As required by Title VII of the
Dodd-Frank Act, the new section 15F(h) of the Exchange Act will
establish business conduct standards for security-based swap
("SBS") dealers and major security-based swap participants in their
dealings with counterparties, including special entities. The
proposed rules also establish regulations for the chief compliance
officer functions within an SBS dealer or major SBS participant.
The Commission has also included certain other business conduct
requirements for SBS dealers that we believe further the principles
that underlie the Dodd-Frank Act.
The estimated annual hour
burden has decreased from 1,260,260 hours to 554,823 hours and the
estimated annual cost burden has decreased from $10,973,333 to
$2,138,000, a decrease of approximately 705,437 hours and
$8,835,333 respectively. The primary reason for the reduction in
burdens is the elimination of one-time initial hour and cost
burdens. All one-time initial burdens have already been incurred
and all current burden estimates reflect only ongoing hour and cost
burdens. A decrease in the estimate of the number of certain
entities and transactions and the amount of certain costs has also
contributed to the reduction in burdens.
No
No
No
No
Yes
No
Uncollected
Denise Landers 202 551-5544
landersd@sec.gov
No
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:
(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;
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.
FINAL FINAL DGL REVISED 2019 BCS Supporting Statement.pdf
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (New Market Participants)