Notice2024-30366
Submission for OMB Review; Comment Request; Extension: Rule 18a-10
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 20, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 245 (Friday, December 20, 2024)</title>
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[Federal Register Volume 89, Number 245 (Friday, December 20, 2024)]
[Notices]
[Page 104252]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30366]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0785]
Submission for OMB Review; Comment Request; Extension: Rule 18a-
10
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and
Exchange Commission (``Commission'') 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 Rule
18a-10 (17 CFR 240.18a-10), under the Securities Exchange Act of 1934
(15 U.S.C. 78a et seq.).
Exchange Act Rule 18a-10 provides an alternative compliance
mechanism pursuant to which stand-alone security-based swap dealers
(``SBSDs'') registered as a swap dealer that predominantly engages in a
swaps business, and that meet certain conditions set forth in the rule,
may elect to comply with the capital, margin, segregation,
recordkeeping, and reporting requirements of the Commodity Exchange Act
(``CEA'') and the U.S. Commodity Futures Trading Commission's
(``CFTC'') rules in lieu of complying with SEC Rules 18a-1, and 18a-3
through 18a-9. Rule 18a-10 requires the firm to provide a written
disclosure to its counterparties after it begins operating pursuant to
the rule. Furthermore, Rule 18a-10 requires the firm to immediately
notify the Commission and the CFTC in writing if it fails to meet a
condition in the rule.
There are currently two stand-alone SBSDs operating pursuant to the
alternative compliance mechanism. The Commission estimates that these
two stand-alone SBSDs will each spend 5 hours per year updating the
disclosure language required under paragraph (b)(2) of Rule 18a-10, and
that one of these stand-alone SBSDs will file the notice with the
Commission required under paragraph (b)(3) of Rule 18a-10, which will
impose a burden of 5 minutes per year. Consequnenty, the Commission
estimates that the total hour burden under Rule 18a-9 is approximately
11 hours per year. Since the last approval of this information
collection, the estimated total burden hours per year has decreased due
to a decrease in the estimated number of respondents subject to the
requirements of the Rule and as a result of certain initial burdens no
longer applying.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
Public Comment Instructions: The 30-day public comment period for
this information collection request closes at the end of the day on
January 21, 2025. The public may view the full information request and
submit comments at <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202409-3235-002">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202409-3235-002</a> or email comments to
<a href="/cdn-cgi/l/email-protection#eea3acb6c0a1a3acc0a1a7bcafc0bdabadb18a8b9d85b1818888878d8b9cae81838cc08b819ec0898198"><span class="__cf_email__" data-cfemail="49040b116706040b6706001b08671a0c0a162d2c3a2216262f2f202a2c3b0926242b672c2639672e263f">[email protected]</span></a>.
Dated: December 16, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-30366 Filed 12-19-24; 8:45 am]
BILLING CODE 8011-01-P
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