SEC Proposes Collection on BCS Rules for SBS Dealers and Participants
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
Previous Article
OJK Consults on Leverage Ratio for Commercial BanksRelated Articles
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.