[Federal Register Volume 87, Number 134 (Thursday, July 14, 2022)]
[Notices]
[Pages 42221-42222]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-14995]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-780, OMB Control No. 3235-0733]


Proposed Collection; 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'') is soliciting comments on the existing 
collection of information provided for in Commission Rule of Practice 
194, (17 CFR 240.194), under the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.). The Commission plans to submit this existing 
collection of information to the Office of Management and Budget 
(``OMB'') for extension and approval.
    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 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.
    It is estimated that approximately 50 entities may fit within the 
definition of security-based swap dealer and up to five entities may 
fit within the definition of major security-based swap participant--55 
SBS Entities in total. 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 available data, the Commission estimates that, on an average 
annual basis, the Commission would receive up to five applications in 
accordance with Rule of Practice 194 with respect to associated persons 
that are natural persons, and five notices pursuant to proposed Rule of 
Practice 194(h) with respect to associated persons that are natural 
persons. 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 150 burden hours per year for all SBS Entities. The 
Commission estimates that approximately five 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 30 burden hours per year for all SBS Entities 
providing the notices for an estimated five 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 180 hours per year (150 + 30).
    Written comments are invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimates of the burden of the proposed collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information 
collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. 
Consideration will be given to comments and suggestions submitted by 
September 12, 2022.

[[Page 42222]]

    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.
    Please direct your written comments to: David Bottom, Director/
Chief Information Officer, Securities and Exchange Commission, c/o John 
Pezzullo, 100 F Street NE, Washington, DC 20549, or send an email to: 
[email protected].

    Dated: July 8, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-14995 Filed 7-13-22; 8:45 am]
BILLING CODE 8011-01-P


