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
36 Months From Approved
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The collection of information that is proposed by this rulemaking is necessary to implement section 4s(e) of the Commodity Exchange Act ("CEA"), which mandates that the Commission adopt rules establishing margin requirements for uncleared swaps of swap dealers ("SDs") and major swap participants ("MSPs") that do not have a Prudential Regulator (collectively, "Covered Swap Entities" or "CSEs"), and section 2(i) of the CEA, which provides the Commission with express authority over swaps activities in cross-border transactions when certain conditions are met. The Commission will use the information collected to determine whether the foreign jurisdiction's margin rules for uncleared swaps are comparable to the Commission's corresponding margin requirements. Covered Swap Entities or CSEs that are eligible for substituted compliance under the Proposed Rule, as well as foreign regulatory agencies that have direct supervisory authority to administer the foreign jurisdiction's margin requirements for uncleared swaps in the requested foreign jurisdiction, may make a request for a comparability determination.
The regulations associated with this new collection information request are designed to enhance the safety and soundness of Covered Swap Entities and support the stability of the U.S. financial system, and to enable the Commission to evaluate the foreign jurisdiction's margin requirements for uncleared swaps to determine whether some or all of such requirements are comparable to the Commission's corresponding margin requirements. The collection of information would be a new collection of information for which the Commission is submitting a collection of information request to obtain a new Office of Management and Budget ("OMB") control number.
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.
Supporting Statement for Proposed Cross Border Rule 7-2015 (3).docx
Comparability determinations with margin requirements