Reporting and Recordkeeping Requirements Associated with Margin and Capital Requirements for Covered Swaps Entities (Regulation KK)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FRKK_20170213_omb.pdf	Supporting Statement A	Uploaded 2017-02-13	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
225700	Recordkeeping - Subpart A, section 237.11(b)(1)		New
225699	Recordkeeping - Subpart A, section 237.8(h)		New
225698	Recordkeeping - Subpart A, sections 237.8(e) and 237.8(f)		New
225697	Recordkeeping - Subpart A, section 237.7(c)		New
225696	Recordkeeping - Subpart A, section 237.5(c)(2)(i)		New
225695	Recordkeeping - Subpart A, sections 237.2 (definition of "eligble master netting agreement," item 4), 237.8(g), and 237.10		New
225694	Reporting - Subpart B, sections 237.22(a)(1) and 237.22(e)		New
225693	Reporting - Subpart A, section 237.9(e)		New
211489	Reporting - Subpart A, section 237.8(f)(3)		Modified
211488	Reporting - Subpart A, sections 237.8(c) and 237.8(d)		Modified

ICR Details

OMB Control No: 7100-0364	ICR Reference No: 201702-7100-006
Status: Historical Active	Previous ICR Reference No: 201402-7100-003
Agency/Subagency: FRS	Agency Tracking No: FR KK
Title: Reporting and Recordkeeping Requirements Associated with Margin and Capital Requirements for Covered Swaps Entities (Regulation KK)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/13/2017
	Date Received in OIRA: 02/13/2017
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/29/2020	36 Months From Approved	12/31/2017
Responses	13,002	0	14
Time Burden (Hours)	36,964	0	98
Cost Burden (Dollars)	0	0	0

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Abstract: The Board adopted a final rule that implemented section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Regulation KK treats an uninsured U.S. branch or agency of a foreign bank as an insured depository institution for purposes of section 716 of the Dodd-Frank Act and establishes a process by which a state member bank or uninsured state branch or agency of a foreign bank may request a transition period to conform its swaps activities to the Dodd-Frank Act. The reporting requirements are found in sections 237.22(a)(1) and 237.22(e) of the final rule for state member banks and uninsured U.S. branches or agencies of foreign banks.

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Authorizing Statute(s): US Code: 15 USC 78o-10 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 7 USC 1a(39) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 8305(f) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 7 USC 6s Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD74	Final or interim final rulemaking	80 FR 74840	11/30/2015

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 27564	05/11/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 57348	09/24/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 10

table that charts list of burden

IC Title	Form No.	Form Name
Reporting - Subpart A, section 237.8(f)(3)
Reporting - Subpart A, section 237.9(e)
Recordkeeping - Subpart A, sections 237.8(e) and 237.8(f)
Recordkeeping - Subpart A, section 237.8(h)
Reporting - Subpart B, sections 237.22(a)(1) and 237.22(e)
Recordkeeping - Subpart A, sections 237.2 (definition of "eligble master netting agreement," item 4), 237.8(g), and 237.10
Recordkeeping - Subpart A, section 237.11(b)(1)
Reporting - Subpart A, sections 237.8(c) and 237.8(d)
Recordkeeping - Subpart A, section 237.5(c)(2)(i)
Recordkeeping - Subpart A, section 237.7(c)

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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	13,002	14	12,988	0	0	0
Annual Time Burden (Hours)	36,964	98	36,866	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	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: No

Burden Reduction Due to:

Short Statement: The current annual burden is estimated to be 98 hours. The Board estimates the proposed annual burden to be 36,964 hours, an increase of 36,866 hours, due to the new reporting and recordkeeping requirements.

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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: 02/13/2017

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