Risk Management Requirements for Derivatives Clearing Organizations

Forms and Documents

Document Name	Status
2018 Supporting Statement-Revised-0076-exempt DCO proposal 6-18-18 Updated 10-4-18.doc Supporting Statement A	2018-10-04

IC Document Collections

IC ID	Document Title	Status
232308	Exemption from Derivatives Clearing Organization Registration	New
195766	Risk Management Requirement for Derivative Clearing Orgnization	Unchanged

ICR Details

OMB Control No: 3038-0076	ICR Reference No: 201807-3038-002
Status: Historical Inactive	Previous ICR Reference No: 201501-3038-004
Agency/Subagency: CFTC	Agency Tracking No:
Title: Risk Management Requirements for Derivatives Clearing Organizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 10/04/2018
	Date Received in OIRA: 08/13/2018
Terms of Clearance: Terms of the previous clearance remain in effect. COMMENT: OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Resubmit when proposed rule is finalized.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2018	36 Months From Approved	12/31/2018
Responses	45	0	45
Time Burden (Hours)	1,903	0	1,903
Cost Burden (Dollars)	0	0	0

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Abstract: Part 39 of the Commission's regulations establishes risk management requirements for derivatives clearing organizations (DCOs), which are required to be registered with the Commission. Part 39 also establishes procedures for registration of DCOs. The Commission will use the information in this collection to assess DCOs' and applicants' compliance with requirements for DCOs prescribed in the Commodity Exchange Act and Commission regulations.The Commission proposed a new information collection related to the Commission’s proposed changes to Part 39 of its regulations to establish a regulatory framework for exempt derivatives clearing organizations (“DCOs”), pursuant to Section 5b(h) of the CEA (7 U.S.C. 7a-1(h)). Specifically, the proposal would amend Part 39 to specify the conditions and procedures under which a clearing organization may apply for exemption from registration as a DCO, the information that must be provided to the Commission to obtain and maintain such exemption, and procedures for termination of an exemption. The information that would be collected under these proposed regulations is necessary for the Commission to determine whether a clearing organization qualifies for exemption from DCO registration, to evaluate the continued eligibility of the exempt DCO for exemption from registration, to review compliance by the exempt DCO with any conditions of such exemption, or to conduct its oversight of U.S. persons and the swaps that are cleared by U.S. persons through the exempt DCO.

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Authorizing Statute(s): US Code: 7 USC 7a-1 Name of Law: Derivatives Clearing Organization
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE65	Proposed rulemaking	83 FR 39923	08/13/2018

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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
Risk Management Requirement for Derivative Clearing Orgnization
Exemption from Derivatives Clearing Organization Registration

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This submission includes adjustments to burden hours to account for the Commission’s proposed requirements for exempt DCOs, including applications for exemption, regular and event-based reporting, and termination of exemption.

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Annual Cost to Federal Government: $43,160

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.     Yes

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: 08/13/2018

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