Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps

Forms and Documents

Document Name	Status
(2020) Supporting Statement for Part 46 Final Reporting Rules (3038-0089).docx Supporting Statement A	2020-11-25

IC Document Collections

IC ID	Document Title	Status
197508	Swap Date Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps	Modified

ICR Details

OMB Control No: 3038-0089	ICR Reference No: 202011-3038-003
Status: Received in OIRA	Previous ICR Reference No: 201906-3038-005
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/25/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2022
Responses	30,125	30,125
Time Burden (Hours)	16,698	17,328
Cost Burden (Dollars)	0	1,285,434

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Abstract: The information is needed to ensure that the Commission and other regulators have access to complete data concerning swaps, as required by the Commodity Exchange Act as amended by the Dodd-Frank Act. The data would be reported to and maintained in swap data repositories, where it would not be disclosed publicly, but would be available to the Commission and other financial regulators for fulfillment of various regulatory mandates. The information is for use by government entities to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps. Respondents are entities or persons who trade swaps. The Commission’s regulations in Part 46 require reporting counterparties to report data for pre-enactment swap and transition swaps to SDRs. The SDRs provide this data to the Commission directly. The Commission uses this data in connection with fulfilling its regulatory duties.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 7 USC . 2(a), 21(b), and 2(h)(5)(B) Name of Law: CEA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE31	Final or interim final rulemaking	85 FR 75503	11/25/2020

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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
Swap Date Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps

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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	30,125	30,125	0	0	0	0
Annual Time Burden (Hours)	16,698	17,328	0	-630	0	0
Annual Cost Burden (Dollars)	0	1,285,434	0	-1,285,434	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 finalizing amendments to Part 46 of the Commission’s regulations in order to improve the quality of swap data and to streamline regulatory requirements governing data reporting. The final rule discusses adjustments to burden hours calculations for Information Collection 3038-0089 to account for modified and new burdens associated with the proposed changes to the regulation. The Commission is also updating the overall burden hours, collection volumes, and costs related to Information Collection 3038-0089, based on updated information related to other collections within Information Collection 3038-0089 that are not being modified by this proposal. For example, the Commission is updating the estimated numbers of each type of entity affected by this collection to accurately reflect the current number of each type of entity.

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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: 11/25/2020

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