Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants 77 FR 55094 (Dec. 28, 20102)
ICR 201209-3038-002
OMB: 3038-0068
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 3038-0068 can be found here:
Confirmation, Portfolio
Reconciliation, and Portfolio Compression Requirements for Swap
Dealers and Major Swap Participants 77 FR 55094 (Dec. 28,
20102)
New
collection (Request for a new OMB Control Number)
Section 4s(i) to the Commodity
Exchange Act (CEA) requires the Commission to prescribe standards
for swap dealers (SDs) and major swap participants (MSPs) related
to the timely and accurate confirmation, processing, netting,
documentation, and valuation of swaps. These regulations set forth
requirements for swap confirmation, portfolio reconciliation,
portfolio compression for SDs and MSPs. This collection would be
for information the Commission would need to ensure the affected
registrants' compliance with their obligations under the CEA and
Commission regulations to confirm their swaps, reconcile their swap
portfolios to resolve discrepancies and disputes, and wholly or
partially terminate some or all of their outstanding swaps through
regular portfolio compression exercises. Failure to comply with the
reporting requirements established by the regulation would prohibit
the Commission from receiving timely notification of unresolved
swap valuation disputes.
After publishing the proposed
rules in the Federal Register, the Commission received information
concerning the estimated number of swap dealers and major swap
participants that are expected to register with the Commission. As
a result of that information, the Commission has revised the
estimated number from approximately 300 registrants (as proposed)
to approximately 125 registrants. The burden hours have been
adjusted accordingly. Other than that change, the estimated burden
hours and burden costs are unchanged from the rule proposals.
$0
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.