Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants

Forms and Documents

Document	Type	Status	Availability
(2022) 30-day FR Notice - 3038-0068, 0083, 0088.pdf	Supplementary Document	Uploaded 2022-04-27	Repair queued
(2022) Consolidated 60-day Notice for 3038-0068, 0083, 0088 -04-27-22.pdf	Supplementary Document	Uploaded 2022-04-27	Repair queued
(2022) Consolidated Supporting Statement for 3038-0068, 0083, and 0088.docx	Supporting Statement A	Uploaded 2022-04-27	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
253111	Confirmation, Portfolio Reconciliation, and Portfolio Compression (OMB Control Number 3038-0068)		New
235423	Orderly Liquidation Termination Notice Provision (OMB Control Number 3038-0083)		Modified
196051	Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants (OMB Control Number 3038-0088)		Modified

ICR Details

OMB Control No: 3038-0088	ICR Reference No: 202204-3038-005
Status: Received in OIRA	Previous ICR Reference No: 201903-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 04/27/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	06/30/2022
Responses	1,197,972	159,750
Time Burden (Hours)	837,649	661,224
Cost Burden (Dollars)	0	0

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Abstract: Section 731 of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act, Pub L. No. 111-203, 124 Stat. 1376 (2010)) amended the Commodity Exchange Act (CEA) by adding sections 4s(f), 4s(g), and 4s(i), among others. Pursuant to this authority, the Commission promulgated regulations 23.500-23.505, which obligate swap dealers (SDs) and major swap participants (MSPs) to develop and retain written swap trading relationship documentation. The final regulations also establish requirements for SDs and MSPs regarding swap confirmation, portfolio reconciliation, and portfolio compression. Confirmation, portfolio reconciliation, and portfolio compression are important, post-trade processing mechanisms for reducing risk and improving operational efficiency.

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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 6s 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 10175	02/23/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 24972	04/27/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Confirmation, Portfolio Reconciliation, and Portfolio Compression (OMB Control Number 3038-0068)
Orderly Liquidation Termination Notice Provision (OMB Control Number 3038-0083)
Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants (OMB Control Number 3038-0088)

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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	1,197,972	159,750	0	1,038,222	0	0
Annual Time Burden (Hours)	837,649	661,224	0	176,425	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The number of respondents has increased from 101 to 107 currently so the aggregate burden hours have increased accordingly. Historically, PRA Collections 3038-0068, 3038-0083, and 3038-0088 were renewed as one consolidated collection. See 82 FR 6241 (Feb. 5, 2016). However, on April 1, 2019, the CFTC published an interim final rule (“IFR”), which allowed uncleared swaps to retain legacy status when transferred in connection with what was, at the time, a potential no-deal Brexit. See 84 FR 12065 (Apr. 1, 2019). As the IFR only affected the calculation of burdens in PRA collection 3038-0088, collection 3038-0088 was considered separately from collections 3038-0068 and 3038-0083 for purposes of incorporating the burdens related to the IFR. Since there is no need now to separate collection 3038-0088 for purposes of renewing these three collections, this renewal request once again will treat collections 3038-0068, 3038-0083, and 3038-0088 as one consolidated collection.

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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: 04/27/2022

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