Clearing Exemption for Certain Swaps Entered into by Cooperatives

Forms and Documents

Document Name	Status
30-day notice 9-19-16.pdf Supplementary Document	2016-09-19
(2016) 60 Day FRN - 0102.pdf Supplementary Document	2016-09-15
(2016) Supporting Statement - 0102.doc Supporting Statement A	2016-09-15

IC Document Collections

IC ID	Document Title	Status
203533	Clearing Exemption for Certain Swaps Entered into by Cooperatives	Modified

ICR Details

OMB Control No: 3038-0102	ICR Reference No: 201609-3038-006
Status: Historical Active	Previous ICR Reference No: 201306-3038-007
Agency/Subagency: CFTC	Agency Tracking No:
Title: Clearing Exemption for Certain Swaps Entered into by Cooperatives
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: 12/29/2016
	Date Received in OIRA: 09/19/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2019	36 Months From Approved	12/31/2016
Responses	25	0	500
Time Burden (Hours)	25	0	232
Cost Burden (Dollars)	0	0	82,500

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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. Commission regulation 50.51 permits certain cooperatives to elect not to clear certain 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 for cooperatives is elected. This collection pertains to information 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
   US Code: 7 USC 2(h)(1)(A) Name of Law: Swap Clearing
   US Code: 7 USC 6(c) Name of Law: Execution of Transactions on DCM; Exemptive Authority
   US Code: 7 USC 6r Name of Law: null
  

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:
	81 FR 42667	06/30/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 64141	09/19/2016
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Clearing Exemption for Certain Swaps Entered into by Cooperatives

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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	25	500	0	-475	0	0
Annual Time Burden (Hours)	25	232	0	-207	0	0
Annual Cost Burden (Dollars)	0	82,500	0	-82,500	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 is revising the burden estimate for this collection of information to reflect the current number of respondents and the expected total annual reporting burden. The Commission developed new estimates for the number of respondents using information from four provisionally registered Swap Data Repositories. In addition, the annual reporting cost burden was adjusted to reflect a new wage rate for hourly costs (based on data in the 2013 report by the Securities Industry and Financial Markets Association on Office Salaries in the Securities Industry).

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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: 09/19/2016

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