Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
Extension without change of a currently approved collection
No
Regular
Approved with change
11/14/2025
08/07/2025
OMB understands that SEC is in the process of revising its methodologies to estimate annualized costs to the Federal government for all its relevant collections of information. OMB anticipates that future extensions of this OMB control number will reflect the revised methodologies. Supporting statement updated during OMB review.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
11/30/2028
36 Months From Approved
11/30/2025
486
0
233,126
535,595
0
486,535
2,522,058
0
1,812,800
As required by Title VII of the Dodd-Frank Act, Section 15F(h) of the Exchange Act established business conduct standards for security-based swap ("SBS") dealers and major security-based swap participants in their dealings with counterparties, including special entities. Exchange Act Rules 15Fh-1 through 15Fh-6 and 15Fk-1 implemented the business conduct standards requirements for SBS dealers that we believe further the principles that underlie the Dodd-Frank Act, and established regulations for the chief compliance officer functions within an SBS dealer or major SBS participant.
The estimated annual hour burden has increased from 486,535 hours to 535,595 hours and the estimated annual cost burden has increased from $1,812,800 to $2,522,058, an increase of approximately 49,060 hours and $709,258 respectively. The primary reason for the increase in burdens is the increase in the estimated number of respondents (e.g., the estimated number of SBS Entities increased from 44 to 53). An increase in the number of transactions (e.g., the number of trades requiring disclosures) have also contributed to the increase in burdens. As discussed above, all one-time initial burdens have already been incurred and all current burden estimates reflect only ongoing hour and cost burdens.
No
No
No
No
Yes
No
No
Patrick Bloomstine 202 551-4453
Reginfo record details
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:
(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.
20250806_3235-0732_2025-14852_90 FR 37907_30-Day Submission Notice.pdf.pdf
15Fh-3(e), (f) - Know Your Counterparty and Recommendations (Market Participants)