Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Comparability determinations with margin requirements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
(2019) Supporting Statement for 0111 (2019-1.._.docx	Supporting Statement A	Uploaded 2019-11-21	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
217296	Comparability Determinations with Margin Requirements		Modified

ICR Details

OMB Control No: 3038-0111	ICR Reference No: 201910-3038-003
Status: Active	Previous ICR Reference No: 201609-3038-004
Agency/Subagency: CFTC	Agency Tracking No:
Title: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Comparability determinations with margin requirements
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/10/2019
	Date Received in OIRA: 10/31/2019
Terms of Clearance: Supporting statement was updated to fix an error during review.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2022	36 Months From Approved	12/31/2019
Responses	80	0	83
Time Burden (Hours)	3,020	0	2,510
Cost Burden (Dollars)	0	0	0

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Abstract: The collection of information that is proposed by this rulemaking is necessary to implement section 4s(e) of the Commodity Exchange Act ("CEA"), which mandates that the Commission adopt rules establishing margin requirements for uncleared swaps of swap dealers ("SDs") and major swap participants ("MSPs") that do not have a Prudential Regulator (collectively, "Covered Swap Entities" or "CSEs"), and section 2(i) of the CEA, which provides the Commission with express authority over swaps activities in cross-border transactions when certain conditions are met. The Commission will use the information collected to determine whether the foreign jurisdiction's margin rules for uncleared swaps are comparable to the Commission's corresponding margin requirements. Covered Swap Entities or CSEs that are eligible for substituted compliance under the Proposed Rule, as well as foreign regulatory agencies that have direct supervisory authority to administer the foreign jurisdiction's margin requirements for uncleared swaps in the requested foreign jurisdiction, may make a request for a comparability determination. Also, two information collections included in the final rule require CSEs to have policies and procedures ensuring that they are in compliance with all of the requirements of the special provisions for non-netting jurisdictions and non-segregation provisions, respectively, and to maintain books and records properly documenting that all of the requirements of the special provisions for non-netting jurisdictions and non-segregation jurisdictions, respectively, are satisfied. These two collections are necessary as a means for the Commission to be able to determine that CSEs relying on the non-netting jurisdictions and non-segregation provisions are entitled to do so and are complying with the special provisions’ requirements.

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Authorizing Statute(s): US Code: 7 USC 2(i); 6s Name of Law: Commodity Exchange Act
  

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 43589	08/21/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 58375	10/31/2019
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Comparability Determinations with Margin Requirements

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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	80	83	0	-3	0	0
Annual Time Burden (Hours)	3,020	2,510	0	510	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 annual burden hour estimate for 23.160(c) from 10 hours per respondent to 40 hours per respondent (based on implementation experience). Therefore, the total burden hour estimate for this regulation accordingly increased overall, notwithstanding the decrease in the number of respondents for this requirement from 17 to 14 (given then number of comparability determinations that have already been granted). The Commission is also increasing the total burden hour estimate for 23.160(d) in light of an increase in provisionally registered swap dealers.

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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.     No

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: 10/31/2019

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