Swap Documentation

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
(2022) 30-day FR Notice - 3038-0088.pdf	Supplementary Document	Uploaded 2022-10-24	Repair queued
(2022) 60-day FR Notice - 3038-0088.pdf	Supplementary Document	Uploaded 2022-10-24	Repair queued
(2022) Amended Supporting Statement for Currenty Approved 3038-0088 - 10-19-22.docx	Supporting Statement A	Uploaded 2022-10-24	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
253111	Confirmation, Portfolio Reconciliation, and Portfolio Compression (OMB Control Number 3038-0068)		Removed
235423	Orderly Liquidation Termination Notice Provision (OMB Control Number 3038-0083)		Removed
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: 202210-3038-007
Status: Historical Active	Previous ICR Reference No: 202204-3038-005
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Documentation
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: 12/19/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 10/24/2022
Terms of Clearance: In future submissions, CFTC should include column totals in the attachment A table.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2025	36 Months From Approved	06/30/2025
Responses	135,432	0	1,197,972
Time Burden (Hours)	791,046	0	837,649
Cost Burden (Dollars)	0	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. *Note: The collections of information under OMB control numbers 3038-0068, 3038-0083, and 3038-0088 are now consolidated under OMB control number 3038-0088, and OMB control numbers 3038-0068 and 3038-0083 have been withdrawn as of July 5, 2022. Concurrently with this change, the Commission has changed the name associated with OMB control number 3038-0088 to “Swap Documentation.” While the collection has been renewed until June 30, 2025, this amended supporting statement is now submitted to correct the aggregate burden hours for the consolidated collection, and to officially affirm the discontinuance of OMB control numbers 3038-0068 and 3038-0083.

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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 51065	08/19/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 64207	10/24/2022
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
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

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	135,432	1,197,972	0	1,254	-1,063,794	0
Annual Time Burden (Hours)	791,046	837,649	0	118,658	-165,261	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: As indicated in the Abstract Section above, the Commission has withdrawn the other two ICs, namely 3038-0068 and 3038-0083, and now consolidated the data into one collection, 3038-0088, "Swap Documentation." Additionally, the Commission has removed the burden hours for cleared swap recordkeeping, which had previously been included in error. As such, the Commission is adjusting the estimated aggregate burden to correct the error and also to reflect the increase in total number of respondents (combined SDs and MSPs) from 107 to 108. Overall, the burden hours per per respondent have not changed--aside from the removal of the burden hours associated with cleared swap recordkeeping and the current addition of one new respondent.

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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: 10/24/2022

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