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
of 1995. 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. The agency shall examine public comment in response to the NPRM
and will describe in the supporting statement of its next collection any public comments
received regarding the collection as well as why (or why it did not) incorporate the
commenterâs recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
09/30/2017
36 Months From Approved
09/30/2017
95,479
0
95,479
43,142
0
43,142
0
0
0
The Commission is requesting respondents intending to use models to calculate initial margin obligations to document and submit the model for Commission approval. The Commission is also requiring notification upon the occurrence of certain material changes to the model. The collections of information that are proposed by this rulemaking are necessary to implement Section 4s(e) of the CEA, which expressly requires the Commission to adopt rules governing margin requirements for SDs and MSPs. The information required for the prior written approval of the margin model is needed to demonstrate that the model satisfied all of the requirements of proposed Regulation 23.154(b). These measures are intended to ensure the adequacy and soundness of the margin calculations and promote the protection of the swap market participants.
The regulations associated with Collection 3038-0024 are designed to enhance the safety and soundness of the markets which the Commission oversees and to enable the Commission to evaluate the soundness of the participants in those markets. Section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"), P.L. 111-203, 124 stat. 1376, amended the Commodity Exchange Act ("CEA"), 7 U.S.C. §§ 1 et seq., to add, as section 4s(e) thereof does, provisions concerning the setting of initial and variation margin requirements for swap dealers ("SDs") and major swap participants ("MSPs"). The Commission is proposing the margin rule to implement this section of 4s of the CEA to require SDs and MSPs that are using a model to compute initial margin requirements to submit the model for review and approval by the Commission. This collection of information will add additional burdens on an estimated 60 entities for a total of 14,400 hours annually.
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.
Form 1-FR-FCM Regulations and Forms Pertaining to Financial Integrity of the Market Place
uncleared margin PRA supporting statement Proposal 9-18-14 (2).docx
Regulations and Forms Pertaining to Financial Integrity of the Market Place