Core Principles and Other Requirements for Swap Execution Facilities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Appendix A Core Principles and Other Requirements for Swap Execution Facilities	Form and Instruction	Removed	Repair queued
30-day Notice 9-23-16.pdf	Supplementary Document	Uploaded 2016-09-23	Available
Part 37 PRA Supporting Statement 0074 (09.16.16).doc	Supporting Statement A	Uploaded 2016-09-23	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
207217	Core Principles and Other Requirements for Swap Execution Facilities	Form and Instruction	Removed
195702	Core Principles and Other Requirements for Swap Execution Facilities		Modified

ICR Details

OMB Control No: 3038-0074	ICR Reference No: 201609-3038-005
Status: Historical Active	Previous ICR Reference No: 201309-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Core Principles and Other Requirements for Swap Execution Facilities
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: 12/30/2016
	Date Received in OIRA: 09/23/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2019	36 Months From Approved	12/31/2016
Responses	810,119	0	210
Time Burden (Hours)	24,200	0	21,560
Cost Burden (Dollars)	0	0	0

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Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) added new section 5h to the Commodity Exchange Act to impose requirements concerning the registration and operation of swap execution facilities (“SEFs”), which the Commission has incorporated in part 37 of its regulations. The information collections under this Control Number are necessary for the Commission to evaluate whether SEFs, or entities applying to become SEFs, comply with the part 37 regulatory requirements.

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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:
	81 FR 47779	07/22/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 65630	09/23/2016
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
Core Principles and Other Requirements for Swap Execution Facilities
Core Principles and Other Requirements for Swap Execution Facilities	Appendix A	Appendix A to Part 37 - Form SEF

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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	810,119	210	0	809,944	-35	0
Annual Time Burden (Hours)	24,200	21,560	0	13,420	-10,780	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Commission is not proposing any program changes or adjustments, but the Commission is revising its burden hour estimates based on (a) its observation of SEFs and feedback from market participants, as SEFs did not exist prior to either the Dodd-Frank Act or the Commission’s original 3038-0074 submission, and (b) the revised number of 23 currently-registered SEFs (the Commission had initially estimated that there would be 35 SEFs). The Commission makes two further observations: First, in the supporting statement to this submission, the Commission is clarifying that applicants for permanent SEF registration incur approximately 300 burden hours. However, as discussed above, this 300-hour estimate does not represent a new information collection burden or adjustment for applicants for SEF registration. Rather, as noted above, while the Commission did consider the burden hours related to the SEF application process in its original information collection submission for this OMB Control Number, the Commission did not explicitly distinguish the burden hours related to the registration process for SEF applicants from the Commission’s estimate of the on-going annual burden hours for registered SEFs, but rather provided an aggregate number. For the sake of clarity, the Commission is explicitly distinguishing in its Supporting Statement between the burden hours for registered SEFs and applicants for SEF registration. Second, the Commission is clarifying that registered SEFs incur approximately 563 hours in connection with the information collection requirements under § 37.6(b), which requires SEFs to provide counterparties with transaction confirmations and obtain copies of the applicable underlying swap agreements. However, this requirement does not represent a new information collection burden or adjustment. Rather, the Commission is separately identifying this requirement in its Supporting Statement for the sake of clarity to allow the reader to understand more clearly the nature of a SEF’s information collection obligations. By creating a separate line item in the Table in Attachment A, the Commission does not mean to imply that SEFs’ information collection obligations under § 37.6(b) are new or not otherwise already part of the general Designation and Compliance obligations. For calculating the total number of hours, responses, and hours per response, the Commission is aggregating the burden hours for both registered SEFs as well as applicants for SEF registration and dividing by 27 (23 registered SEFs + 4 applicants for SEF registration = 27 total respondents).

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Annual Cost to Federal Government: $156,000

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: 09/23/2016

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