The CFTC should
consider modyfing Item 16 of the supporting statement to account
for circumstances under which data recieved from the collection
could be used in generating analysis to guide fulfillment of
regulatory mandates.
Inventory as of this Action
Requested
Previously Approved
01/31/2021
36 Months From Approved
01/31/2021
2,947,746
0
2,947,746
590,080
0
590,080
367,108,989
0
367,108,989
Title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act) added to
the Commodity Exchange Act (CEA) new section 2(a)(13), which
establishes standards and requirements related to real-time
reporting and the public availability of swap transaction and
pricing data. Section 2(a)(13) and part 43 of the Commission’s
Regulations require reporting parties to publish real-time swap
transactions and pricing data to the general public. Without the
frequency of reporting set forth in part 43, the Commission would
not be able to adequately assess the swap markets and, more
importantly, would fail to achieve the frequency of reporting and
promotion of increased price discovery in the swaps market which
are mandated by the Dodd-Frank Act. (See next paragraph.) The
Commission’s regulations in part 43 require SEFs, DCMs, and
reporting counterparties to report swap transaction and pricing
data to SDRs and require SDRs to disseminate the swap transaction
and pricing data to the public. The SDRs do not provide this data
to the Commission directly. The Commission may, however, use the
swap transaction and pricing data in connection with fulfilling any
of its regulatory duties or for other purposes. This
publicly-reported data is also available to all other regulators
and to the public and they may use it for any purpose as they see
fit. The swap transaction and pricing data is made public in order
to increase the transparency of the swaps market for regulators and
market participants.
The Commission is proposing
amendments to part 43 of the Commission’s regulations in order to
improve the quality of swaps transaction and pricing data available
to the public as well as to streamline regulatory requirements
governing data reporting. This supporting statement discusses
adjustments to burden hours calculations for Information Collection
3038-0070 to account for modified and new burdens associated with
the proposed changes to the regulation. The Commission is also
updating the overall burden hours, collection volumes, and costs
related to Information Collection 3038-0070, based on updated
information related to other collections within Information
Collection 3038-0070 that are not being modified by this
proposal.
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.
(2019) Supporting Statement for Verification Rule (Part 43 3038-0070).docx
Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades