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
BCS Supporting Statement 2023 Proposed Partial Revision.pdf	Supporting Statement A	Uploaded 2023-05-24	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
260352	15fk-1 (initial burden for electronic submission)		New
221698	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (New Market Participants)		Unchanged
221697	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Existing Market Participants)		Unchanged
221696	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Counterparties)		Unchanged
221695	15Fh-3(b), (c), (d) - Disclosures - SBS Entities Transactions Between SBS Dealer and Non-SBSD Counterparty		Unchanged
221694	15Fh-3(a) - Verification of Status - Certificate Regarding Representations (Counterparties)		Unchanged
221693	15Fh-3(a) - Verification of Status - Notice (SBS Entities)		Unchanged
221692	15Fh-3(a) - Verification of Status - Adherence Letter (SBS Participants)		Unchanged
218480	15Fk-1 - Chief Compliance Officer (ongoing burden)		Modified
218479	15Fh-6 - Political Contributions		Unchanged
218476	15Fh-5 - SBS Entities Acting as Counterparties to Special Entities		Unchanged
218475	15Fh-5 - SBS Entities Acting as Counterparties to Special Entities		Unchanged
218474	15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities (Unique Pairs)		Unchanged
218473	15Fh-2(a) and 15Fh-4 - SBS Dealers Acting as Advisors to Special Entities		Unchanged
218472	15Fh-3(h) - Supervision		Unchanged
218470	15Fh-3(g) - Fair and Balanced Communications		Unchanged
218469	15Fh-3(e), (f) - Know Your Counterparty and Recommendations (SBS Dealers)		Unchanged
218468	15Fh-3(b), (c), (d) - Disclosures - SBS Entities		Unchanged
218467	15Fh-3(a) - Verification of Status		Unchanged

ICR Details

OMB Control No: 3235-0732	ICR Reference No: 202305-3235-014
Status: Historical Inactive	Previous ICR Reference No: 202201-3235-011
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: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 07/19/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/25/2023
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2025	05/31/2025	11/30/2025
Responses	233,126	0	233,126
Time Burden (Hours)	486,535	0	486,535
Cost Burden (Dollars)	1,812,800	0	1,812,800

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Abstract: The Commission recently proposed amendments to Rule 15fk-1 that would require the CCO report to be submitted to the Commission electronically through the EDGAR system as an Interactive Data File in accordance with Rule 405 of Regulation S-T (17 CFR §232.405) within 30 days following the deadline for filing the security-based swap dealer’s or major security-based swap participant’s annual financial report with the Commission pursuant to section 15F of the Exchange Act and rules and regulations thereunder. This amendment to Rule 15fk-1 only governs the manner in which the CCO Annual Report is submitted to the Commission.

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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:
3235-AL85	Proposed rulemaking	88 FR 23920	04/18/2023

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 19

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-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 (ongoing burden)
15fk-1 (initial burden for electronic submission)

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Commission recently proposed amendments that would affect the information collection in Rule 15fk-1. In connection with the proposed rule amendment, we are proposing to would rename and increase the hour and cost burdens for one existing IC in this ICR, titled Rule 15Fk-1 - Chief Compliance Officer (ongoing burden). We are also proposing to add a new IC to this ICR, titled 15Fk-1 - Chief Compliance Officer (initial burden for electronic submissions) that has both hour and cost burdens. These proposed revisions are discussed in more detail in the attached Supporting Statement.

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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? No

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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: 05/25/2023

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