Swap Data Recordkeeping and Reporting Requirements

ICR 202306-3038-007

OMB: 3038-0096

Federal Form Document

ICR Details
3038-0096 202306-3038-007
Received in OIRA 202212-3038-001
Swap Data Recordkeeping and Reporting Requirements
Revision of a currently approved collection   No
Regular 09/13/2023
  Requested Previously Approved
36 Months From Approved 04/30/2026
229,693,748 229,692,016
1,463,182 1,460,357
0 0

Section 2(a)(13)(G) of the Commodity Exchange Act (“CEA”) requires that all swaps, whether cleared or uncleared, must be reported to SDRs. CEA section 21(b) directs the Commission to prescribe standards for swap data recordkeeping and reporting, which are to apply to both registered entities and counterparties involved with swaps. The Commission established these regulations in Part 45 of the Commission’s regulations. 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. On November 25, 2020, the Commission published the final rule amending regulations in Parts 45 concerning swap data recordkeeping and reporting requirements (“Swap Data Reporting Rule”). Regulation 45.7 requires swaps to be identified in all recordkeeping and all swap data reporting by means of a Unique Product Identifier (“UPI”) and product classification system after the Commission designates a UPI and product classification system that satisfies the requirements set forth in the section. As part of that rulemaking, the Commission provided that the burden for the product fields reported in place of UPIs would be accounted for as part of the burden estimates associated with §§ 45.3 and 45.4 until the Commission designated a UPI. On February 24, 2023, the Commission issued an order designating a UPI and product classification system to be used in swap recordkeeping and data reporting for swaps in the credit, equity, foreign exchange, and interest rate asset classes. Now that the Commission has designated a UPI and product classification system for certain asset classes, the Commission is revising Information Collection 3038-0096 to take into account the revised burden associated with reporting pursuant to the newly designated UPI and product classification system, in compliance with the Paperwork Reduction Act (“PRA”) and Office of Management and Budget (“OMB”) regulations. These information collection requirements impact SDRs, SEFs, DCMs, and reporting counterparties that report swap data for the Commission to perform its regulatory duties of risk monitoring and ensuring compliance with its rules, among other items. As part of this update, the Commission is addressing the burden estimates pertaining to information collections for § 45.7.

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
PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act

Not associated with rulemaking

  88 FR 43086 07/06/2023
88 FR 62774 09/13/2023

  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 229,693,748 229,692,016 0 0 1,732 0
Annual Time Burden (Hours) 1,463,182 1,460,357 0 0 2,825 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
The Commission is revising its burden hours and hourly labor cost estimates following the Commission’s designation of a UPI and product classification system for certain asset classes. The Commission is revising its burden estimates associated with the reporting obligations under Part 45 of the Commission rules to account for new burden associated with the requirements of Part 45.7. These changes result in an incremental increase of 1,093 burden hours for reporting along with $101,992 in associated labor costs under IC 1: “Swap Data Recordkeeping and Reporting Requirements.” These revisions do not impact the estimates for recordkeeping hours under IC 1 “Swap Data Recordkeeping and Reporting Requirements” or any of the burden hour estimates under IC 2 titled “Exemption from Derivatives Clearing Organization Registration” or IC 3 titled “Correcting errors in swap data verification of swap data accuracy (17 CFR 45.14).” In addition, the Commission is adding a second new IC titled “Update Systems to Obtain and Transmit UPIs” to reflect the addition of an estimated 1,732 burden hours and an associated $161,620 in labor costs associated with the work necessary to update update systems to retrieve and transmit UPIs. As a result, this revision results in an overall increase of 2,825 hours annually, yielding a new aggregate burden of 1,463,182 total burden hours for the Collection (as compared to the previously approved total of 1,460,357 burden hours).

Kenny Wright 202 326-2907 [email protected]


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:
    (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;
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.

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