Clearing Exemption for Swaps Between Certain Affiliated Entities

Forms and Documents

Document	Type	Status	Availability
(2016) Supp. Statement Collection-0104.docx	Supporting Statement A	Uploaded 2016-04-28	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
203818	Exemption for Swaps Between Affiliates		Modified

ICR Details

OMB Control No: 3038-0104	ICR Reference No: 201604-3038-008
Status: Historical Active	Previous ICR Reference No: 201307-3038-006
Agency/Subagency: CFTC	Agency Tracking No:
Title: Clearing Exemption for Swaps Between Certain Affiliated Entities
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/02/2016
	Date Received in OIRA: 05/10/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	07/31/2016
Responses	75	0	64,769,983
Time Burden (Hours)	75	0	1,758,369
Cost Burden (Dollars)	0	0	685,309,284

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Abstract: Section 2(h)(1)(A) of the Commodity Exchange Act requires certain entities to submit for clearing certain swaps if they are required to be cleared by the Commission. Rule 50.52 permits certain affiliated entities to elect not to clear certain inter-affiliate swaps that otherwise would be required to be cleared, provided that they meet certain conditions. The rule further requires the reporting of certain information if the exemption is elected. This collection pertains to nformation the Commission needs to monitor use of the exemption and assess market risk in connection therewith.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 7 USC 2(h)(1)(A) Name of Law: Swap Clearing Requirement
   US Code: 7 USC 6r Name of Law: Reporting of Uncleared Swaps
   US Code: 7 USC 6(c) Name of Law: Exemptive Authority
  

Citations for New Statutory Requirements: US Code: 7 USC 2(h)(1); 6c; 6r Name of Law: CEA

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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:
	81 FR 11762	03/07/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 28831	05/10/2016
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
Exemption for Swaps Between Affiliates

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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	75	64,769,983	0	-64,769,908	0	0
Annual Time Burden (Hours)	75	1,758,369	60	-1,758,354	0	0
Annual Cost Burden (Dollars)	0	685,309,284	0	-685,309,284	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: The Commission developed and updated its new estimates using information from two SDRs provisionally registered with the Commission. It reflects the option in rule 50.52(d), which allows entities to submit some information, including the information required by CEA section 2(j), on an annual basis, as opposed to submitting identical information with each qualifying inter-affiliate swap. The Commission understands that 100% of entities report annually. The Commission is not aware of any reports filed on a swap-by-swap basis. Also, in arriving at the new wage rate for the hourly costs imposed, Commission staff used the Management & Professional Earnings in the Securities Industry Report, published in 2013 by the Securities Industry and Financial Markets Associations.

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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: 05/10/2016

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