Exemption from Derivatives Clearing Organization Registration

Forms and Documents

Document Name	Status
(2019) NEW collection Supporting Statement-3038-xxxx-exempt DCO supplemental proposal.doc Supporting Statement A	2019-07-23

IC Document Collections

IC ID	Document Title	Status
237041	Requirements for Derivatives Clearing Organizations	New

ICR Details

OMB Control No: 3038-0117	ICR Reference No: 201907-3038-006
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: CFTC	Agency Tracking No:
Title: Exemption from Derivatives Clearing Organization Registration
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 09/18/2019
	Date Received in OIRA: 07/23/2019
Terms of Clearance: 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		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Part 39 of the Commission’s regulations establishes regulatory requirements for derivatives clearing organizations (“DCOs”). The Commission is proposing regulations that would codify the policies and procedures that the Commission is currently following with respect to granting exemptions from registration as a DCO, which were proposed in 2018 but not yet adopted. The Commission is issuing a supplemental proposal to permit DCOs that are exempt from registration to clear swaps for U.S. customers. 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, procedures for termination of an exemption, and requirements for customer clearing.

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Authorizing Statute(s): US Code: 7 USC 7a-1 Name of Law: Commodity Exchange Act (Derivatives Clearing Organizations)
  

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	84 FR 35456	07/23/2019

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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: 1

IC Title	Form No.	Form Name
Requirements for Derivatives Clearing Organizations

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The proposal would amend part 39 of the Commission’s regulations to establish a regulatory framework within which the Commission may exempt a non-U.S. clearing organization in connection with the clearing of swaps, and to permit clearing by exempt DCOs on behalf of U.S. customers under certain circumstances. The proposal sets forth new reporting requirements pursuant to the application process for DCO exemption, and ongoing compliance with the conditions of such registration.

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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: 07/23/2019

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