Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral

ICR 202308-3038-001

OMB: 3038-0091

Federal Form Document

Forms and Documents
Supplementary Document
Supplementary Document
Supporting Statement A
IC Document Collections
ICR Details
3038-0091 202308-3038-001
Received in OIRA 202009-3038-007
Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral
Extension without change of a currently approved collection   No
Regular 11/13/2023
  Requested Previously Approved
36 Months From Approved 01/31/2024
112,425 141,258
25,050 25,890
0 2,585,021

7 USC 6d(f) imposes requirements on futures commission merchants (“FCMs”) and derivatives clearing organizations (“DCOs”) regarding the safeguarding and use of collateral provided my customers to serve as margin for cleared swaps transactions. 17 CFR Part 22 contains implementing regulations. Sections 22.2(g), 22.5(a), 22.11, 22.12, and 22.16 impose recordkeeping and third-party disclosure requirements necessary for the effective operation of the statutory and regulatory scheme. Section 22.16 requires that each FCM who has cleared swaps customers disclose to each customer once each year the governing provisions, as established by DCO rules or agreements between collecting and depositing FCMs, relating to use of customer collateral, transfer, neutralization of the risks, or liquidation of cleared swaps in the event of a default by the FCM. The purpose of this reporting requirement is to ensure that cleared swaps customers are informed of the procedures to which accounts containing their swaps collateral may be subject in the event of a default by their FCM.

US Code: 7 USC 6d(f) Name of Law: CEA

Not associated with rulemaking

  88 FR 59510 08/29/2023
88 FR 77563 11/13/2023

IC Title Form No. Form Name
Disclosure and Retention of Certain Information Relating to Cleared Swaps Customer Collateral

  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 112,425 141,258 0 0 -28,833 0
Annual Time Burden (Hours) 25,050 25,890 0 0 -840 0
Annual Cost Burden (Dollars) 0 2,585,021 0 0 -2,585,021 0
There are no program changes. In connection with this renewal, the Commission has updated its estimates to reflect the current number of affected respondents. Specifically, the Commission’s estimate of the total number of covered respondents has been reduced from 78 to 75 (60 FCMs and 15 DCOs). As a result of this change, the overall burden estimate under this clearance has been reduced from 25,890 to 25,050 annual burden hours. In addition, during the prior renewal cycle, the labor costs associated with reported burden hours were entered into ROCIS as a separate cost burden ($). Per the instructions on page 40 of the ROCIS User Guide, which provides that agencies "do not report as a dollar cost any burden reported in hours" on the ICR Summary of Burden worksheet, the entry for these labor costs associated with the reported burden hours have been removed. The labor costs associated with the reported burden hours are provided in Attachment A of the Supporting Statement. There are no additional capital costs or operating and maintenance costs associated with this collection.

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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