Submission for OMB Review; Comment Request; Extension: Rule 18a-10, 104252 [2024-30366]

Download as PDF 104252 Federal Register / Vol. 89, No. 245 / Friday, December 20, 2024 / Notices available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR–BX–2024–057 and should be submitted on or before January 10, 2025. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–30354 Filed 12–19–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [OMB Control No. 3235–0785] ddrumheller on DSK120RN23PROD with NOTICES1 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 securitybased 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 18 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 20:12 Dec 19, 2024 Jkt 265001 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 30day 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 https://www.reginfo.gov/ public/do/PRAViewICR?ref_ nbr=202409-3235-002 or email comments to MBX.OMB.OIRA.SEC_ desk_officer@omb.eop.gov. 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 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–441, OMB Control No. 3235–0497] Submission for OMB Review; Comment Request; Extension: Rule 15c3–4 Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, PO 00000 Frm 00181 Fmt 4703 Sfmt 4703 100 F Street NE, Washington, DC 20549–2736 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (‘‘PRA’’), 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 15c3–4 (17 CFR 240.15c3–4) (the ‘‘Rule’’) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 15c3–4 requires certain brokerdealers that are registered with the Commission as OTC derivatives dealers, or who compute their net capital charges under Appendix E to Rule 15c3–1 (17 CFR 240.15c3–1) (‘‘ANC firms’’), to establish, document, and maintain a system of internal risk management controls. In addition, security-based swap dealers (‘‘SBSDs’’) must comply with Rule 15c3–4 as if they were OTC derivatives dealers. The Rule sets forth the basic elements for an OTC derivatives dealer, an ANC firm, or an SBSD to consider and include when establishing, documenting, and reviewing its internal risk management control system, which is designed to, among other things, ensure the integrity of an OTC derivatives dealer’s, an ANC firm’s or an SBSD’s risk measurement, monitoring, and management process, to clarify accountability at the appropriate organizational level, and to define the permitted scope of the firm’s activities and level of risk. The Rule also requires that management of an OTC derivatives dealer, an ANC firm, or an SBSD must periodically review, in accordance with written procedures, the firm’s business activities for consistency with its risk management guidelines. The staff estimates that the average amount of time a new firm subject to Rule 15c3–4 will spend establishing and documenting its risk management control system is approximately 2,000 hours (666.666667 hours per year when annualized over three years) and that, on average, an existing firm subject to Rule 15c3–4 will spend approximately 200 hours each year to maintain (e.g., reviewing and updating) its risk management control system. Currently, seventeen firms are required to comply with Rule 15c3–4. The staff estimates that approximately six new additional firms may become subject to the requirements of Rule 15c3–4 within the next three years. Thus, the estimated annual burden would be 3,400 hours for the seventeen existing firms currently required to comply with Rule 15c3–4 to maintain their risk management control E:\FR\FM\20DEN1.SGM 20DEN1

Agencies

[Federal Register Volume 89, Number 245 (Friday, December 20, 2024)]
[Notices]
[Page 104252]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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 https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202409-3235-002 or email comments to 
[email protected].

    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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