Requirements for Derivatives Clearing Organizations

Forms and Documents

Document Name	Status
Form 3038-0076 Requirements for Derivative Clearing Orgnizations Form	Modified
(2020) Supporting Statement Final-0076 Alternative Compliance DCO final rule 10.2020.docx Supporting Statement A	2020-10-22

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: 202010-3038-003
Status: Received in OIRA	Previous ICR Reference No: 201912-3038-004
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	Date Submitted to OIRA: 10/22/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	03/31/2023
Responses	22,578	21,808
Time Burden (Hours)	63,311	72,554
Cost Burden (Dollars)	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. Part 39 of the Commission’s regulations establishes regulatory requirements for derivatives clearing organizations (“DCOs”). The Commission is adopting regulations that will permit non-U.S. clearing organizations that do not pose substantial risk to the U.S. financial system to register with the Commission, yet comply with the core principles applicable to registered DCOs through compliance with their home country regulatory regime, subject to certain conditions and limitations. The information that will be collected under these regulations is necessary for the Commission to determine whether a clearing organization qualifies for DCO registration pursuant to the alternative compliance procedures, to evaluate its continued eligibility for such status, to review compliance by the DCO with any conditions the Commission has established, or to conduct oversight of U.S. persons and the swaps that are cleared by or for U.S. persons through the DCO. The Commission is also reducing the number of DCOs subject to Part 39 reporting and recordkeeping requirements due to the expectation that several existing DCOs will transition to the alternative compliance option.

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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-AE87	Final or interim final rulemaking	85 FR 67160	10/21/2020

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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 Request	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	22,578	21,808	0	770	0	0
Annual Time Burden (Hours)	63,311	72,554	0	-9,243	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 Commission is amending part 39 of its regulations to establish a regulatory framework within which the Commission may register under certain conditions a non-U.S. clearing organization in connection with the clearing of swaps. The rules sets forth new reporting requirements pursuant to the application process for DCO registration with alternative compliance, and ongoing compliance with the conditions of such registration. Because several registered DCOs may convert to alternative compliance status, the Commission is reducing the number of registered DCOs in the current information collection.

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Annual Cost to Federal Government: $86,320

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? 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: 10/22/2020

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