Registration of Swap Dealers and Major Swap Participants

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 8-T Registration of Swap Dealers and Major Swap Participants	Form and Instruction	Modified	Available
(2019) Joint 0023 and 0072 Final Supporting Statement for Form 7-R revisions.docx	Supporting Statement A	Uploaded 2019-06-20	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
219445	Alternative to Figerprinting Requirement For Foreign Natural Persons		Modified
195292	Registration of Swap Dealers and Major Swap Participants	Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0072	ICR Reference No: 201906-3038-002
Status: Historical Active	Previous ICR Reference No: 201808-3038-006
Agency/Subagency: CFTC	Agency Tracking No:
Title: Registration of Swap Dealers and Major Swap Participants
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: 08/19/2019
	Date Received in OIRA: 06/20/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2022	36 Months From Approved	01/31/2020
Responses	1,114	0	1,114
Time Burden (Hours)	672	0	672
Cost Burden (Dollars)	500	0	500

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Abstract: This ICR covers the Commodity Futures Trading Commission (“Commission” or “CFTC”) amendments to its Form 8-R. The 8-R is the application form that individuals must use to register with the Commission as an associated person of a registrant, floor broker, or floor trader, or to be listed as a principal of a registrant (collectively, “applicants”). 17 CFR 3.10(a)(2), 3.11(a), and 3.12(c). Form 8-R requests information about the applicant that is necessary to assess the applicant’s fitness to engage in business as a derivatives professional, subject to regulation and oversight by the Commission. Individual applicants have been required to use Form 8-R since 1977. Revision of Registration Forms and Amendment of Related Rules, 42 FR 23988 (May 11, 1977) (Form 8-R replaced Forms 2-R, 4-R and 94). This ICR also addresses the implications of the Form 3-R cancellation. With regards to the Registration of Swap Dealers and Major Swap Participants: Section 731(b) of the Dodd-Frank Act requires swap dealers and major swap participants to register with the Commission. Section 731(d) of the Dodd-Frank Act requires the Commission to adopt rules for persons that are registered as swap dealers or major swap participants. The Collections are in connection with the registration process for registering swap dealers and major swap participants. With regards to the Alternative to Fingerprinting Requirement For Foreign Natural Persons: the alternative to fingerprinting recognized the limitations on usefulness of fingerprints of foreign nationals while also ensuring the continued protection of market participants and the public through submission of a certification to NFA relating to the background check of the relevant foreign natural person and maintainance of records relating thereto pursuant to Commission regulation 3.21. The Commodity Futures Trading Commission (“Commission” or “CFTC”) amended Form 7-R. Form 7-R is the application form that entities must use to register with the Commission as a futures commission merchant, retail foreign exchange dealer, introducing broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, swap dealer, major swap participant, or floor trader firm (collectively, “applicants”). 17 CFR 3.10(a)(1), 3.11(a). Applicants have been required to use Form 7-R since 1977. Revision of Registration Forms and Amendment of Related Rules, 42 FR 23988 (May 11, 1977) (Form 7-R replaced Forms 1-R, 5-R and 6-R). Form 7-R requests information about the applicant that is necessary to assess the applicant’s fitness to engage in business in the registration categories referenced above, subject to regulation and oversight by the Commission. In connection with the revision of Form 7-R, the Commission is making no change to the burden estimates of collections 3038-0023 and 3038-0072 because the changes to Form 7-R, when considered together in the aggregate, do not result in any net change to the information collection burdens associated with the revised version of Form 7-R.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 7 USC 6f, 6n, 6s 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:
	84 FR 8696	03/11/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 28790	06/20/2019
Did the Agency receive public comments on this ICR? Yes

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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
Registration of Swap Dealers and Major Swap Participants	8-T, 7 - R, 7W, Form 8-R	Individual Withdrawal ,   Firm Application ,   Firm Withdrawal ,   Individual Application
Alternative to Figerprinting Requirement For Foreign Natural Persons

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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	1,114	1,114	0	0	0	0
Annual Time Burden (Hours)	672	672	0	0	0	0
Annual Cost Burden (Dollars)	500	500	0	0	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: No

Burden Reduction Due to:

Short Statement:

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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.     Yes

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: 06/20/2019

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