Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Participants.

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
PRA - Reporting and Recordkeeping Support Statement - 0087 012116.doc	Supporting Statement A	Uploaded 2016-01-28	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
195613	Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants		Modified

ICR Details

OMB Control No: 3038-0087	ICR Reference No: 201601-3038-007
Status: Historical Active	Previous ICR Reference No: 201202-3038-009
Agency/Subagency: CFTC	Agency Tracking No:
Title: Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major 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: 08/10/2016
	Date Received in OIRA: 02/01/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	08/31/2016
Responses	54,705	0	65,125
Time Burden (Hours)	220,080	0	262,000
Cost Burden (Dollars)	0	0	26,200,000

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Abstract: On April 3, 2012, the Commission adopted Commission regulations 23.201 through 23.205 (Reporting, Recordkeeping, and Daily Trading Records Requirements For Swap Dealers and Major Swap Participants) pursuant to sections 4s(f) and 4s(g) of the Commodity Exchange Act (“CEA”). Commission regulations 23.201 through 23.205 require, among other things, swap dealers (“SD”) and major swap participants (“MSP”) to maintain transaction and position records of their swaps (including daily trading records) and to maintain specified business records (including records related to the governance and financial status of the swap dealer or major swap participant, complaints received by such SD or MSP and such SD or MSP’s marketing and sales materials). They also require SDs and MSPs to report certain swap transaction data to swap data repositories, to satisfy certain real time public reporting requirements, and to maintain records of information reported to swap data depositories and for real time reporting purposes. The Commission believes that the information collection obligations imposed by Commission regulations 23.201 through 23.205 are necessary to implement sections 4s(f) and 4s(g) of the CEA, including ensuring that each SD and MSP maintains the required records of their business activities and an audit trail sufficient to conduct comprehensive and accurate trade reconstruction.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 74768	11/30/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 5107	02/01/2016
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, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants

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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	54,705	65,125	0	-10,420	0	0
Annual Time Burden (Hours)	220,080	262,000	0	-41,920	0	0
Annual Cost Burden (Dollars)	0	26,200,000	0	-26,200,000	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: $0

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: 02/01/2016

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