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
12/31/2021
36 Months From Approved
12/31/2021
51
0
51
2,003
0
2,003
0
0
0
Commission Regulations 39.12, 39.13, 39.14, 39.15, 39.16 and 39.18 establish risk management requirements for registered derivatives clearing organizations (âDCOsâ). Regulation 39.3 requires any person seeking to register as a DCO to submit a completed Form DCO as provided in the appendix to Part 39, accompanied by all applicable exhibits. The Commission will use the information in this collection to assess compliance of DCOs and DCO applicants with requirements for DCOs prescribed in the Commodity Exchange Act and Commission regulations.
Part 39 of the Commissionâs regulations establishes regulatory requirements for derivatives clearing organizations (âDCOsâ). The Commission is proposing regulations that would permit non-U.S. clearing organizations that do not pose substantial risk to the U.S. financial system to register with the Commission, yet comply with the core principles applicable to registered DCOs through compliance with their home country regulatory regime, subject to certain conditions and limitations. The information that would be collected under these proposed regulations is necessary for the Commission to determine whether a clearing organization qualifies for DCO registration pursuant to the alternative compliance procedures, to evaluate its continued eligibility for such status, to review compliance by the DCO subject to alternative compliance with any conditions the Commission has established, or to conduct oversight of U.S. persons and the swaps that are cleared by or for U.S. persons through the DCO subject to alternative compliance. The Commission is also proposing to reduce the number of registered DCOs subject to Part 39 reporting and recordkeeping requirements due to the proposed alternative compliance option.
The proposal by the Commission would amend part 39 of its regulations to establish a regulatory framework within which the Commission may register under certain conditions a non-U.S. clearing organization in connection with the clearing of swaps. The proposal sets forth new reporting requirements pursuant to the application process for DCO registration with alternative compliance, and ongoing compliance with the conditions of such registration. Because several registered DCOs may convert to the proposed alternative compliance status, the Commission is reducing the number of registered DCOs in the current information collection.
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) NPRM Supporting Statement-revised-0076 alternative DCO proposal-7-17-19.doc
Risk Management Requirement for Derivative Clearing Orgnization