SEC has submitted to the Office of Management and Budget (OMB) a request for approval of extension of the previously approved collection of information provided for in the Business Conduct Standards (BCS) for security-based swap dealers and major security-based swap participants, under the Securities Exchange Act of 1934.
As required by Title VII of the Dodd-Frank Act, new section 15F(h) of the Exchange Act established business conduct standards for security-based swap dealers and major security-based swap participants (collectively security-based swap entities) in their dealings with counterparties, including special entities. In 2016, to implement the Dodd-Frank Act, SEC adopted the Business Conduct Standards rules for security-based swap dealers and major security-based swap participantsThese 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 rules are designed to enhance transparency, facilitate informed customer decision-making, and heighten standards of professional conduct to better protect investors. The information will, therefore, help establish a framework that protects investors and promotes efficiency, competition, and capital formation.
Related Link: Federal Register Notice
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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