically
with the Commission on Form 19b–4
using the existing Electronic Form 19b–
4 Filing System.2
Exchange Act Section 3C also
provides that after making a mandatory
clearing determination, the
Commission, on application of a
counterparty to a security-based swap
(or group, category, type, or class of
security-based swaps), or on its own
initiative, may stay the clearing
requirement.3 The Commission adopted
new Rule 3Ca–1 to establish the
procedure by which the Commission
may stay the requirement that a
security-based swap is subject to
mandatory clearing while the clearing of
the security-based swap is reviewed.4
The collection of information required
by new Rule 3Ca–1 will be used by the
Commission to determine whether to
grant the stay of the clearing
requirement sought by a counterparty
and to review whether the clearing
requirement will continue to apply to
the security-based swap (or group,
1 See 15 U.S.C. 78c–3(b)(2)(A) (as added by
Section 763(a) of the Dodd-Frank Act).
2 See Process for Submissions for Review of
Security-Based Swaps for Mandatory Clearing and
Notice Filing Requirements for Clearing Agencies;
Technical Amendments to Rule 19b–4 and Form
19b–4 Applicable to All Self-Regulatory
Organizations, Securities Exchange Act Release No.
67286 (June 28, 2012), 77 FR 41602 (July 13, 2012)
(‘‘Adopting Release’’).
3 See 15 U.S.C. 78c–3(c)(1) (as added by Section
763(a) of the Dodd-Frank Act).
4 See Adopting Release, 77 FR 41618.
E:\FR\FM\25JYR1.SGM
25JYR1
TKELLEY on DSK3SPTVN1PROD with RULES
43488
Federal Register / Vol. 77, No. 143 / Wednesday, July 25, 2012 / Rules and Regulations
category, type, or class of security-based
swaps) referenced in the application for
a stay. 5
After reviewing the collection of
information requirements for the
amendments to Rule 19b–4 and Form
19b–4 and for new Rule 3Ca–1, the
Commission believes that the
procedures for reviewing Security-Based
Swaps Submissions and applications for
a stay from a mandatory clearing
requirement are so closely connected
that the collection of information should
be included in a single submission to
OMB. Specifically, the number of
applications for a stay from a mandatory
clearing requirement will, at least in
part, be dependent on the number of
mandatory clearing determinations the
Commission makes pursuant to a
Security-Based Swap Submission filed
pursuant to Rule 19b–4 and on Form
19b–4.6 In estimating the collection of
information requirement related to new
Rule 3Ca–1, the Commission drew a
comparison between the amount of time
it would take for a clearing agency to
prepare a Security-Based Swap
Submission and the amount of time it
would take a counterparty to prepare an
application of a stay of a clearing
requirement, given that each filing
would likely address similar issues
related to the clearing of the particular
security-based swap.7 In addition, the
Commission believes that an application
for a stay will take less time to prepare
than a new submission, due to the fact
that some of the information addressed
in the application for a stay will have
already been provided with the
Security-Based Swap Submission when
it was published for notice and
comment.8 Accordingly, the
Commission believes that the collection
of information that is required in
connection with a request for a stay
under new Rule 3Ca–1 is interrelated to
the collection of information under Rule
19b–4 and Form 19b–4 and should not
be treated as a separate collection of
information. For that reason, the
Commission has submitted the
collection of information under Rule
3Ca–1 as part of the collection of
information in ‘‘Rule 19b–4 Filings with
Respect to Proposed Rule Changes by
Self-Regulatory Organizations’’ (OMB
Control No. 3235–0045).
Dated: July 19, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012–17985 Filed 7–24–12; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF ENERGY
Federal Energy Regulatory
Commission
18 CFR Part 376
[Docket No. RM12–13–000; Order No. 765]
Continuity of Operations Plan
Federal Energy Regulatory
Commission, DOE.
ACTION: Final rule.
AGENCY:
In this rule the Commission
revises its regulations pertaining to its
Continuity of Operations Plan to allow
the Commission the discretion to better
address not only long-term and
catastrophic events but also short-term
events including loss of power or water.
The rule allows for greater discretion
regarding: the activation and
deactivation of the Continuity of
Operations Plan and any suspension of
Commission operations; the length of
time that the Continuity of Operations
Plan is in effect and the length of time
that Commission operations are
suspended; the deactivation schedule
and the resumption of full Commission
operations; and the rescheduling of
hearings, conferences and meetings. The
rule also adds items to the list of
requirements which are suspended
when Commission operations are
suspended.
DATES: Effective Date: The rule will
become effective July 25, 2012.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Molloy, Office of the General
Counsel, Federal Energy Regulatory
Commission, Room 102–67, 888 First St.
NE., Washington, DC 20426, (202) 502–
8771. Lawrence R. Greenfield, Office of
the General Counsel, Federal Energy
Regulatory Commission, Room 102–15,
888 First St. NE., Washington, DC
20426, (202) 502–6415.
SUPPLEMENTARY INFORMATION:
Before Commissioners: Jon
Wellinghoff, Chairman; Philip D.
Moeller, John R. Norris, Cheryl A.
LaFleur, and Tony T. Clark.
SUMMARY:
Final Rule
(Issued July 19, 2012)
5 See
Adopting Release, 77 FR 41628.
6 See Adopting Release, 77 FR 41634.
7 Id.
8 Id.
VerDate Mar<15>2010
16:20 Jul 24, 2012
Jkt 226001
I. Introduction
1. The Commission’s regulations
pertaining to its Continuity of
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
Operations Plan (COOP) were originally
developed to address emergency
conditions lasting up to 30 days during
which Commission headquarters
operations are disrupted or
communications are unavailable, either
of which may prevent the public or the
Commission from meeting regulatory or
statutory requirements.1 Events such as
the power outage and earthquake that
affected Commission headquarters
operations in 2011 show that the
Commission’s regulations pertaining to
its COOP need to address a wide range
of disruptions during which the
Commission’s headquarters is unable to
function, either in whole or in part, in
the ordinary manner. Accordingly, this
Final Rule revises the Commission’s
regulations pertaining to its COOP to
better address not only longer term and
catastrophic events, but also shorter
term events such as loss of power or
water.
II. Discussion
2. The Commission, in this Final
Rule, adopts revisions to its COOP
regulations. In doing so, however, the
Commission emphasizes that its goal in
the event of an emergency is to continue
operations in as normal a manner as
circumstances allow,2 and, where a full
or partial suspension of agency
operations does occur, to return to full,
normal operations as quickly as
possible.
3. With this approach in mind, this
Final Rule revises the Commission’s
COOP regulations to allow greater
discretion to respond to the varying
situations which may disrupt
Commission headquarters functions.3
This Final Rule recognizes that
Commission headquarters operations
may be temporarily disrupted in whole
or in part, or communications with
Commission headquarters may be
temporarily unavailable, in whole or in
part, due to a variety of causes and for
periods of varying length depending on
1 More information concerning the COOP can be
found on the Commission’s Web site at
www.ferc.gov/coop.asp.
2 For example, teleworking may allow certain
Commission functions to continue in particular
circumstances as if there had been no or only
limited disruption to Commission headquarters
functions. As appropriate in particular
circumstances, such functions may include, for
example, participation by Commission Trial Staff in
informal settlement conferences and discussions in
those proceedings that have been set for trial-type
evidentiary hearing and/or settlement judge
procedures.
3 Notwithstanding the revisions to the
Commission’s COOP regulations adopted here, the
Commission’s goal in the event of an emergency
that requires a full or partial suspension of agency
operations is to return to full, normal operations as
quickly as possible.
E:\FR\FM\25JYR1.SGM
25JYR1
]]>Agencies
[Federal Register Volume 77, Number 143 (Wednesday, July 25, 2012)]
[Rules and Regulations]
[Pages 43487-43488]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-17985]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 77, No. 143 / Wednesday, July 25, 2012 /
Rules and Regulations
[[Page 43487]]
SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 240 and 249
[Release No. 34-67286A; File No. S7-44-10]
RIN 3235-AK87
Process for Submissions for Review of Security-Based Swaps for
Mandatory Clearing and Notice Filing Requirements for Clearing
Agencies; Technical Amendments to Rule 19b-4 and Form 19b-4 Applicable
to All Self-Regulatory Organizations; Correction
AGENCY: Securities and Exchange Commission.
ACTION: Final rule; correction; clarification.
-----------------------------------------------------------------------
SUMMARY: On July 13, 2012, the Securities and Exchange Commission
(``Commission'') published a document in the Federal Register (77 FR
41602), concerning, among other things, the process for submissions for
review of security-based swaps for mandatory clearing and notice filing
requirements for clearing agencies. The document contained
typographical errors in the preamble and in the general authority for
Part 240. The Commission is publishing corrections to the preamble and
the general authority as well as a clarification concerning the Office
of Management and Budget (``OMB'') control number for Rule 3Ca-1 under
the Securities Exchange Act of 1934 (``Exchange Act'').
DATES: Effective on August 13, 2012.
FOR FURTHER INFORMATION CONTACT: Catherine Moore, Senior Special
Counsel, Kenneth Riitho, Special Counsel or Andrew Bernstein, Special
Counsel, at (202) 551-5710; Division of Trading and Markets, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-7010.
SUPPLEMENTARY INFORMATION:
Correction
In the Federal Register of July 13, 2012, in FR Doc. 2012-16233,
the following corrections are made:
0
1. On page, 41627 in the third line of the third column remove ``3''
and add in its place ``10.''
0
2. On page, 41631 in the 40th line of the third column remove ``3'' and
add in its place ``10.''
0
3. On page, 41632 in the 32nd line of the first column remove ``3'' and
add in its place ``10.''
0
4. On page, 41645 in the 23rd line of the third column remove
``Security-Based Swap Submissions'' after the phrase, ``mandate to
submit'' and add in its place ``Advance Notices.''
5. On page, 41646 in the 57th line of the first column remove
``14'' after the phrase, ``resulting in a total annual burden of'' and
add in its place ``16.''
PART 240--[CORRECTED]
0
6. On page 41647, in the 24th line from the bottom of the third column,
the general authority citation for part 240 is corrected to read as
follows:
Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78d, 78e, 78f, 78g,
78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78p,
78q, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-
37, 80b-3, 80b-4, 80b-11, and 7201 et seq.; 18 U.S.C. 1350, 12
U.S.C. 5221(e)(3), and Sec. 939A, Pub. L. 111-203, 124 Stat. 1376,
(2010), unless otherwise noted.
* * * * *
Clarification
On page 41627, in the 14th line from the bottom of the first
column, it states: ``Finally, the Commission has submitted a new
collection of information titled `Rule 3Ca-1 Stay of Clearing
Requirement and Review by the Commission under the Securities Exchange
Act of 1934' to OMB for review in accordance with 44 U.S.C. 3507 and 5
CFR 1320.11. OMB has not yet assigned a control number to the new
collection of information.'' The Commission has submitted the
collection of information under Rule 3Ca-1 as part of the collection of
information in ``Rule 19b-4 Filings with Respect to Proposed Rule
Changes by Self-Regulatory Organizations'' (OMB Control No. 3235-0045),
so a new control number for the information collection request under
Rule 3Ca-1 will not be assigned. We provide below a clarification of
why the information collection request under Rule 3Ca-1 was submitted
under OMB Control No. 3235-0045:
Section 3C of the Exchange Act, as added by Section 763(a) of the
Dodd-Frank Act (``Exchange Act Section 3C'') requires each clearing
agency that plans to accept a security-based swap (or any group,
category, type or class of security-based swaps) for clearing to submit
such security-based swap to the Commission (referred to herein as a
``Security-Based Swap Submission'') for a determination by the
Commission of whether the security-based swap (or any group, category,
type or class of security-based swaps) referenced in the submission is
required to be cleared.\1\ The amendments to Rule 19b-4 and Form 19b-4
will require, among other things, that clearing agencies file Security-
Based Swap Submissions and any related information electronically with
the Commission on Form 19b-4 using the existing Electronic Form 19b-4
Filing System.\2\
---------------------------------------------------------------------------
\1\ See 15 U.S.C. 78c-3(b)(2)(A) (as added by Section 763(a) of
the Dodd-Frank Act).
\2\ See Process for Submissions for Review of Security-Based
Swaps for Mandatory Clearing and Notice Filing Requirements for
Clearing Agencies; Technical Amendments to Rule 19b-4 and Form 19b-4
Applicable to All Self-Regulatory Organizations, Securities Exchange
Act Release No. 67286 (June 28, 2012), 77 FR 41602 (July 13, 2012)
(``Adopting Release'').
---------------------------------------------------------------------------
Exchange Act Section 3C also provides that after making a mandatory
clearing determination, the Commission, on application of a
counterparty to a security-based swap (or group, category, type, or
class of security-based swaps), or on its own initiative, may stay the
clearing requirement.\3\ The Commission adopted new Rule 3Ca-1 to
establish the procedure by which the Commission may stay the
requirement that a security-based swap is subject to mandatory clearing
while the clearing of the security-based swap is reviewed.\4\ The
collection of information required by new Rule 3Ca-1 will be used by
the Commission to determine whether to grant the stay of the clearing
requirement sought by a counterparty and to review whether the clearing
requirement will continue to apply to the security-based swap (or
group,
[[Page 43488]]
category, type, or class of security-based swaps) referenced in the
application for a stay. \5\
---------------------------------------------------------------------------
\3\ See 15 U.S.C. 78c-3(c)(1) (as added by Section 763(a) of the
Dodd-Frank Act).
\4\ See Adopting Release, 77 FR 41618.
\5\ See Adopting Release, 77 FR 41628.
---------------------------------------------------------------------------
After reviewing the collection of information requirements for the
amendments to Rule 19b-4 and Form 19b-4 and for new Rule 3Ca-1, the
Commission believes that the procedures for reviewing Security-Based
Swaps Submissions and applications for a stay from a mandatory clearing
requirement are so closely connected that the collection of information
should be included in a single submission to OMB. Specifically, the
number of applications for a stay from a mandatory clearing requirement
will, at least in part, be dependent on the number of mandatory
clearing determinations the Commission makes pursuant to a Security-
Based Swap Submission filed pursuant to Rule 19b-4 and on Form 19b-
4.\6\ In estimating the collection of information requirement related
to new Rule 3Ca-1, the Commission drew a comparison between the amount
of time it would take for a clearing agency to prepare a Security-Based
Swap Submission and the amount of time it would take a counterparty to
prepare an application of a stay of a clearing requirement, given that
each filing would likely address similar issues related to the clearing
of the particular security-based swap.\7\ In addition, the Commission
believes that an application for a stay will take less time to prepare
than a new submission, due to the fact that some of the information
addressed in the application for a stay will have already been provided
with the Security-Based Swap Submission when it was published for
notice and comment.\8\ Accordingly, the Commission believes that the
collection of information that is required in connection with a request
for a stay under new Rule 3Ca-1 is interrelated to the collection of
information under Rule 19b-4 and Form 19b-4 and should not be treated
as a separate collection of information. For that reason, the
Commission has submitted the collection of information under Rule 3Ca-1
as part of the collection of information in ``Rule 19b-4 Filings with
Respect to Proposed Rule Changes by Self-Regulatory Organizations''
(OMB Control No. 3235-0045).
---------------------------------------------------------------------------
\6\ See Adopting Release, 77 FR 41634.
\7\ Id.
\8\ Id.
Dated: July 19, 2012.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2012-17985 Filed 7-24-12; 8:45 am]
BILLING CODE 8011-01-P
