April 22, 2019

SEC is soliciting comments on the collection of information provided for in Business Conduct Standards (BCS) for security-based swap (SBS) dealers and major security-based swap participants, under the Securities Exchange Act of 1934. SEC plans to submit this collection of information to the Office of Management and Budget (OMB) for extension and approval. Comments are requested to be submitted within 60 days of publication in Federal Register.

To implement the Dodd-Frank Act, SEC, in 2016, adopted the BCS rules for security-based swap dealers and major security-based swap participants that are designed to enhance transparency, facilitate informed customer decision-making, and heighten standards of professional conduct to better protect investors. These rules constitute a comprehensive set of business conduct standards and chief compliance officer requirements applicable to security-based swap entities. The information that must be collected pursuant to the BCS rules is intended to increase accountability and transparency in the market. The information will, therefore, help establish a framework that protects investors and promotes efficiency, competition, and capital formation. Comments are invited on the following issues:

  • Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility
  • Accuracy of the SEC estimate on the burden of the proposed collection of information
  • Ways to enhance the quality, utility, and clarity of the information to be collected
  • Ways to minimize the burden of the information collection on respondents, including through the use of automated collection techniques or other forms of information technology

 

Related Link: Federal Register Notice

Comment Due Date: June 21, 2019

Keywords: Americas, US, Banking, Securities, Information Collection, BCS Rule, Security-Based Swaps, Swap Dealers, Swap Participants, Dodd-Frank Act, Business Conduct, SEC

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