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Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Rules and Regulations
H. 37.1501gDelegation of Authority 221
Existing 37.1501hDelegation of authoritydelegates the authority to grant or deny a SEFs request for an extension of time to file its ACR to the Director of DMO.222 In addition to renumbering this provision based on the amendments described above, the Commission proposed to adopt additional, technical amendments that conform to the proposed amendments to the Core Principle 15 regulations discussed above. The Commission received no comments on the proposal and is adopting the amendments as proposed.
V. Related Matters A. Regulatory Flexibility Act The Regulatory Flexibility Act RFA requires federal agencies, in promulgating rules, to consider the impact of those rules on small entities.223 The Commission has previously established certain definitions of small entities to be used by the Commission in evaluating the impact of its rules on small entities in accordance with the RFA.224 The changes to part 37 adopted herein would have a direct effect on the operations of SEFs. The Commission has previously certified that SEFs 225 are not small entities for purpose of the RFA. Accordingly, the Commission does not believe the Final Rules will have a significant economic impact on a substantial number of small entities.
Therefore, the Chairman, on behalf of the Commission, pursuant to 5 U.S.C.
605b, hereby certifies that the Final Rules will not have a significant economic impact on a substantial number of small entities.
B. Paperwork Reduction Act
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1. Background The Paperwork Reduction Act of 1995
PRA 226 imposes certain requirements on Federal agencies including the Commission in connection with their conducting or sponsoring a collection of information as defined by the PRA. An agency may not conduct or sponsor, and a person is not required to respond to, a collection 221 The Commission is renumbering existing 37.1501h to 37.1501g.
222 17 CFR 37.1501h.
223 See 5 U.S.C. 601 et seq.
224 See Policy Statement and Establishment of Small Entities for purposes of the Regulatory Flexibility Act, 47 FR 18618 Apr. 30, 1982.
225 Core Principles and Other Requirements for Swap Execution Facilities, 78 FR 33476, 33548
June 4, 2013.
226 44 U.S.C. 3501 et seq.

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of information unless it displays a currently valid control number issued by the Office of Management and Budget OMB.
The rule amendments adopted herein will result in the revision of a collection of information for which the Commission has previously received a control number from OMB: OMB
Control Number 30380074, Core Principles and Other Requirements for Swap Execution Facilities. The responses to this collection of information are mandatory.
The Commission did not receive any comments regarding its PRA burden analysis in the preamble to the notice of proposed rulemaking. The Commission is revising information collection number 30380074 to reflect the adoption of amendments to part 37 of its regulations, as discussed below, but does not believe the regulations as adopted impose any other new collections of information that require approval of OMB under the PRA.
2. New Information Collection Requirements and Related Burden Estimates 227
Currently, there are approximately 19
SEFs registered with the Commission that may be impacted by this rulemaking and, in particular, the collection of information contained herein and discussed below.
i. Audit Trail Requirements Related to Post-Execution Allocation Information Existing 37.205a requires a SEF to capture and retain all audit trail data necessary to detect, investigate, and prevent customer and market abuses.
Existing 37.205b2iv requires a SEFs audit trail program to include an electronic transaction history database that identifies, among other things, each account to which order fills are allocated. The Commission proposed to eliminate the requirements in 37.205a and b2iv that a SEF
capture post-execution allocation information in its audit trail. Instead, the Commission proposed to require that SEFs capture in their audit trail information only through execution on the SEF. The Commission is adopting the amendments as proposed.
227 This discussion does not include information collection requirements that are included under other Commission regulations and related OMB
control numbers. Specifically, the discussion does not include OMB control number 30380052, which covers, among other things, information collections arising in part 38 other than the information collections related to 38.12 or OMB
control number 30380099, which covers the information collections related to the available to trade determination MAT determination process under 37.10 and 38.12.

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As noted in the Proposed Rules, to the extent that the Commission is providing SEFs with greater discretion in fulfilling their information collection obligations with respect to audit trail requirements under 37.205, the Commission estimates and assumes SEFs will continue to fulfill their information collection burdens in a manner similar to the status quo. Accordingly, amended 37.205a and b will not substantively or materially affect a SEFs total information collection burden hours. With respect to 37.205a, the Commissions proposal to eliminate such information collections will not result in a net change to a SEFs aggregate burden hours because the 2016 Part 37 PRA Renewal already considered such relief and noncompliance with such requirements in its revised estimate.
ii. Financial Resources Requirements Core Principle 13 requires a SEF to have adequate financial, operational, and managerial resources to discharge its responsibilities. To achieve financial resource adequacy, a SEF must maintain financial resources sufficient to cover its operating costs for a period of at least one year, calculated on a rolling basis.
The Commission implemented Core Principle 13 by adopting 37.1301
through 37.1307 to specify: i The eligible types of financial resources that may be counted toward compliance 37.1302; ii the computation of projected operating costs 37.1303;
iii valuation requirements 37.1304;
iv a liquidity requirement for those financial resources that is equal to six months of a SEFs operating costs 37.1305; and v reporting obligations 37.1306. These regulations are intended to ensure that a SEF has financial strength sufficient to discharge its responsibilities, maintain market continuity, and withstand unpredictable market events.
The Commission proposed several amendments to the Core Principle 13
regulations to achieve a better balance between ensuring SEF financial stability, promoting SEF growth and innovation, and reducing unnecessary costs. The proposed rules: i Clarify the scope of operating costs that a SEF must cover with adequate financial resources;
ii set forth acceptable practices, based on existing Commission staff guidance, that address the discretion that a SEF
has when calculating projected operating costs pursuant to proposed 37.1304; iii amend the existing sixmonth liquidity requirement for financial resources held by a SEF; and iv streamline requirements with respect to financial reports filed with
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