Reporting and Recordkeeping Requirements Associated with Regulation KK

ICR 202308-7100-001

OMB: 7100-0364

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2023-08-22
ICR Details
7100-0364 202308-7100-001
Historical Active 202008-7100-006
FRS FR KK
Reporting and Recordkeeping Requirements Associated with Regulation KK
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 08/22/2023
Retrieve Notice of Action (NOA) 08/22/2023
  Inventory as of this Action Requested Previously Approved
08/31/2023 08/31/2023 08/31/2023
211 0 41,453
5,452 0 61,104
0 0 0

The Board, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Farm Credit Administration (FCA), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) adopted a joint final rule that implemented sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the agencies to establish capital requirements and initial and variation margin requirements for such entities on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared. This final rule created reporting and recordkeeping requirements. The Board accounts for any state member bank, bank holding company, savings and loan holding company, foreign banking organization, foreign bank that does not operate an insured branch, state branch or state agency of a foreign bank, or Edge or agreement corporation that is registered as a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant. The Board adopted a final rule that implemented section 716 of the Dodd-Frank Act. Regulation KK - Swaps Margin and Swaps Push-Out (12 CFR Part 237) treats an uninsured U.S. branch or agency of a foreign bank as an insured depository institution for purposes of section 716 of the Dodd-Frank Act and establishes a process by which a state member bank or uninsured state branch or agency of a foreign bank may request a transition period to conform its swaps activities to the Dodd-Frank Act. This final rule created reporting requirements.

US Code: 7 USC 6s Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 78o-10 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 7 USC 1a(39) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 8305(f) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
None

7100-AF62 Final or interim final rulemaking 85 FR 39754 07/01/2020

  84 FR 9940 03/19/2019
84 FR 59970 11/07/2019
No

  Total Approved 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 211 41,453 0 0 -41,242 0
Annual Time Burden (Hours) 5,452 61,104 0 0 -55,652 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The decrease in total annual burden hours reflects an update to the respondent counts. Also, the Board has determined that section 237.1(h), previously cleared as part of the FR KK, no longer includes a disclosure collection of information, because the conditions triggering the disclosure will not occur. In addition, the Board has determined to omit from the FR KK the following provisions of Regulation KK that were formerly referenced in the clearance, because it has determined that they do not constitute collections of information under the PRA: sections 237.1(d); 237.5(c)(2)(i); 237.8(c)(2); 237.8(d)(5), (12), and (13); 238.8(e); and 237.8(f)(2), (3), and (4).

$0
No
    Yes
    No
No
No
No
No
Mark Tokarski 202-452-5241 [email protected]

  No

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.
08/22/2023


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