Adaptation of Regulations to Incorporate Swaps-Records of Transactions

ICR 201706-3038-001

OMB: 3038-0090

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2017-06-05
Supplementary Document
2017-06-05
Supporting Statement A
2017-06-05
ICR Details
3038-0090 201706-3038-001
Historical Active 201705-3038-009
CFTC
Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Revision of a currently approved collection   No
Regular
Approved without change 08/30/2017
Retrieve Notice of Action (NOA) 06/05/2017
  Inventory as of this Action Requested Previously Approved
08/31/2020 36 Months From Approved 06/30/2020
8,000 0 8,000
322,449 0 474,599
0 0 175,774,700

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.

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
  
None

Not associated with rulemaking

  80 FR 80247 12/24/2015
82 FR 17413 04/11/2017
No

  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
No
Yes
Miscellaneous Actions
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.

$0
No
    No
    No
No
Yes
No
Uncollected
Herminio Castro 202 418-6705 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
06/05/2017


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