Requirements for Derivatives Clearing Organizations

Forms and Documents

Document Name	Status
Form 3038-0076 Requirements for Derivative Clearing Orgnizations Form	Modified
(2019) Supporting Statement Part 39 Final rule 3038-0076 12-4-19.doc Supporting Statement A	2019-12-19

IC Document Collections

IC ID	Document Title	Status
195766	Requirements for Derivative Clearing Orgnizations Form	Modified

ICR Details

OMB Control No: 3038-0076	ICR Reference No: 201912-3038-004
Status: Active	Previous ICR Reference No: 201905-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Requirements for Derivatives Clearing Organizations
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: 03/02/2020
	Date Received in OIRA: 01/27/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2023	36 Months From Approved	12/31/2021
Responses	21,808	0	51
Time Burden (Hours)	72,554	0	2,003
Cost Burden (Dollars)	0	0	0

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Abstract: Commission Regulations 39.12, 39.13, 39.14, 39.15, 39.16 and 39.18 establish risk management requirements for registered derivatives clearing organizations (“DCOs”). 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. The proposed amendments to Part 39 would, among other things, address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance.The proposed rulemaking would consolidate four collections of information relating to requirements under Part 39 in OMB control number 0038-0076, which will be renamed “Requirements for Derivatives Clearing Organizations.” 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 Commission’s regulations establishes regulatory requirements for derivatives clearing organizations (“DCOs”). The amendments to Part 39 will, among other things, address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance. The rulemaking will consolidate four collections of information relating to requirements under Part 39 in OMB control number 0038-0076, which is renamed “Requirements for Derivatives Clearing Organizations.” 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.

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Authorizing Statute(s): US Code: 7 USC 7a-1 Name of Law: Commodity Exchange Act
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE66	Final or interim final rulemaking	85 FR 4800	01/27/2020

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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 Derivative Clearing Orgnizations	3038-0076	Form DCO

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ICR Summary 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	21,808	51	0	21,757	0	0
Annual Time Burden (Hours)	72,554	2,003	0	70,551	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: This collection consolidates existing collections that include requirements under the Commission’s Part 39 regulations. In this process, Commission staff has updated the existing burden estimates to reflect current assumptions and costs. Further, the amendments to clarify, streamline, and codify various Part 39 requirements are expected to result in adjustments to the burden applicable to certain of these requirements; in some cases, the burden will increase slightly, and in other cases, the burden will be reduced.

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Annual Cost to Federal Government: $426,576

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: 01/27/2020

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