Swap Recordkeeping Requirements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2023 60-Day FRN 3038-0090 (88 FR 23011).pdf	Supplementary Document	Uploaded 2023-06-25	Repair queued
2023 30-Day FRN 3038-0090 (88 FR 41389).pdf	Supplementary Document	Uploaded 2023-06-25	Repair queued
2023 Supporting Statement 3038-0090.docx	Supporting Statement A	Uploaded 2023-06-25	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
211721	Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities		Modified
197643	Adaptation of Regulations to Incorporate Swaps-Records of Transactions		Modified

ICR Details

OMB Control No: 3038-0090	ICR Reference No: 202303-3038-003
Status: Historical Active	Previous ICR Reference No: 202006-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Swap Recordkeeping 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: 08/15/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 06/26/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2026	36 Months From Approved	08/31/2023
Responses	9,651,896	0	13,667,037
Time Burden (Hours)	2,018,728	0	2,233,722
Cost Burden (Dollars)	0	0	0

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Abstract: The CFTC requests approval for the renewal of the information collections associated with this Swap Recordkeeping regulations under OMB Clearance No. 3038-0090. The information collection obligations imposed by the “Adaptation of Regulations to Incorporate Swaps” regulations are necessary to implement section 721 of the Dodd-Frank Act, which amended the definitions of futures commission merchant (“FCM”) and introducing broker (“IB”) to permit these intermediaries to trade swaps on behalf of customers. They also are necessary to implement section 733 of the Dodd-Frank Act which introduced swap execution facilities (“SEFs”) as a new trading platform for swaps. As a result of the enactment of sections 721 and 733, the Commission amended certain recordkeeping regulations (1.31, 1.33, 1.35, 1.37, and 1.39) so that records of swap transactions are maintained analogously to how futures transactions are maintained. Further, the “Exclusion of Utility Operations-Related Swaps With Utility Special Entities From De Minimis Threshold for Swaps With Special Entities” regulation amended the Commission’s swap dealer definition to permit a person to exclude “utility operations-related swaps” with “utility special entities” in their de minimis threshold calculations. The regulation requires a person claiming the exclusion to maintain in accordance with Commission regulation 1.31 any written representations that the person receives form utility special entities related to this exclusion.

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Authorizing Statute(s): US Code: 7 USC 6r, 6s, 7, 7a-1, 7a-2, 7b Name of Law: CEA
   US Code: 7 USC 7b-3, 8, 9, 10a, 12, 12a, 12c Name of Law: CEA
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
   US Code: 7 USC 13a, 13a-1, 16, 16a, 19, 21 Name of Law: CEA
   US Code: 7 USC 23 and 24 Name of Law: CEA
   US Code: 7 USC 6, 6a, 6b, 6c, 6d, 6e, 6f, 6g Name of Law: CEA
   US Code: 7 USC 1a, 2, 5 Name of Law: CEA
   US Code: 7 USC 6h, 6i, 6k, 6l, 6m, 6n, 6o, 6p 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:
	88 FR 23011	04/14/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 41389	06/26/2023
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
Adaptation of Regulations to Incorporate Swaps-Records of Transactions
Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities

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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	9,651,896	13,667,037	0	0	-4,015,141	0
Annual Time Burden (Hours)	2,018,728	2,233,722	0	0	-214,994	0
Annual Cost Burden (Dollars)	0	0	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: There are no program changes. The Commission is revising the title of the clearance to “Swap Recordkeeping Requirements” to better reflect the nature of the underlying information collections. In addition, the Commission is updating its burden estimates associated with the information collection under OMB Control No. 3038–0090 based on a review of available recent swap data and registrant information. Accordingly, the Commission’s estimate of 13,598664 swap recordkeeping respondents derives from combining the estimated number of FCMs (6160—decreased from 141 in 2017 ), IBs (1,100974), RFEDs (34), DCM members (11,500), and SEF members (1,000) as of March 31, 2020 (see also fns. 4 and 6). As a result, the number of respondents subject to the IC titled “Adaptation of Regulations to Incorporate Swaps-Records of Transactions” has decreased from 13,725 to 13,598. This reduction yields a corresponding decrease in the number of associated burden hours from 2,232,722 to 2,017,728 hours. The Commission’s estimate as to the number of de minimis special entities, at 2,000, remains unchanged from prior renewals. As a result, the associated burden hours estimate for the IC titled “Exclusion of Utility Operations-Related Swaps with Utility Special Entities from De Minimis Threshold for Swaps with Special Entities” remains unchanged at 1,000 hours. Due to these updated estimates, the total estimated hours burden associated with this information collection has been reduced from 2,233,722 to 2,018,728.

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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: 06/26/2023

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