Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
(2020) 30-Day Notice for 3038-0079 - 09-24-20.pdf	Supplementary Document	Uploaded 2020-09-24	Available
(2020) 60-Day Notice for 3038-0079 - 7-20-20.pdf	Supplementary Document	Uploaded 2020-09-24	Available
(2020) Supporting Statement 3038-0079 - 9-24-20.docx	Supporting Statement A	Uploaded 2020-09-24	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
195307	Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties		Modified

ICR Details

OMB Control No: 3038-0079	ICR Reference No: 202009-3038-005
Status: Active	Previous ICR Reference No: 201709-3038-004
Agency/Subagency: CFTC	Agency Tracking No: 3038-0079
Title: Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties
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: 11/23/2020
	Date Received in OIRA: 09/24/2020
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2023	36 Months From Approved	11/30/2020
Responses	146,496	0	137,088
Time Burden (Hours)	256,470	0	240,000
Cost Burden (Dollars)	0	0	0

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Abstract: The Commission has adopted Subpart H of Part 23 of its regulations (EBCS Rules) and Commission regulation 23.605, requiring swap dealers and major swap participants to follow specified procedures and provide specified disclosures in their dealings with counter-parties, to adopt and implement conflicts of interest procedures and disclosures, and to maintain specified records related to those requirements. In addition, the Commission recently finalized certain exceptions from the EBCS Rules for certain foreign swaps in § 23.23(e). To the extent a swap dealer or major swap participant avails itself of one or more of these exceptions, when effective, § 23.23(h)(1) imposes information collection requirements in lieu of such requirements in the EBCS Rules. The information collection obligations imposed by the regulations are essential to ensuring that swap dealers and major swap participants develop and maintain procedures and disclosures required by the Commodity Exchange Act (CEA) and Commission regulations.

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Authorizing Statute(s): US Code: 7 USC 6s(h); 6s(j)(5) 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:
	85 FR 43821	07/20/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 60135	09/24/2020
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
Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties

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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	146,496	137,088	0	9,408	0	0
Annual Time Burden (Hours)	256,470	240,000	0	16,470	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 amending and also renewing the information collection under OMB Control No. 3038–0079 based on the current number of registered swap dealers. Specifically, the change for the renewal is based solely on the increased number of entities registered as swap dealers (102 at the last renewal and 109 as of September 9, 2020), since the burden hour per respondent remains the same, at approximately 2,352.9 hours.

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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? 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: 09/24/2020

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