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.
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 CFTCâs 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.
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.
Rule 194 PRA Justification (12.21.2018).pdf
Notices - Entities