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)