OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will describe in the preamble of the final rule how the agency has maximized the practical utility of the collection and minimized the burden. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
Section 2(h)(1)(A) of the Commodity Exchange Act requires certain entities to submit for clearing certain swaps if they are required to be cleared by the Commission. The proposed rule permits certain cooperatives to elect not to clear certain swaps that otherwise would be required to be cleared and requires the reporting of certain information if the exemption is elected. This collection would be for information the Commission would need to monitor use of the exemption and assess market risk in connection therewith.
This proposed cooperative exemption rule allows for certain cooperatives to elect not to clear certain swaps subject to a statutory clearing requirement. The exemption from clearing is not provided for by statute and accordingly required Agency discretion to enact the exemption. The reporting requirement connected to the elective exemption is necessary to track when the exemption is elected by cooperatives and is the same as the reporting requirement imposed on other parties that may elect a similar clearing requirement exemption by statute under Section 2(h)(7) of the Commodities Exchange Act.
No
No
No
Yes
No
Uncollected
John Nowlin 202-418-5427
No
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:
(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;
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.
Supporting Statement-PRA Info Collection Coop Swaps efr.doc
Clearing Exemption for Certain Swaps Entered into by Cooperatives