Swap Data Recordkeeping and Reporting Requirements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form Swap Data Error Co Swap Data Error Correction Form	Form	Modified	Available
Form Swap Data Error Co Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14)	Form	Modified	Repair queued
30-Day FRN 3038-0096 (88 FR 347).pdf	Supplementary Document	Uploaded 2023-01-04	Repair queued
2023 Supporting Statement 3038-0096.docx	Supporting Statement A	Uploaded 2023-01-03	Repair queued
60-Day FRN 3038-0096 (87 FR 64205).pdf	Supplementary Document	Uploaded 2022-12-12	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
256123	Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14)	Form	Modified	Swap Data Error Correction Form
256123	Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14)	Form	Modified
245478	Exemption from Derivatives Clearing Organization Registration		Modified
200283	Swap Data Recordkeeping and Reporting Requirements		Modified

ICR Details

OMB Control No: 3038-0096	ICR Reference No: 202212-3038-001
Status: Historical Active	Previous ICR Reference No: 202209-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Data Recordkeeping and Reporting Requirements
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/26/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/04/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2026	36 Months From Approved	04/30/2023
Responses	229,692,016	0	229,669,500
Time Burden (Hours)	1,460,357	0	1,242,122
Cost Burden (Dollars)	0	0	53,176,964

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Abstract: The CFTC requests OMB approval for the extension of the information collections associated with the agency's regulations governing Swap Data Recordkeeping and Reporting Requirements. The information is needed to ensure that the Commission and other regulators have access to complete data concerning swaps, as required by the Commodity Exchange Act as amended by the Dodd-Frank Act. The information is for use by government entities to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps. Respondents are entities or persons who trade swaps, clear swaps, provide a swap execution platform, or collect swap data repository. The regulations establish swap reporting and recordkeeping requirements for swap execution facilities (“SEFs”), designated contract markets (“DCMs”), swap data repositories (“SDRs”), derivatives clearing organizations (“DCOs”), swap dealers (“SDs”), major swap participants (“MSPs”), and non-SD/MSP/DCO counterparties. The Commission’s regulations in part 45 require SEFs, DCMs, and reporting counterparties to report swap data to SDRs. The SDRs provide this data to the Commission directly. The Commission uses swap data in connection with fulfilling its regulatory duties. The information collection relating to Part 39 of the Commission's regulations establishes a regulatory framework for the clearing of swaps by exempt derivatives clearing organizations (“DCOs”), pursuant to Section 5b(h) of the CEA (7 U.S.C. 7a-1(h)). This information collection is necessary to fulfill the Commission’s statutory and regulatory mandates, including systemic risk mitigation, market monitoring, and market abuse prevention. The information is used to provide oversight and supervision and to ensure compliance with statutes and regulations relating to swaps.

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Authorizing Statute(s): US Code: 7 USC 2(a), and 21(b) Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
  

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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 64205	10/24/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 347	01/04/2023
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14)	Swap Data Error Correction Form	Swap Data Error Correction Form
Exemption from Derivatives Clearing Organization Registration
Swap Data Recordkeeping and Reporting Requirements

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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	229,692,016	229,669,500	0	0	22,516	0
Annual Time Burden (Hours)	1,460,357	1,242,122	0	0	218,235	0
Annual Cost Burden (Dollars)	0	53,176,964	0	0	-53,176,964	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: There are no program changes. The Commission is updating its burden hours and hourly labor cost estimates based on updated information regarding the number of SDRs, SEFs, DCMs, and Reporting Counterparties subject to the Commission’s regulations and to incorporate updated Bureau of Labor Statistics wage data. In addition, the Commission is updating its estimates to remove the annualized capital and start-up costs associated with this clearance. In two earlier rulemakings, the Commission issued new regulations that imposed new annualized capital and start-up costs totaling an estimated $53,176,964 ($51,961,428 + $1,215,536). See Final Rule, Swap Data Recordkeeping and Reporting Requirements, 85 FR 75503 (Nov. 25, 2020) (ICR Reference No: 202011-3038-002); Final Rule, Exemption from Deriviatives Clearing Organization Registration, 86 FR 949 (Jan. 7, 2021) (ICR Reference No: 202101-3038-006). Based on its knowledge of the marketplace, the Commission believes that regulated entities have now absorbed the initial start-up costs associated with revising their systems and processes to come into compliance with these requirements. Accordingly, the Commission has removed these annualized capital and start-up costs from its updated burden estimates for this renewal period.

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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: 01/04/2023

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