View Information Collection Request (ICR) Package
Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
202201-3235-011
Status:
Historical Active
Previous ICR Reference No:
201812-3235-004
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:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/13/2022
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/19/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2025
36 Months From Approved
09/30/2022
Responses
233,126
0
234,034
Time Burden (Hours)
486,535
0
554,823
Cost Burden (Dollars)
1,812,800
0
2,138,000
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):
PL:
Pub.L. 111 - 203 764(a)
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 78a et seq.
Name of Law: Securities Exchange Act of 1934
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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
87 FR 29411
05/13/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 43082
07/19/2022
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-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
233,126
234,034
0
0
-908
0
Annual Time Burden (Hours)
486,535
554,823
0
0
-68,288
0
Annual Cost Burden (Dollars)
1,812,800
2,138,000
0
0
-325,200
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:
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.
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.
No
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?
No
Agency Contact:
Denise Landers 202 551-5544
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:
07/19/2022
An official website of the United States government
The .gov means it's official.
The site is secure.
