Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FINAL FINAL DGL REVISED 2019 BCS Supporting Statement.pdf	Supporting Statement A	Uploaded 2019-07-23	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
221698	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (New Market Participants)		Modified
221697	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Existing Market Participants)		Modified
221696	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Counterparties)		Modified
221695	15Fh-3(b), (c), (d) - Disclosures - SBS Entities Transactions Between SBS Dealer and Non-SBSD Counterparty		Modified
221694	15Fh-3(a) - Verification of Status - Certificate Regarding Representations (Counterparties)		Modified
221693	15Fh-3(a) - Verification of Status - Notice (SBS Entities)		Modified
221692	15Fh-3(a) - Verification of Status - Adherence Letter (SBS Participants)		Modified
218480	15Fk-1 - Chief Compliance Officer		Modified
218479	15Fh-6 - Political Contributions		Modified
218476	15Fh-5 - SBS Entities Acting as Counterparties to Special Entities		Modified
218475	15Fh-5 - SBS Entities Acting as Counterparties to Special Entities		Modified
218474	15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities (Unique Pairs)		Modified
218473	15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities		Modified
218472	15Fh-3(h) - Supervision		Modified
218470	15Fh-3(g) - Fair and Balanced Communications		Modified
218469	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (SBS Dealers)		Modified
218468	15Fh-3(b), (c), (d) - Disclosures - SBS Entities		Modified
218467	15Fh-3(a) - Verification of Status		Modified

ICR Details

OMB Control No: 3235-0732	ICR Reference No: 201812-3235-004
Status: Active	Previous ICR Reference No: 201605-3235-009
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: 09/30/2019
	Date Received in OIRA: 07/24/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2022	36 Months From Approved	09/30/2019
Responses	234,034	0	456,255
Time Burden (Hours)	554,823	0	1,260,260
Cost Burden (Dollars)	2,138,000	0	10,973,333

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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.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 16753	04/22/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 34978	07/19/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 18

table that charts list of burden

IC Title	Form No.	Form Name
15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities
15Fh-3(b), (c), (d) - Disclosures - SBS Entities
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (SBS Dealers)
15Fh-3(g) - Fair and Balanced Communications
15Fh-3(a) - Verification of Status
15Fh-3(h) - Supervision
15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities (Unique Pairs)
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
15Fh-3(a) - Verification of Status - Adherence Letter (SBS Participants)
15Fh-3(a) - Verification of Status - Notice (SBS Entities)
15Fh-3(a) - Verification of Status - Certificate Regarding Representations (Counterparties)
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)

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ICR Summary of Burden

table that charts list 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	234,034	456,255	0	0	-222,221	0
Annual Time Burden (Hours)	554,823	1,260,260	0	0	-705,437	0
Annual Cost Burden (Dollars)	2,138,000	10,973,333	0	0	-8,835,333	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 1,260,260 hours to 554,823 hours and the estimated annual cost burden has decreased from $10,973,333 to $2,138,000, a decrease of approximately 705,437 hours and $8,835,333 respectively. The primary reason for the reduction in burdens is the elimination of one-time initial hour and cost burdens. All one-time initial burdens have already been incurred and all current burden estimates reflect only ongoing hour and cost burdens. A decrease in the estimate of the number of certain entities and transactions and the amount of certain costs has also contributed to the reduction in burdens.

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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.     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? 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: 07/24/2019

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