Exemptive Order Regarding Compliance with Certain Swap Regulations

Forms and Documents

Document	Type	Status	Availability

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Collection	Type	Status	Form
203478	Exemptive Order Regarding Compliance with Certain Swap Regulations		New

ICR Details

OMB Control No: 3038-0098	ICR Reference No: 201207-3038-010
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: CFTC	Agency Tracking No:
Title: Exemptive Order Regarding Compliance with Certain Swap Regulations
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 08/08/2012
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/13/2012
	Date Received in OIRA: 07/24/2012
Terms of Clearance: To the extent possible during this 6 month approval period, CFTC should track how closely their cost and burden estimates (outlined in Appendix A of the Supporting Statement) are to actual participation by all U.S. and non-U.S. SDs and MSPs. If, however, a new version of this ICR, submitted for full approval, is submitted before this data can reasonably be tracked, then please continue with the currently approved estimates and adjust at the end of that longer approved period.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2013	6 Months From Approved
Responses	93	0	0
Time Burden (Hours)	11,130	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Commission proposes to rant temporary exemptive relief that would allow non-U.S. swap dealers (SDs) and non-U.S. major swap participants (MSPs), and foreign branches of U.S. SDs and MSPs, to delay compliance with certain requirements of the Commodity Exchange Act and Commission regulations, subject to specified conditions. The information collection would ensure that persons claiming the exemption make a good faith effort to comply and helps Commission staff prepare for their registration.

Emergency Justfication: The Commodity Futures Trading Commission (“Commission”) recently proposed Cross-Border Interpretive Guidance which is not expected to be adopted before the date upon which each then existing swap dealer and major swap participant must apply for registration. The Commission has proposed to provide temporary relief for certain cross-border activities and transactions under the Exemptive Order Regarding Compliance with Certain Swap Regulations, 77 FR 41110, July 12, 2012, pursuant to section 4(c) of the Commodity Exchange Act. The Commission requested OMB approval under the PRA emergency clearance process for the subject information collection because the exemptive relief process is essential to the mission of the agency and must be in place well before the date the registration requirements for swap dealers and major swap participants under other Dodd-Frank Act implementing regulations become mandatory.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat 1376 (2010) Name of Law: Dodd-Frank
  

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:
	Not associated with rulemaking
	Other Documents for OIRA Review

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 43271	07/24/2012
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
Exemptive Order Regarding Compliance with Certain Swap Regulations

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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	93	0	93	0	0	0
Annual Time Burden (Hours)	11,130	0	11,130	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	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: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government:

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: 07/24/2012

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