Clearing Exemption for Certain Swaps Entered into by Cooperatives

Forms and Documents

Document	Type	Status	Availability
Supporting Statement-PRA Info Collection Coop Swaps 6-5-13.doc	Supporting Statement A	Uploaded 2013-06-07	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
203533	Clearing Exemption for Certain Swaps Entered into by Cooperatives		Modified

ICR Details

OMB Control No: 3038-0102	ICR Reference No: 201306-3038-007
Status: Historical Active	Previous ICR Reference No: 201207-3038-013
Agency/Subagency: CFTC	Agency Tracking No:
Title: Clearing Exemption for Certain Swaps Entered into by Cooperatives
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/14/2013
	Date Received in OIRA: 08/22/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2016	36 Months From Approved
Responses	500	0	0
Time Burden (Hours)	232	0	0
Cost Burden (Dollars)	82,500	0	0

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Abstract: Section 2(h)(1)(A) of the Commodity Exchange Act (CEA) requires certain entities to submit for clearing certain swaps if they are required to be cleared by the Commission. The final rule permits cooperatives meeting certain conditions to elect not to submit for clearing certain swaps that such cooperatives would otherwise be required to submit for clearing in accordance with section 2(h)(1) of the CEA.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank
   US Code: 7 USC 2(h)(1)(A) Name of Law: Swap Clearing
   US Code: 7 USC 6(c) Name of Law: Execution of Transactions on DCM; Exemptive Authority
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AD47	Final or interim final rulemaking	78 FR 52286	08/22/2013

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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
Clearing Exemption for Certain Swaps Entered into by Cooperatives

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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	500	0	0	500	0	0
Annual Time Burden (Hours)	232	0	0	232	0	0
Annual Cost Burden (Dollars)	82,500	0	0	82,500	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The clearing exemption rule provides an elective exemption to certain cooperatives from the regulatory requirement to submit swaps for clearing by a derivatives clearing organization. The reporting requirements of the clearing exemption rule require reporting of when the exemption from clearing is being elected and who is electing the exemption. This information is necessary to allow the Commission to determine that a swap that is otherwise subject to mandatory clearing is not being cleared because the cooperative exemption has been elected by an eligible cooperative.

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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: 08/22/2013

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