The Securities and Exchange Commission (SEC) is seeking public comments under the Paperwork Reduction Act regarding the collection of information associated with Rule 239. This rule provides certain exemptions for security-based swaps issued by qualified clearing agencies. The SEC intends to request approval from the Office of Management and Budget to continue this information collection process, estimating that each agency will update or provide information about 20 times a year, resulting in an annual burden of 180 hours. The public is invited to send their comments on whether the collection is necessary, the accuracy of the burden estimate, ways to improve the information's clarity, and methods to reduce the burden, within 60 days from the date of publication.
Simple Explanation
The SEC wants to know what people think about a rule that gives some companies a break on paperwork. They think each company will spend about 180 hours a year on these forms, and they are asking if that's right and if there's a way to make things easier.