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.
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.
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:
(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;
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.
Form Swap Data Error Co Method and timing for real-time public reporting (17 CFR 43.3)
CFTC 22-06 - Staff Advisory on Reporting Errors and Omissions in Previously Reported Data.pdf
2022 Supporting Statement 3038-0096, 3038-0070.docx
Method and timing for real-time public reporting (17 CFR 43.3)