Core Principles and Other Requirements for Swap Execution Facilities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2023 SEF Confirmations NPRM (88 FR 58145).pdf	Supplementary Document	Uploaded 2023-08-25	Repair queued
2023 Supporting Statement 3038-0074 (SEF Confirmations NPRM).docx	Supporting Statement A	Uploaded 2023-08-25	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
260648	37.6(b) - Confirmation Requirement for registered SEFs		New
195702	Core Principles and Other Requirements for Swap Execution Facilities		Unchanged

ICR Details

OMB Control No: 3038-0074	ICR Reference No: 202306-3038-002
Status: Historical Inactive	Previous ICR Reference No: 202201-3038-002
Agency/Subagency: CFTC	Agency Tracking No:
Title: Core Principles and Other Requirements for Swap Execution Facilities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 10/16/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 08/25/2023
Terms of Clearance: OIRA will review again upon finalization of the rule.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2025	36 Months From Approved	04/30/2025
Responses	5,160	0	5,160
Time Burden (Hours)	7,740	0	7,740
Cost Burden (Dollars)	0	0	0

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Abstract: The proposed rulemaking would add new § 37.6(b)(1), which would permit SEFs to incorporate by reference into a swap confirmation the relevant terms set forth in underlying, previously-negotiated agreements without being required to obtain these agreements. The Commission anticipates that this proposed approach will address technological and operational challenges that have prevented SEFs from fully complying with § 37.6(b), by reducing the administrative burdens for SEFs, who would not be required to request, accept, and maintain a library of every relevant previously negotiated agreement between counterparties. Thise revised information collection under this Control Number are necessary for swap execution facilities (SEFs) to provide legal certainty of transactions executed on or pursuant to the rules of a SEF through the issuance of swap confirmations for each swap transaction.

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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 7b-3 Name of Law: CEA
  

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:
3038-AF34	Proposed rulemaking	88 FR 58145	08/25/2023

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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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
37.6(b) - Confirmation Requirement for registered SEFs
Core Principles and Other Requirements for Swap Execution Facilities

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Commission is proposing to amend its rules governing Swap Confirmation Requirements for Swap Execution Facilities to permit SEFs to incorporate by reference into a swap confirmation the relevant terms set forth in underlying, previously-negotiated agreements without being required to obtain these agreements. If the proposed rules are adopted, the Commission proposes to revise control number 3038-0074 to add a new Information Collection reflecting the revised burden for SEFs to issue swap confirmations under the Rule titled "37.6(b) - Confirmation Requirement for registered SEFs." The estimated burden for this Information Collection would total 8,625 hours per year for all covered respondents (23 respondents × 375 hours = 8,625 hours). The first Information Collection titled "Core Principles and Other Requirements for Swap Execution Facilities" is not affected by this proposed rulemaking.

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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: 08/25/2023

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