Real-Time Public Reporting

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Swap Data Error Co Method and timing for real-time public reporting (17 CFR 43.3)	Form	New	Missing upstream
CFTC 22-06 - Staff Advisory on Reporting Errors and Omissions in Previously Reported Data.pdf	Supplementary Document	Uploaded 2022-10-05	Repair queued
2022 30-Day FRN 3038-0096, 3038-0070 (87 FR 60382).pdf	Supplementary Document	Uploaded 2022-10-05	Repair queued
2022 60-Day FRN 3038-0096, 3038-0070 (87 FR 37839).pdf	Supplementary Document	Uploaded 2022-10-05	Missing upstream
2022 Supporting Statement 3038-0096, 3038-0070.docx	Supporting Statement A	Uploaded 2022-10-05	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
255796	Method and timing for real-time public reporting (17 CFR 43.3)	Form	New
195664	Real-Time Public Reporting		Unchanged

ICR Details

OMB Control No: 3038-0070	ICR Reference No: 202209-3038-002
Status: Received in OIRA	Previous ICR Reference No: 202204-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Real-Time Public Reporting
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/05/2022

table that charts list comparision

	Requested	Previously Approved
Expiration Date	08/31/2025	08/31/2025
Responses	10,022,584	10,020,842
Time Burden (Hours)	782,283	771,831
Cost Burden (Dollars)	85,849,000	85,849,000

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Abstract: The CFTC requests approval of the proposed revision of this ICR to add a new information collection instrument (Swap Data Error Correction Form) that implements the requirements of 17 CFR 43.3 (Method and timing for real-time public reporting). The Swap Data Error Correction Form specifies the format and manner in which respondents should submit the reports required under 17 CFR 43.3. 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 17 USC 2(a), 12a(5), and 24a 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 37839	06/24/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 60382	10/05/2022
Did the Agency receive public comments on this ICR? Yes

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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
Method and timing for real-time public reporting (17 CFR 43.3)	Swap Data Error Correction Form	Swap Data Error Correction Form
Real-Time Public Reporting

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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	10,022,584	10,020,842	0	0	1,742	0
Annual Time Burden (Hours)	782,283	771,831	0	0	10,452	0
Annual Cost Burden (Dollars)	85,849,000	85,849,000	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 Commission proposes to revise Information Collection 3038-0070 to add a new Swap Data Error Correction Notification Form as a new Information Collection Instrument. The Commission is also revising the burden estimates for these collections to account for burden associated with the reporting requirements for swap data error correction, which are being implemented by the Form. These revisions result in an incremental increase in burden for Information Collection 3038-0070 of 10,452 burden hours.

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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: 10/05/2022

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