Margin and Capital Requirements for Covered Swap Entities: Interim Final Rule

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Response to Interim Final Rule Supporting Statement - Clean - 11-30-15_omb comments.doc	Supporting Statement A	Uploaded 2016-02-18	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
218752	Reporting Required to Obtain Exemptions		New

ICR Details

OMB Control No: 1557-0335	ICR Reference No: 201510-1557-002
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Margin and Capital Requirements for Covered Swap Entities: Interim Final Rule
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 03/31/2016
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/18/2016
	Date Received in OIRA: 11/30/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2016	6 Months From Approved
Responses	20,000	0	0
Time Burden (Hours)	20,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This Information Collection Request (ICR) is being filed in connection with an interim final rule required by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA). Title III of TRIPRA, the “Business Risk Mitigation and Price Stabilization Act of 2015,” amends the statutory provisions added by the Dodd-Frank Act relating to margin requirements for non-cleared swaps and non-cleared security-based swaps. Section 302 of Title III amends sections 731 and 764 of the Dodd-Frank Act to provide that the initial and variation margin requirements do not apply to certain transactions of specified counterparties that would qualify for an exemption or exception from clearing. Non-cleared swaps and non-cleared security-based swaps that are exempt under section 302 of TRIPRA will not be subject to the Agencies’ rules implementing margin requirements. In section 303 of TRIPRA, Congress required that the Agencies implement the provisions of Title III by promulgating an interim final rule and seeking public comment on the interim final rule.

Emergency Justfication: The OCC is issuing an interim final rule containing new information collection requirements. There was no prior opportunity to obtain PRA clearance. We are requesting clearance on the information collection requirements before April 1, 2016, the effective date of the rule.

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Authorizing Statute(s): PL: Pub.L. 114 - 1 301-303 Name of Law: Business Risk Mitigation and Price Stabilization Act of 2015
  

Citations for New Statutory Requirements: PL: Pub.L. 114 - 1 301-303 Name of Law: Business Risk Mitigation and Price Stabilization Act of 2015

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD00	Final or interim final rulemaking	80 FR 74916	11/30/2015

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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

table that charts list of burden

IC Title	Form No.	Form Name
Reporting Required to Obtain Exemptions

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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	20,000	0	20,000	0	0	0
Annual Time Burden (Hours)	20,000	0	20,000	0	0	0
Annual Cost Burden (Dollars)	0	0	0	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: The increase in burden is due to the fact that this is a new collection.

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Annual Cost to Federal Government:

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: 11/30/2015

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