Requirements for Derivatives Clearing Organizations

Forms and Documents

Document Name	Status
Form Form DCO Requirements for Derivative Clearing Organizations Form and Instruction	Modified
2023 Supporting Statement 3038-0076 (Recovery and Orderly Wind-down NPRM).docx Supporting Statement A	2023-07-28

IC Document Collections

IC ID	Document Title	Status
195766	Requirements for Derivative Clearing Organizations Form and Instruction	Modified

ICR Details

OMB Control No: 3038-0076	ICR Reference No: 202306-3038-005
Status: Received in OIRA	Previous ICR Reference No: 202303-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Requirements for Derivatives Clearing Organizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/28/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	05/31/2026
Responses	22,512	22,578
Time Burden (Hours)	66,791	63,311
Cost Burden (Dollars)	0	0

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Abstract: Commission Regulations 39.10, 39.11, 39.12, 39.13, 39.14, 39.15, 39.16, 39.18, 39.19, 39.21, 39.24, and 39.27 establish reporting requirements for registered derivatives clearing organizations (DCOs). Regulation 39.3 requires any person seeking to register as a DCO to submit a completed Form DCO as provided in Appendix A to part 39, accompanied by all applicable exhibits. Subpart C of part 39 includes additional requirements for systemically important DCOs and DCOs that elect to be subject to Subpart C. The rules establish reporting and recordkeeping requirements that implement Section 5b of the Commodity Exchange Act (CEA), and are necessary for the Commission to assess compliance of DCOs and DCO applicants with requirements prescribed in the CEA and Commission regulations.

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Authorizing Statute(s): US Code: 7 USC 7a-1 Name of Law: Commodity Exchange Act
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF16	Proposed rulemaking	88 FR 48968	07/28/2023

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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: 1

IC Title	Form No.	Form Name
Requirements for Derivative Clearing Organizations	Form DCO, Subpart C Election Form	Form DCO ,   Subpart C Election Form

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ICR Summary of Burden

	Total Request	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	22,512	22,578	0	-66	0	0
Annual Time Burden (Hours)	66,791	63,311	0	3,480	0	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The Commission is proposing amendments that would address certain risk management obligations, modify definitions and reporting requirements, and codify existing staff guidance. The proposed amendments would add paragraph (k) to regulation 39.13 to require DCOs that are neither systemically important nor registered under Subpart C to maintain and submit to the Commission viable plans for orderly wind-down and would enhance current regulation 39.39 with respect to recovery and orderly wind-down plan requirements. The proposed amendments would also add new paragraph (xxv) to regulation 39.19(c)(4) regarding certain event-specific reporting and new paragraph (iii) to regulation 39.19(c)(5) regarding certain information for resolution planning. The Commission anticipates that changes to the event-specific reporting requirements under 39.19(c)(4), if adopted, would increase the existing burden on DCOs. The Commission estimates that the proposed changes would increase the annual information collection burden under the rule from 63,311 hours to 66,791 hours.

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Annual Cost to Federal Government: $134,478

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.     Yes

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: 07/28/2023

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