Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties

Forms and Documents

Document Name	Status
(2023) 30-day FR Notice - 3038-0079.pdf Supplementary Document	2023-09-18
(2023) 3038-0079 - 60-Day FR Notice.pdf Supplementary Document	2023-09-18
(2023) 3038-0079 - Supporting Statement - final 09-18-23.docx Supporting Statement A	2023-09-18

IC Document Collections

IC ID	Document Title	Status
195307	Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties	Modified

ICR Details

OMB Control No: 3038-0079	ICR Reference No: 202309-3038-002
Status: Received in OIRA	Previous ICR Reference No: 202009-3038-005
Agency/Subagency: CFTC	Agency Tracking No: 3038-0079
Title: Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/18/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2023
Responses	141,120	146,496
Time Burden (Hours)	247,059	256,470
Cost Burden (Dollars)	0	0

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Abstract: The Commission has adopted Subpart H of Part 23 of its regulations (EBCS Rules) and Commission regulation 23.605, requiring swap dealers and major swap participants to follow specified procedures and provide specified disclosures in their dealings with counter-parties, to adopt and implement conflicts of interest procedures and disclosures, and to maintain specified records related to those requirements. In addition, the Commission recently finalized certain exceptions from the EBCS Rules for certain foreign swaps in § 23.23(e). To the extent a swap dealer or major swap participant avails itself of one or more of these exceptions, when effective, § 23.23(h)(1) imposes information collection requirements in lieu of such requirements in the EBCS Rules. The information collection obligations imposed by the regulations are essential to ensuring that swap dealers and major swap participants develop and maintain procedures and disclosures required by the Commodity Exchange Act (CEA) and Commission regulations.

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Authorizing Statute(s): US Code: 7 USC 2(i), 6s(h); 6s(j)(5) Name of Law: Commodity Exchange Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 43085	07/06/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 63940	09/18/2023
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
Swap Dealer and Major Swap Participant Conflicts of Interest and Business Conduct Standards with Counterparties

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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	141,120	146,496	0	0	-5,376	0
Annual Time Burden (Hours)	247,059	256,470	0	0	-9,411	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 burden adjustment, shown above, is based solely on the decreased number of entities registered as SDs (109 at the last renewal and 105 currently), as the burden hours per respondent remains the same, at approximately 2,352.9 hours. Therefore, the total estimate of annual burden hours, currently at 247,059 hours, reflects this decrease in the number of registered respondents.

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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: 09/18/2023

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