The Securities and Exchange Commission (SEC) has requested approval from the Office of Management and Budget (OMB) to extend an information collection under Rule 18a-10 of the Securities Exchange Act of 1934. This rule allows certain security-based swap dealers to follow the Commodity Exchange Act rules instead of some SEC requirements, provided they meet specific conditions. Currently, there are two such swap dealers, and the estimated annual effort required by these firms totals around 11 hours due to decreased respondent numbers and certain tasks no longer being necessary. The public can submit comments on this request until January 21, 2025.
Simple Explanation
The SEC wants to keep letting 2 special companies follow different rules that are a little easier, and they think it will take the companies about 11 hours each year to do what they need to do. People can say what they think about this plan until January 21, 2025.