Business Conduct Standards
for Security-Based Swap Dealers and Major Security-Based Swap
Participants
Extension without change of a currently approved collection
No
Regular
07/19/2022
Requested
Previously Approved
36 Months From Approved
09/30/2022
233,126
234,034
486,535
554,823
1,812,800
2,138,000
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 554,823 hours to 486,535 hours and the
estimated annual cost burden has decreased from $2,138,000 to
$1,812,800, a decrease of approximately 68,288 hours and $325,200
respectively. The primary reason for the reduction in burdens is
the reduction in the estimated number of respondents (e.g., the
estimated number of SBS Entities decreased from 55 to 44).
Decreases in the estimates of the number of certain entities and
transactions have also contributed to the reduction in
burdens.
No
No
No
No
Yes
No
No
Denise Landers 202
551-5544
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.
3235-0732.pdf
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (New Market Participants)