Adaptation of Regulations to Incorporate Swaps-Records of Transactions

Forms and Documents

Document	Type	Status	Availability
Supporting Statement Recordkeeping Final Rule 3038-0090.docx	Supporting Statement A	Uploaded 2017-05-25	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
224972	Recordkeeping Policies and Procedures		Removed
211721	Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities		Unchanged
197643	Adaptation of Regulations to Incorporate Swaps-Records of Transactions		Unchanged

ICR Details

OMB Control No: 3038-0090	ICR Reference No: 201705-3038-009
Status: Historical Active	Previous ICR Reference No: 201612-3038-007
Agency/Subagency: CFTC	Agency Tracking No:
Title: Adaptation of Regulations to Incorporate Swaps-Records of Transactions
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: 06/02/2017
	Date Received in OIRA: 05/30/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2020	36 Months From Approved	12/31/2017
Responses	8,000	0	8,000
Time Burden (Hours)	474,599	0	474,599
Cost Burden (Dollars)	175,774,700	0	211,124,700

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Abstract: The Commodity Futures Trading Commission’s (“Commission”) proposal (the “Proposal”) would replace the existing audit system requirements in current Commission regulation 1.31 with a requirement that each person required by the Commodity Exchange Act (the “Act”) or Commission regulations to keep books and records (a “Records Entity”) establish, maintain, and, implement written policies and procedures reasonably designed to ensure that the Records Entity complies with its obligations under proposed Commission regulation 1.31. The information collection obligations that would be imposed by the Proposal are essential to ensuring that Records Entities develop and maintain recordkeeping policies and procedures required by Commission regulations and to the effective evaluation of Records Entities’ actual compliance with Commission regulations

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Authorizing Statute(s): US Code: 7 USC 1a, 2, 5 Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
   US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   US Code: 7 USC 6h, 6i, 6k, 6l, 6m, 6n, 6o, 6p Name of Law: CEA
   US Code: 7 USC 6r, 6s, 7, 7a-1, 7a-2, 7b Name of Law: CEA
   US Code: 7 USC 7b-3, 8, 9, 10a, 12, 12a, 12c Name of Law: CEA
   US Code: 7 USC 13a, 13a-1, 16, 16a, 19, 21 Name of Law: CEA
   US Code: 7 USC 23 and 24 Name of Law: CEA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE36	Final or interim final rulemaking	82 FR 24479	05/30/2017

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities
Recordkeeping Policies and Procedures

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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	8,000	8,000	0	0	0	0
Annual Time Burden (Hours)	474,599	474,599	0	0	0	0
Annual Cost Burden (Dollars)	175,774,700	211,124,700	0	-35,350,000	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:

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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: 05/30/2017

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