[Federal Register Volume 87, Number 181 (Tuesday, September 20, 2022)]
[Notices]
[Pages 57547-57548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20254]


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SECURITIES AND EXCHANGE COMMISSION

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


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'') 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 
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 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

[[Page 57548]]

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).
    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.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent by October 20, 2022 to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F 
Street NE, Washington, DC 20549, or by sending an email to: 
[email protected].

    Dated: September 14, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20254 Filed 9-19-22; 8:45 am]
BILLING CODE 8011-01-P


