Title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act) added to
the Commodity Exchange Act (CEA) new section 2(a)(13), which
establishes standards and requirements related to real-time
reporting and the public availability of swap transaction and
pricing data. Section 2(a)(13) and part 43 of the Commission’s
Regulations require reporting parties to publish real-time swap
transactions and pricing data to the general public. Without the
frequency of reporting set forth in part 43, the Commission would
not be able to adequately assess the swap markets and, more
importantly, would fail to achieve the frequency of reporting and
promotion of increased price discovery in the swaps market which
are mandated by the Dodd-Frank Act. The Commission’s regulations in
part 43 require SEFs, DCMs, and reporting counterparties to report
swap transaction and pricing data to SDRs and require SDRs to
disseminate the swap transaction and pricing data to the public.
The SDRs do not provide this data to the Commission directly. The
Commission may, however, use the swap transaction and pricing data
in connection with fulfilling any of its regulatory duties or for
other purposes. This publicly-reported data is also available to
all other regulators and to the public and they may use it for any
purpose as they see fit. The swap transaction and pricing data is
made public in order to increase the transparency of the swaps
market for regulators and market participants.
The Commission is finalizing
amendments to part 43 of the Commission’s regulations in order to
improve the quality of swaps transaction and pricing data available
to the public as well as to streamline regulatory requirements
governing data reporting. The final rule discusses adjustments to
burden hours calculations for Information Collection 3038-0070 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 3038-0070, based on updated information
related to other collections within Information Collection
3038-0070 that are not being modified by this proposal.
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:
(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;
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.
(2020) Supporting Statement for Part 43 Final Rule (3038-0070).docx
Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades