Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants

Forms and Documents

Document Name	Status
Form 8-R Regulation Establishing and Governing the Duties of Swap Dealers and Major Swap Dealers Form and Instruction	Modified
60-day Notice.pdf Supplementary Document	2016-02-01
PRA - Reporting and Recordkeeping Support Statement - 2-1-16.doc Supporting Statement A	2016-02-01

IC Document Collections

IC ID	Document Title	Status
195311	Regulation Establishing and Governing the Duties of Swap Dealers and Major Swap Dealers Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0084	ICR Reference No: 201601-3038-004
Status: Historical Active	Previous ICR Reference No: 201202-3038-007
Agency/Subagency: CFTC	Agency Tracking No:
Title: Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/09/2016
	Date Received in OIRA: 02/02/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	08/31/2016
Responses	1,995	0	2,375
Time Burden (Hours)	120,592	0	143,563
Cost Burden (Dollars)	0	0	14,356,875

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Abstract: On April 3, 2012 the Commission adopted Commission regulations 23.600 (Risk Management Program), 23.601 (Monitoring of Position Limits), 23.602 (Diligent Supervision), 23.603 (Business Continuity and Disaster Recovery) 23.606 (General Information: Availability for Disclosure and Inspection), and 23.607 (Antitrust Considerations) pursuant to section 4s(j) of the Commodity Exchange Act (“CEA”). The above regulations adopted by the Commission would, among other things, require swap dealers (“SD”) and major swap participants (“MSP”) to develop a risk management program (including a plan for business continuity and disaster recovery and policies and procedures designed to ensure compliance with applicable position limits). The Commission believes that the information collection obligations imposed by the above regulations are essential to ensuring that swap dealers and major swap participants maintain adequate and effective risk management programs and policies and procedures to ensure compliance with position limits.

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Authorizing Statute(s): US Code: 6 USC 6s(j) Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 74766	11/30/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 5422	02/02/2016
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
Regulation Establishing and Governing the Duties of Swap Dealers and Major Swap Dealers	8-R	Individual Application Template with Instructions

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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	1,995	2,375	0	-380	0	0
Annual Time Burden (Hours)	120,592	143,563	0	-22,971	0	0
Annual Cost Burden (Dollars)	0	14,356,875	0	-14,356,875	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: In light of the current number of Commission-registered swap dealers and major swap participants, the total number of respondents (combined swap dealers and major swap participants) is being reduced from 125 to 105.

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Annual Cost to Federal Government: $326,250

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: 02/02/2016

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