Notice2025-18119
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 194
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
September 19, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 180 (Friday, September 19, 2025)</title>
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[Federal Register Volume 90, Number 180 (Friday, September 19, 2025)]
[Notices]
[Pages 45297-45298]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18119]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0733]
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Extension: Rule 194
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'' or ``SEC'') is submitting to the Office of
Management and Budget (``OMB'') this request for Extension of the
proposed collection of information for Commission Rule of Practice 194,
(17 CFR 240.194), under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.).
Rule of Practice 194 provides a process for security-based swap
dealers and major security-based swap participants (collectively, ``SBS
Entity'') to make an application to the Commission for an order
permitting an
[[Page 45298]]
associated person who is subject to a statutory disqualification to
effect or be involved in effecting security-based swaps on behalf of
the SBS Entity. Rule of Practice 194 specifies the process for
obtaining relief from the statutory prohibition in Exchange Act Section
15F(b)(6), including by setting forth the required showing, the form of
application and the items to be addressed with respect to associated
persons that are natural persons. An SBS Entity is not required to file
an application under Rule of Practice 194 with respect to certain
associated persons that are subject to a statutory disqualification, as
provided for in paragraph (h) of Rule of Practice 194. To meet those
requirements, however, the SBS Entity is required to file a notice with
the Commission.
55 SBS Entities in total are currently registered with the
Commission.\1\ The Commission anticipates that, on an average annual
basis, only a small fraction of the natural persons at an SBS Entity
would be subject to a statutory disqualification. Accordingly, based on
our experience working with Rule of Practice 194, the Commission
estimates that, on an average annual basis, the Commission would
receive up to one application in accordance with Rule of Practice 194
with respect to associated persons that are natural persons, and up to
three notices pursuant to proposed Rule of Practice 194(h) with respect
to associated persons that are natural persons.\2\ The Commission
estimates that the average time necessary for an SBS Entity to research
the questions, and complete and file an application under Rule of
Practice 194 with respect to associated persons that are natural
persons is approximately 30 hours, for a total of approximately 30
burden hours per year for all SBS Entities. The Commission estimates
that up to three SBS Entities will provide notices pursuant to Rule of
Practice 194(h) for one natural person each on an average annual basis
taking approximately 6 hours per notice, for a total of approximately
18 burden hours per year for all SBS Entities providing the notices for
an estimated three natural persons. As such, the combined estimated
annual hour burden for all SBS Entities to complete applications and
notices pursuant to Rule of Practice 194 is approximately 48 hours per
year (30 + 18).
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\1\ See SEC, List of Security-Based Swap Dealers and Major
Security-Based Swap Participants, available at <a href="https://www.sec.gov/files/tm-sbsd-msbsp-pax-list-2412.pdf">https://www.sec.gov/files/tm-sbsd-msbsp-pax-list-2412.pdf</a>.
\2\ While we previously estimated that we might receive as many
as five applications and five notices from SBS Entity respondents in
a given year, our experience since making this estimate has led us
to revise down this expectation. Since the first registration of an
SBS Entity with the Commission on October 27, 2021, the Commission
has only received three notices and one application under Rule of
Practice 194. See SEC, Applications and Notices by Security-Based
Swap Dealers or Major Security-Based Swap Participants for
Statutorily Disqualified Associated Persons to Effect or Be Involved
in Effecting Security-Based Swap Transactions (Rule of Practice 194)
(``Rule 194 Approval Orders and Notices Database''), available at
<a href="https://www.sec.gov/rule-practice-194-applications-and-notices">https://www.sec.gov/rule-practice-194-applications-and-notices</a>.
Based on this and related discussions with registered SBS Entities,
we do not expect the number of applications and notices to exceed
these figures on an annual basis.
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An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number.
Written comments are invited on: (a) whether this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
The public may view and comment on this information collection
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202507-3235-004">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202507-3235-004</a> or email comment to
<a href="/cdn-cgi/l/email-protection#fbb6b9a3d5b4b6b9d5b4b2a9bad5a8beb8a49f9e8890a4949d9d92989e89bb949699d59e948bd59c948d"><span class="__cf_email__" data-cfemail="d79a958ff9989a95f9989e8596f984929488b3b2a4bc88b8b1b1beb4b2a597b8bab5f9b2b8a7f9b0b8a1">[email protected]</span></a> within 30 days of the day
after publication of this notice, by October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-18119 Filed 9-18-25; 8:45 am]
BILLING CODE 8011-01-P
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