Customer Clearing Documentation and Timing of Acceptance for Clearing

Forms and Documents

Document	Type	Status	Availability
3038-0092-Final Rule (4-9-2012).pdf	Supplementary Document	Uploaded 2012-04-09	Available
Client clearing documentation-SupportStatement (3-2012).docx	Supporting Statement A	Uploaded 2012-04-09	Repair queued
New-Customer ClearingDocumentation D-F Sections.pdf	Supplementary Document	Uploaded 2011-08-10	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
198841	Customer Clearing Documentation and Timing of Acceptance of Clearing		Modified

ICR Details

OMB Control No: 3038-0092	ICR Reference No: 201204-3038-003
Status: Historical Active	Previous ICR Reference No: 201108-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Customer Clearing Documentation and Timing of Acceptance for Clearing
Type of Information Collection: Existing collection in use without an OMB Control Number	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/10/2012
	Date Received in OIRA: 04/18/2012
Terms of Clearance: Please note that should cost or burden estimates vary wildly during the approval period for this ICR, OIRA may request a revision resubmission of all relevant information and updated estimates.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2015	36 Months From Approved
Responses	273	0	0
Time Burden (Hours)	4,704	0	0
Cost Burden (Dollars)	470,400	0	0

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Abstract: The proposed regulations would prohibit tri-party agreements between customers and swap dealers, major swap participants, futures commission merchants that are clearing members, and derivatives clearing organizations. The proposed regulations would also require a clearing member, or the derivatives clearing organization action on its behalf, to accept or reject each trade submitted for clearing as quickly as would be technologically practicable if fully automated systems were used.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat 1376 (2010) Name of Law: Dodd-Frank

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AD51	Final or interim final rulemaking	77 FR 21278	04/09/2012

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 45730	08/01/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 21278	04/09/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Customer Clearing Documentation and Timing of Acceptance of Clearing

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	273	0	448	-175	0	0
Annual Time Burden (Hours)	4,704	0	7,504	-2,800	0	0
Annual Cost Burden (Dollars)	470,400	0	7,504	462,896	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The aggregate cost burdens and annual number of responses are different between what is requested and what was proposed for two reasons: the proposed annual cost was miscalculated and should have been $750,400 rather than $7,504 (see 76 FR 45730, 45735, Aug. 1, 2011); and the proposed annual responses were reassessed downward after evaluating public comments and industry data from 448 to 273 (see 77 FR 21278, 21304, Apr. 9, 2012). These recalculations are now resulting in lowered burden numbers.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/18/2012

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