Core Principles and Other Requirements for Swap Execution Facilities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
(2020) Final rule Part 37 PRA - Supporting Statement 3038-0074 (02-11-2021) Final 7.22.2021.docx	Supporting Statement A	Uploaded 2021-07-22	Missing upstream

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
195702	Core Principles and Other Requirements for Swap Execution Facilities		Modified

ICR Details

OMB Control No: 3038-0074	ICR Reference No: 202107-3038-004
Status: Received in OIRA	Previous ICR Reference No: 202104-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Core Principles and Other Requirements for Swap Execution Facilities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 08/31/2021
Date Submitted to OIRA: 07/26/2021

table that charts list comparision

	Requested	Previously Approved
Expiration Date	6 Months From Approved	05/31/2024
Responses	5,160	739,557
Time Burden (Hours)	7,740	22,200
Cost Burden (Dollars)	0	0

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Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act added new section 5h to the Commodity Exchange Act (CEA) to impose requirements concerning the registration and operation of swap execution facilities (SEF), which the Commodity Futures Trading Commission (Commission) has incorporated in part 37 and other parts of its regulations. The information required to be provided under part 37 is necessary for the Commission to evaluate whether SEFs, or entities applying to become SEFs, comply with the CEA’s statutory core principle requirements and related Commission regulations in part 9, part 36, and part 37 of the Commission’s regulations and demonstrate that they meet the conditions required to be met in order to attain and/or retain their registration

Emergency Justfication: We would like to submit a revision of an active collection (3038-0074)* due to the publication of a final rule that was published on 02/11/21 while the renewal of the collection was underway, so the revision could not be submitted at that time. Since the pre-approval had expired on 1/31/20, and the final rule for Part 37 was not published until 02/11/21, ROCIS has indicated that the revision can only be submitted as an emergency, hence this submission. *3038-0074 has recently been renewed, expiring 5/31/24.

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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 7b-3 Name of Law: CEA
  

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-AE25	Final or interim final rulemaking	86 FR 9224	02/11/2021

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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: 1

table that charts list of burden

IC Title	Form No.	Form Name
Core Principles and Other Requirements for Swap Execution Facilities

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ICR Summary of Burden

table that charts list 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	5,160	739,557	0	-734,397	0	0
Annual Time Burden (Hours)	7,740	22,200	0	-14,460	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 ‘Final Rules address operational issues facing SEFs and their market participants in connection with the Commission’s regulatory requirements for a SEF’s audit trail data, financial resources, and chief compliance officer. The Rules address areas that a number of SEFs and their market participants requested relief from certain part 37 requirements that they found in practice to be operationally unworkable or unnecessarily burdensome.

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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: 07/26/2021

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