Clearing Exemption for Swaps Between Certain Affiliated Entities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
4-4-13 Supporting Statement for Inter-Affiliates - Final.docx	Supporting Statement A	Uploaded 2013-07-24	Available
NPRM-FRN (8-21-12)pdf.pdf	Supplementary Document	Uploaded 2012-08-21	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
203818	Clearing Exemption for Swaps Between Certain Affiliated Entities		Unchanged

ICR Details

OMB Control No: 3038-0104	ICR Reference No: 201307-3038-006
Status: Historical Active	Previous ICR Reference No: 201304-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Clearing Exemption for Swaps Between Certain Affiliated Entities
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: 07/24/2013
	Date Received in OIRA: 07/24/2013
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2016	36 Months From Approved
Responses	64,769,983	0	0
Time Burden (Hours)	1,758,369	0	0
Cost Burden (Dollars)	685,309,284	0	0

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Abstract: 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 final rule permits certain affiliated entities to elect not to clear certain inter-affiliate swaps that otherwise would be required to be cleared, provided that they meet certain conditions. The rule further 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 7 USC 2(h) Name of Law: Transactions in Exempt Commodities
   US Code: 7 USC 6(c) Name of Law: Restraining Orders
   US Code: 7 USC 6r Name of Law: Reporting of Uncleared Swaps
  

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-AD47	Final or interim final rulemaking	78 FR 21750	04/11/2013

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Clearing Exemption for Swaps Between Certain Affiliated Entities

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ICR Summary of Burden

table that charts list 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	64,769,983	0	64,769,983	0	0	0
Annual Time Burden (Hours)	1,758,369	0	1,758,369	0	0	0
Annual Cost Burden (Dollars)	685,309,284	0	685,309,284	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: $11,968

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: 07/24/2013

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