The Securities and Exchange Commission (SEC) has asked the Office of Management and Budget (OMB) to extend their approval for collecting specific information as outlined in Rule 239, which involves exemptions for security-based swaps by clearing agencies. This rule ensures that information about these swaps is available to relevant market participants. The SEC estimates that each clearing agency will spend about 2 hours updating this information 20 times a year, resulting in a total of 180 annual reporting hours. The public is invited to comment on the necessity and impact of this information collection by April 4, 2025.
Simple Explanation
The SEC wants to keep checking on a special kind of financial trade called security-based swaps. They want to make sure certain rules are followed, and they need permission to continue getting information about it. People can share their thoughts about this until April 4, 2025.