8011-01P
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-822, OMB Control No. 3235-0777]
Proposed Collection; Comment Request; Extension: Rules 15Fi-3 through 15Fi-5
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 Rules 15Fi-3 through 15Fi-5
(17 CFR 240.15Fi-3 through 240.15Fi-5), 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.
Rules 15Fi-3 through 15Fi-5 (17 CFR 240.15Fi-3 through 240.15Fi-5) under the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) require registered security-based swap
dealers (“SBS dealer”) and registered major security-based swap participants (“major SBS
participant”) (each SBS dealer and each major SBS participant hereafter referred to as an “SBS
Entity”) to apply specific risk mitigation techniques to portfolios of security-based swaps not
submitted for clearing. Rules 15Fi-3 through 15Fi-5 impose a collection of information
requirements on SBS Entities. Specifically, Rule 15Fi-3 requires SBS Entities to reconcile
outstanding security-based swaps with applicable counterparties on a periodic basis. Rule 15Fi-4
requires SBS Entities to engage in certain forms of portfolio compression exercises with their
counterparties, as appropriate. Rule 15Fi-5 requires SBS Entities to execute written securitybased swap trading relationship documentation with each of its counterparties prior to, or

contemporaneously with, executing a security-based swap transaction, and to periodically audit
the policies and procedures governing such documentation.
Rules 15Fi-3 through 15Fi-5 have been promulgated pursuant to Section 15F(i)(2) of the
Exchange Act, which requires that the Commission “adopt rules governing documentation
standards for security-based swap dealers and major security-based swap participants.”
Accordingly, the collections of information are at the heart of each of the underlying
documentation requirements of the rules, such that not conducting them (or reducing the
frequency of collection) would not be consistent with the statutory provisions. Moreover, the
policies and procedures required to be established, maintained, and followed pursuant to Rules
15Fi-3 through 15Fi-5 are instrumental in focusing and assessing compliance with the underlying
rules, consistent with how similar requirements are used in numerous other Commission rules.
Thus, eliminating such collections (or reducing the frequency of collection) also would be
inconsistent with the applicable statutory provisions and the intended effects of the rules.
The Commission estimated that approximately 53 entities may fit within the definition of
SBS dealer, and up to five entities may fit within the definition of major SBS participant. Thus,
the Commission estimated that approximately 58 entities would be required to register with the
Commission as SBS Entities and would be subject to Rules 15Fi-3 through 15Fi-5. Of the 58
entities that would be required to register with the Commission as SBS Entities, the Commission
estimated that approximately 20 would be dually-registered with the Commodity Futures
Trading Commission (“CFTC”) as swap dealers or major swap participants. As the Rules 15Fi-3
through 15Fi-5 are largely similar to those adopted by the CFTC, dually-registered entities may
have procedures and systems in place to collect the information, thereby minimizing compliance
burdens. The Commission estimated that the total annual industry burden under 15Fi-3 through
15Fi-5 is approximately 464,836 hours per year.
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 [INSERT DATE 60 DAYS AFTER DATE OF PUBLICATION OF IN
THE FEDERAL REGISTER].
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.
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: PRA_Mailbox@sec.gov.
Dated: June 26, 2024.

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-14482 Filed: 7/1/2024 8:45 am; Publication Date: 7/2/2024]