Margin and Capital Requirements for Covered Swap Entities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1557-0251 Swaps Final Rule.docx	Supporting Statement A	Uploaded 2020-06-17	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
235297	Counterparty Disclosure		Unchanged
234048	Sections 45.1(d)(1) and (2) Meeting criteria for exemption		Unchanged
218751	Section 45.11(b)(1) Posting Initial Margin		Removed
218750	Section 45.8(f)(3) Initial Margin Model Reporting		Unchanged
218749	Section 45.7(c) Custody Agreement		Unchanged
212501	Section 45.9(e) Requests for Determinations		Unchanged
212500	Section 45.8(h) Escalation Procedures		Unchanged
212499	Section 45.8(e) Periodic Review; Section 45.8(f) Control, Oversight, and Validation Mechanisms		Unchanged
212498	Sections 45.8(c) and (d) Initial Margin Model		Unchanged
212497	Section 45.5(c)(2) Required Margin		Unchanged
197199	Section 45.2 - Definition of "Eligible Master Netting Agreement"; Section 45.8(g) Documentation; Section 45.10 Documentation of Margin Matters		Unchanged

ICR Details

OMB Control No: 1557-0251	ICR Reference No: 202006-1557-002
Status: Active	Previous ICR Reference No: 201909-1557-001
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Margin and Capital Requirements for Covered Swap Entities
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: 08/04/2020
	Date Received in OIRA: 07/01/2020
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2023	36 Months From Approved	08/31/2022
Responses	120	0	2,620
Time Burden (Hours)	14,900	0	17,400
Cost Burden (Dollars)	0	0	0

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Abstract: Sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act require the OCC, FRB, FDIC, FHFA, and FCA to adopt joint rules for swap entities under their jurisdictions imposing capital requirements and initial and variation margin requirements on all non-cleared swaps. This ICR is being submitted in connection with a final rule that removes the recordkeeping requirement in section 44.11(b) that a covered swap entity shall calculate the amount of initial margin that would be required to be posted to an affiliate that is a financial end user with material swaps exposure pursuant to section 44.3(b) and provide documentation of such amount to each affiliate on a daily basis.

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Authorizing Statute(s): Statute at Large: 129 Stat. 3 Name of Statute: Terrorism Risk Insurance Program Reauthorization Act of 2015
   PL: Pub.L. 111 - 203 731, 764 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AE69	Final or interim final rulemaking	85 FR 39754	07/01/2020

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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: 10

table that charts list of burden

IC Title	Form No.	Form Name
Section 45.8(e) Periodic Review; Section 45.8(f) Control, Oversight, and Validation Mechanisms
Section 45.9(e) Requests for Determinations
Section 45.7(c) Custody Agreement
Section 45.8(f)(3) Initial Margin Model Reporting
Sections 45.1(d)(1) and (2) Meeting criteria for exemption
Section 45.2 - Definition of "Eligible Master Netting Agreement"; Section 45.8(g) Documentation; Section 45.10 Documentation of Margin Matters
Counterparty Disclosure
Section 45.11(b)(1) Posting Initial Margin
Section 45.8(h) Escalation Procedures
Section 45.5(c)(2) Required Margin
Sections 45.8(c) and (d) Initial Margin Model

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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	120	2,620	0	-2,500	0	0
Annual Time Burden (Hours)	14,900	17,400	0	-2,500	0	0
Annual Cost Burden (Dollars)	0	0	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The burden reduction is due to removal of the recordkeeping requirement in section 44.11(b) that a covered swap entity shall calculate the amount of initial margin that would be required to be posted to an affiliate that is a financial end user with material swaps exposure pursuant to section 44.3(b) and provide documentation of such amount to each affiliate on a daily basis.

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Annual Cost to Federal Government:

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]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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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: 07/01/2020

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