Rule of Practice 194

Forms and Documents

Document Name	Status
Rule 194 PRA Justification (12.21.2018).pdf Supporting Statement A	2019-02-19

IC Document Collections

IC ID	Document Title	Status
218702	Notices - Entities	Removed
218701	Notices	Modified
218700	Applications - Entities	Removed
218699	Applications	Modified

ICR Details

OMB Control No: 3235-0733	ICR Reference No: 201812-3235-008
Status: Active	Previous ICR Reference No: 201510-3235-015
Agency/Subagency: SEC	Agency Tracking No: TM-270-780
Title: Rule of Practice 194
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/17/2019
	Date Received in OIRA: 02/19/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2022	36 Months From Approved
Responses	10	0	0
Time Burden (Hours)	180	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Rule of Practice 194 provides a process for a registered security-based swap dealer or major security-based swap participant to make an application to the Commission for an order permitting an associated person that is a natural person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the security-based swap dealer or major security-based swap participant.

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Authorizing Statute(s): US Code: 15 USC 78o-10(b)(6) Name of Law: Securities Exchange Act of 1934
   US Code: 15 USC 78o-10(b)(4) Name of Law: Securities Exchange Act of 1934
   PL: Pub.L. 111 - 203 764(a) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: US Code: 15 USC 78o-10(b)(4) Name of Law: Securities Exchange Act of 1934
US Code: 15 USC 78o-10(b)(6) Name of Law: Securities Exchange Act of 1934

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL76	Final or interim final rulemaking	84 FR 4906	02/19/2019

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Applications - Entities
Notices - Entities
Notices
Applications

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	10	0	14	-4	0	0
Annual Time Burden (Hours)	180	0	251	-71	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Commission previously submitted the burdens for review when Rule 194 was proposed. Now that we have adopted the final rule, we increased one burden and removed two burdens that were previously included in the proposed rule. The Commission increased the burden for filing notices from 3 hours to 6 hours per notice to reflect that it may take an SBS Entity, especially one doing this for the first time, longer to research the questions, complete and file a notice than the proposed 3 hours per notice. The Commission removed two burdens for applications and notices filed by "associated person" entities because we did not adopt these information collections in the final rule in order to more closely harmonize with the CFTC’s approach and, as noted by one commenter, to reduce potential disruptions to the business of SBS Entities, even temporary disruptions, which could lead to market disruption. NOTE: This is a new rule being adopted pursuant to amendments in the Dodd-Frank Act. Accordingly, our burden estimates in the ROCIS submission for the proposed rule were designated as a program change due to a new statute. However, when we modified these estimates in this submission, the changes were automatically categorized by ROCIS as a program change due to agency discretion. As a result, the "Request" column in the summary table reflects the burdens we are requesting in the final rule; the "New Statute" column reflects the burdens we previously submitted as part of the proposed rule; and the "Agency Discretion" reflects the changes in burden from the proposed to final rule.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/19/2019

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