Swap Data Recordkeeping and Reporting Requirements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
(2020) Supporting Statement 0096-exempt DCO final rule 11-16-2020.docx	Supporting Statement A	Uploaded 2021-01-28	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
245478	Exemption from Derivatives Clearing Organization Registration		New
200283	Swap Data Recordkeeping and Reporting Requirements		Unchanged

ICR Details

OMB Control No: 3038-0096	ICR Reference No: 202101-3038-006
Status: Historical Active	Previous ICR Reference No: 202011-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Data Recordkeeping and Reporting Requirements
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: 03/10/2021
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/28/2021
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2023	36 Months From Approved	02/28/2023
Responses	229,667,758	0	229,611,240
Time Burden (Hours)	1,231,670	0	1,226,021
Cost Burden (Dollars)	53,176,964	0	51,961,428

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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 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, clear swaps, provide a swap execution platform, or collect swap data repository. The regulations establish swap reporting and recordkeeping requirements for swap execution facilities (“SEFs”), designated contract markets (“DCMs”), swap data repositories (“SDRs”), derivatives clearing organizations (“DCOs”), swap dealers (“SDs”), major swap participants (“MSPs”), and non-SD/MSP/DCO counterparties. The Commission’s regulations in part 45 require SEFs, DCMs, and reporting counterparties to report swap data to SDRs. The SDRs provide this data to the Commission directly. The Commission uses swap data in connection with fulfilling its regulatory duties. The new information collection under this control number relates specifically to the Commission’s changes to Part 39 of its regulations to establish a regulatory framework for the clearing of swaps by exempt derivatives clearing organizations (“DCOs”), pursuant to Section 5b(h) of the CEA (7 U.S.C. 7a-1(h)). Although Part 45 applies to a number of registered entities and market participants, including registered DCOs, the proposed changes would affect only the reporting burden for exempt DCOs. The information collection is necessary to fulfill the Commission’s statutory and regulatory mandates, including systemic risk mitigation, market monitoring, and market abuse prevention. The information is used to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps.

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

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE65	Final or interim final rulemaking	86 FR 949	01/07/2021

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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: 2

table that charts list of burden

IC Title	Form No.	Form Name
Exemption from Derivatives Clearing Organization Registration
Swap Data Recordkeeping and Reporting Requirements

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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	229,667,758	229,611,240	0	56,518	0	0
Annual Time Burden (Hours)	1,231,670	1,226,021	0	5,649	0	0
Annual Cost Burden (Dollars)	53,176,964	51,961,428	0	1,215,536	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This submission includes adjustments to burden hours to account for the Commission’s requirements for exempt DCOs. The additional burden relates solely to swap data reporting by exempt DCOs.

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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: 01/28/2021

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