Designation of Financial Market Utilities

Forms and Documents

Document Name	Status
1505-0239_SS_FINAL.docx Supporting Statement A	2020-12-14

IC Document Collections

IC ID	Document Title	Status
244733	Opportunity to Contest Waivers/Modification (1320.14)	New
244732	Opportunity to Contest Proposed Determination (12 CFR 1320.12)	New
244731	Consultation on Proposed Determination (12 CFR 1320.11)	New
197054	Financial Market Utility (FMU) Determination/Review (1320.20)	Modified

ICR Details

OMB Control No: 1505-0239	ICR Reference No: 202012-1505-001
Status: Received in OIRA	Previous ICR Reference No: 201703-1505-002
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Designation of Financial Market Utilities
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/14/2020

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	11	500
Time Burden (Hours)	440	500
Cost Burden (Dollars)	0	0

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Abstract: Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the DFA) (Pub. L. 111-203, 124 Stat. 1376) provides the Financial Stability Oversight Council (Council) the authority to designate a financial market utility (FMU) as systemically important if the Council determines that the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the U.S. financial system. A designated FMU is subject to risk management standards prescribed by the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, or the Securities and Exchange Commission under section 805 of the DFA. The rules adopted by the Council in July 2011 (codified at 12 CFR part 1320) describe the criteria that will inform, and the processes and procedures established under the DFA for, the Council’s designation of FMUs under the DFA.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 804 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 65139	10/14/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 80894	12/14/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Financial Market Utility (FMU) Determination/Review (1320.20)
Consultation on Proposed Determination (12 CFR 1320.11)
Opportunity to Contest Proposed Determination (12 CFR 1320.12)
Opportunity to Contest Waivers/Modification (1320.14)

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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	11	500	0	0	-489	0
Annual Time Burden (Hours)	440	500	0	0	-60	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: No

Burden Reduction Due to:

Short Statement: The changes to the collection since the previous OMB approval include refining the burden and cost estimates. There are no program changes to the collection. The estimate of annual burden hours has decreased by 60 hours, from 500 to 440, based on a revised estimate of the number of anticipated responses. The total annual respondent cost estimate of $37,480 was not included in the previous OMB submission and has been added.

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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: 12/14/2020

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