SEC Proposes Collection on BCS Rules for SBS Dealers and Participants

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