# 2025-08448: SEC Extends Swap Dealer Rules: No Drama, Just Continuity

2025-08448, Proposed Collection; Comment Request; Extension: Rule 18a-3, is a Federal Register notice from Securities and Exchange Commission published 2025-05-14 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08448
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08448
- Title: Proposed Collection; Comment Request; Extension: Rule 18a-3
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20538
- Published: 2025-05-14
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Extends Swap Dealer Rules: No Drama, Just Continuity

## Summary

The SEC wants to keep Rule 18a-3 going, which helps nonbank security-based swap dealers keep an eye on risky trades and follow safety rules. About 13 dealers spend around 60 hours a year making sure everything’s in check, so the paperwork and time stay about the same. No big changes or costs, just a smooth extension to keep the financial playground safe and sound.

## Effects PRIA read

- Account-Level Risk Monitoring Duty: cost, medium. If you are a nonbank security-based swap dealer (SBSD), Rule 18a-3(e) requires you to monitor the risk of each account that holds non-cleared security-based swaps and to establish, maintain, and document procedures and guidelines as part of your risk management control system under Exchange Act Rul…
- Model Approval and Maintenance Burden: cost, medium. A nonbank SBSD that seeks approval to use an internal model to calculate initial margin must go through an application process consistent with Exchange Act Rule 15c3-1e and Rule 18a-1(d). The SEC estimates one nonbank SBSD uses such a model and will spend about 250 hours per year reviewing, updatin…
- No Estimated Ongoing Monetary Cost: benefit, low. The Commission estimates there is no annual monetary cost burden associated with Rule 18a-3 because previously estimated start-up costs have already been incurred. The SEC treats the current action as an extension of the existing collection of information.

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## Sources
- [2025-08448 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/14/2025-08448/proposed-collection-comment-request-extension-rule-18a-3)
- [2025-08448 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-14/pdf/2025-08448.pdf)

## Related
- [Previous: 2025-08447, Proposed Collection; Comment Request; Extension: Exchange Act Form 10-Q](https://policyrisk.com/federal-register/2025-08447)
- [Next: 2025-08449, Determination of Regulatory Review Period for Purposes of Patent Extension; SKI…](https://policyrisk.com/federal-register/2025-08449)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08448 (as of 2026-06-08).