Upon renewal,
the CFTC will specify the length for which the books and records
must be maintained.
Inventory as of this Action
Requested
Previously Approved
12/31/2019
36 Months From Approved
08/31/2019
83
0
17
2,510
0
170
0
0
0
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. Also, two information
collections included in the final rule require CSEs to have
policies and procedures ensuring that they are in compliance with
all of the requirements of the special provisions for non-netting
jurisdictions and non-segregation provisions, respectively, and to
maintain books and records properly documenting that all of the
requirements of the special provisions for non-netting
jurisdictions and non-segregation jurisdictions, respectively, are
satisfied. These two collections are necessary as a means for the
Commission to be able to determine that CSEs relying on the
non-netting jurisdictions and non-segregation provisions are
entitled to do so and are complying with the special provisions’
requirements.
The regulations associated with
this 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 subject collection of
information is a new collection of information. The collection is
being revised to account for two new collections of information
provided for in Regulations 23.160(d) and 23.160(e) that were not
previously proposed and that were included in the Final Rule.
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 30-day Cross Border Margin Rule Notice.docx
Comparability Determinations with Margin Requirements