Adaptation of Regulations to Incorporate Swaps-Records of Transactions

Forms and Documents

Document	Type	Status	Availability
12-20-12 PRA Supporting Stmt Adaptation--Records of Transactions Final R (2).docx	Supporting Statement A	Uploaded 2013-03-01	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
197643	Adaptation of Regulations to Incorporate Swaps-Records of Transactions		Modified

ICR Details

OMB Control No: 3038-0090	ICR Reference No: 201303-3038-001
Status: Historical Active	Previous ICR Reference No: 201210-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/24/2013
	Date Received in OIRA: 03/05/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2016	36 Months From Approved	02/29/2016
Responses	6,000	0	97,099
Time Burden (Hours)	5	0	443,599
Cost Burden (Dollars)	211,124,700	0	42,639,009

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Abstract: The information collection obligations imposed by the final regulations are necessary to implement section 721 of the Dodd-Frank Act, which amended the definitions of futures commission merchant (

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Authorizing Statute(s): US Code: 7 USC 1a, 2, 2a, 5, Name of Law: CEA
   US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
   US Code: 7 USC 6h, 6i, 6k, 6l, 6m, 6n, 6o, 6p Name of Law: CEA
   US Code: 7 USC 7, 7a-1, 7a-2, 7b, 7b-3, 8, 9 Name of Law: CEA
   US Code: 7 USC 10a, 12, 12a, 12c, 13a, 13a-1 Name of Law: CEA
   US Code: 7 USC 16, 16a, 19, 21, 23, and 24 Name of Law: CEA
   US Code: 7 USC 6r, 6s Name of Law: CEA
  

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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AD53	Final or interim final rulemaking	77 FR 75523	12/21/2012

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Federal Register Notices & Comments

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
Adaptation of Regulations to Incorporate Swaps-Records of Transactions

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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	6,000	97,099	0	-91,099	0	0
Annual Time Burden (Hours)	5	443,599	0	-443,594	0	0
Annual Cost Burden (Dollars)	211,124,700	42,639,009	0	168,485,691	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: On November 2, 2012, the Commission published in the Federal Register (77 FR 66288) the Final Adaptation Rule. The Final Adaptation Rule promulgated the vast majority of the amendments that the Proposal had introduced. See 76 FR 33066 (June 7, 2011). In the Final Adaptation Rule, the Commission stated that it would address in a separate release certain of the proposed changes to regulation 1.35 (i.e., those enumerated above) and related amendments to regulation 1.31. The Commission has determined to adopt the Proposal's amendments to regulation 1.35(a), with certain modifications, which address the comments the Commission received. Moreover, following publication of the Proposal, the Commission researched further the issue of setting up a cloud-based solution for recording oral communications and now estimates that a covered registrant will not have to spend any time setting up a cloud-based solution for recording oral communications on a mobile phone or land line because the registrant's Compliance Officer will merely have to contract for services from an outside vendor. In addition, as part of this final rulemaking, the Commission is making certain related modifications to the record retention periods set forth in regulation 1.31.

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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: 03/05/2013

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