View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0732
ICR Reference No:
201605-3235-009
Status:
Historical Active
Previous ICR Reference No:
201510-3235-002
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-779
Title:
Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
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:
08/17/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/16/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2019
36 Months From Approved
Responses
456,255
0
0
Time Burden (Hours)
1,260,260
0
0
Cost Burden (Dollars)
10,973,333
0
0
Abstract:
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.
Authorizing Statute(s):
US Code:
15 USC 78a et seq.
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:
PL: Pub.L. 111 - 203 764(a) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AL10
Final or interim final rulemaking
81 FR 29959
05/13/2016
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
18
IC Title
Form No.
Form Name
15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities
15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities (Unique Pairs)
15Fh-3(a) - Verification of Status
15Fh-3(a) - Verification of Status - Adherence Letter (SBS Participants)
15Fh-3(a) - Verification of Status - Certificate Regarding Representations (Counterparties)
15Fh-3(a) - Verification of Status - Notice (SBS Entities)
15Fh-3(b), (c), (d) - Disclosures - SBS Entities
15Fh-3(b), (c), (d) - Disclosures - SBS Entities Transactions Between SBS Dealer and Non-SBSD Counterparty
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Counterparties)
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Existing Market Participants)
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (New Market Participants)
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (SBS Dealers)
15Fh-3(g) - Fair and Balanced Communications
15Fh-3(h) - Supervision
15Fh-5 - SBS Entities Acting as Counterparties to Special Entities
15Fh-5 - SBS Entities Acting as Counterparties to Special Entities
15Fh-5 - SBS Entities Acting as Counterparties to Special Entities
15Fh-6 - Political Contributions
15Fk-1 - Chief Compliance Officer
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
456,255
0
456,255
0
0
0
Annual Time Burden (Hours)
1,260,260
0
1,260,260
0
0
0
Annual Cost Burden (Dollars)
10,973,333
0
10,973,333
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This is a new collection of information.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
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
Agency Contact:
Stacy Puente 202 551-5443
Common Form ICR:
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:
(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:
05/25/2016
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