Part 40, Provisions Common to Registered Entities

Forms and Documents

Document	Type	Status	Availability
2023 Supporting Statement 3038-0093 (Part 40 NPRM).docx	Supporting Statement A	Uploaded 2023-09-06	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
245354	Part 150 Position Limits		Modified
201522	Part 40, Provisions Common To Registered Entities		Modified

ICR Details

OMB Control No: 3038-0093	ICR Reference No: 202307-3038-002
Status: Received in OIRA	Previous ICR Reference No: 202102-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Part 40, Provisions Common to Registered Entities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/06/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/29/2024
Responses	2,302	7,040
Time Burden (Hours)	23,046	14,966
Cost Burden (Dollars)	0	0

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Abstract: Part 40 provides procedures for the submission of rules and rule amendments by registered entities, including designated contract markets, swap execution facilities, derivatives clearing organizations, and swap data repositories. It establishes the procedures for submitting the “written certification” required by Section 5c of the Commodity Exchange Act (“CEA”) in connection with a product or rule certification. Accordingly, new rules or rule amendments must be accompanied by explanations and analyses of the purposes, operations, and effects of the submissions. This information may be submitted as part of the same submission containing the required “written certification.” The Commission is proposing to amend the Part 40 regulations to clarify, simplify, and enhance their utility for market participants and the Commission. This includes some increased information submission requirements for the product and rule submission to ensure that Commission staff receive the information necessary to assess whether new rules and products, and amendments to existing rules and product terms and conditions, comply with the CEA and Commission regulations. The additional explanation and analysis required by the proposed rules is necessary for regulatory purposes. Without prompt receipt of supporting information, staff must expend significant resources and time to replicate the analysis required to support a product or rule submission or to otherwise independently establish a product or rule’s compliance with applicable law. Regulation 40.10 also contains submission procedures for certain risk-related rules proposed by a systemically important derivatives clearing organization (“SIDCO”). The SIDCO regulations require, among other things, 60-days advance notice of proposed rules or rule amendments that may materially affect the nature or level of risks presented by the SIDCO. The SIDCO reporting burden will not be impacted by the proposed amendments.

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Authorizing Statute(s): US Code: 7 USC 7a-2 Name of Law: Procedures for Registered Entities, etc.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF28	Proposed rulemaking	88 FR 61432	09/06/2023

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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

IC Title	Form No.	Form Name
Part 150 Position Limits
Part 40, Provisions Common To Registered Entities

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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	2,302	7,040	0	0	-4,738	0
Annual Time Burden (Hours)	23,046	14,966	0	0	8,080	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: The proposed rules would amend the Part 40 regulations that provide procedures for the submission of new products, rules and rule amendments by registered entities, including designated contract markets, swap execution facilities, derivatives clearing organizations, and swap data repositories. These changes would increase information submission requirements for the product and rule submissions to ensure that Commission staff receive the information necessary to assess whether new rules and products, and amendments to existing rules and product terms and conditions, comply with the CEA and Commission regulations. As described in Attachment A, the proposal would revise the first Information Collection under this clearance titled “Provisions Common to Registered Entities,” resulting in a new total of 22,896 burden hours. The second information collection under this clearance titled "Part 150 Position Limits" is unchanged.

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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: 09/06/2023

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