Rule 50.50 End-User Notification of Non-Cleared Swap

Forms and Documents

Document Name	Status
(3038-0085) 30-day FRN (pub-10-29-18).pdf Supplementary Document	2018-10-29
60-Day FR Notice for 3038-0085 (pub 8-13-2018).pdf Supplementary Document	2018-10-24
Supporting Statement - 3038-0085 - final.docx Supporting Statement A	2018-10-24

IC Document Collections

IC ID	Document Title	Status
195779	Rule 50.50 End-User Notification of Non-Clear Swap	Modified

ICR Details

OMB Control No: 3038-0085	ICR Reference No: 201810-3038-004
Status: Historical Active	Previous ICR Reference No: 201508-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Rule 50.50 End-User Notification of Non-Cleared Swap
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: 12/20/2018
	Date Received in OIRA: 10/29/2018
Terms of Clearance: Please contact William Bestani to discuss whether the significant increases, noticed and anticipated, may cause the commission to epand the scope of information contained in the collection in the future.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2019	36 Months From Approved	12/31/2018
Responses	1,815	0	1,092
Time Burden (Hours)	1,053	0	633
Cost Burden (Dollars)	0	0	0

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Abstract: Section 2(h)(1)(A) of the Commodity Exchange Act requires certain entities to submit for clearing certain swaps if they are required to be cleared by the Commission. Section 2(h)(7)(a) provides that non-financial end-users using swaps to hedge or mitigate commercial risk may elect not to clear swaps that otherwise would be required to be cleared, if they satisfy certain conditions. Similarly, Rule 50.50 permits certain end-user entities to elect not to clear swaps that otherwise would be required to be cleared, provided that they satisfy certain conditions. The rule further requires the reporting of certain information if the exception is elected. This collection pertains to information the Commission needs to monitor use of the end-user exception, to prevent abuse of the end-user election, and to assess market risk in connection therewith.

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Authorizing Statute(s): US Code: 7 USC 2h(7) 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:
	83 FR 39991	08/13/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 54326	10/29/2018
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Rule 50.50 End-User Notification of Non-Clear Swap

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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	1,815	1,092	0	723	0	0
Annual Time Burden (Hours)	1,053	633	0	420	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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: The Commission is increasing the estimate for the aggregate number of burden hours because the estimated number of respondents has increased from 1092 in the previous submission to 1815 currently. The Commission has observed an increase in the number of entities electing the end-user exception. As the Commission expands the swap clearing requirement and more entities engage in swaps subject to the clearing requirement, it is also expected that additional entities may qualify for and elect the end-user exception.

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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.     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: 10/29/2018

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