Adaptation of Regulations to Incorporate Swaps-Records of Transactions

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
30-Day Notice.pdf	Supplementary Document	Uploaded 2017-06-05	Repair queued
60-Day Notice 12-24-15.pdf	Supplementary Document	Uploaded 2017-06-05	Available
1.35 PRA Supporting Statement 3-28-17.doc	Supporting Statement A	Uploaded 2017-06-05	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
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		Modified

ICR Details

OMB Control No: 3038-0090	ICR Reference No: 201706-3038-001
Status: Historical Active	Previous ICR Reference No: 201705-3038-009
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: 08/30/2017
	Date Received in OIRA: 06/05/2017
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2020	36 Months From Approved	06/30/2020
Responses	8,000	0	8,000
Time Burden (Hours)	322,449	0	474,599
Cost Burden (Dollars)	0	0	175,774,700

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Abstract: The Commission recently amended Regulation 1.35(a) to change and clarify several of the existing recordkeeping requirements that apply to certain registrants and market participants. Records of Commodity Interest and Related Cash or Forward Transactions, 80 FR 80247 (Dec. 24, 2015). Both the prior version of the rule and the current version require certain registrants and market participants to keep various types of records associated with commodity interest transactions and related cash or forward transactions. The records required by Regulation 1.35(a), as well as the requirements specifying the form and manner in which such records must be kept, are an important component of the Commission’s efforts to ensure fair, orderly and efficient markets, and to detect and deter abusive, fraudulent and manipulative acts and practices that can harm market integrity and customers. The Commission uses the information required by the rule in connection with market surveillance and enforcement activities. The respondents include firms that are registered with the Commission (Futures Commission Merchants, Introducing Brokers, Retail Foreign Exchange Dealers, Floor Brokers, Floor Traders, and certain Commodity Pool Operators and Commodity Trading Advisors), as well as those market participants that are not registered with the Commission but are members of a designated contract market or of a swap execution facility.

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Authorizing Statute(s): US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   US Code: 7 USC 1a, 2, 5 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
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
   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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 80247	12/24/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 17413	04/11/2017
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

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

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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	8,000	8,000	0	0	0	0
Annual Time Burden (Hours)	322,449	474,599	0	-152,150	0	0
Annual Cost Burden (Dollars)	0	175,774,700	0	-175,774,700	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 amendment to Regulation 1.35 makes the following changes to the rule: (1) excludes members of designated contract markets (“DCMs”) and members of swap execution facilities (“SEFs”) that are not registered or required to register with the Commission (“Unregistered Members”) from the requirement to keep written communications that lead to the execution of a commodity interest transaction and related cash or forward transactions; (2) excludes Unregistered Members from the requirement to maintain records in a particular form and manner; (3) excludes Unregistered Members from the requirement to retain text messages; (4) excludes commodity trading advisors that are members of a DCM or of a SEF from the requirement to record oral communications that lead to the execution of a transaction; and (5) clarifies the form and manner requirements that apply to required records. With the exception of the clarification of the form and manner requirements (which neither increases nor decreases the exiting recordkeeping burdens), these changes decrease the recordkeeping burdens imposed by Regulation 1.35(a). Thus, the Commission is amending collection 3038-0090 to reflect a decrease in the burden of respondents resulting from the amendment to Regulation 1.35(a). Also, the burden hour costs for Adaptation of Regulations to Incorporate Swaps-Record of Transactions reflected have been reduced by $9,889,750 to $201,073,950, as reflected in the attached supporting statement. There are no startup or operational costs for this collection, which were previously incorrectly entered in ROCIS.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 06/05/2017

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