Customer Clearing Documentation and Timing of Acceptance for Clearing

Forms and Documents

Document Name	Status
(2023) 30-Day FR Notice - 3038-0092.pdf Supplementary Document	2023-11-13
(2023) - 60-Day FR Notice 3038-0092.pdf Supplementary Document	2023-11-13
(2023) 3038-0092 Supporting Statement - Nov 03.2023.docx Supporting Statement A	2023-11-13

IC Document Collections

IC ID	Document Title	Status
198841	Customer Clearing Documentation and Timing of Acceptance of Clearing	Modified

ICR Details

OMB Control No: 3038-0092	ICR Reference No: 202311-3038-003
Status: Received in OIRA	Previous ICR Reference No: 202010-3038-005
Agency/Subagency: CFTC	Agency Tracking No:
Title: Customer Clearing Documentation and Timing of Acceptance for Clearing
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: 11/13/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2024
Responses	180	183
Time Burden (Hours)	7,200	7,320
Cost Burden (Dollars)	0	0

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Abstract: Under the regulations, SDs, MSPs, FCMs, and DCOs are required to develop and maintain written customer clearing documentation and trade processing procedures. Maintenance of contracts, policies, and procedures is prudent business practice. All SDs, MSPs, FCMs, and DCOs maintain documentation consistent with these regulations. The regulations are crucial both for effective risk management and for the efficient operation of trading venues among SDs, MSPs, FCMs, and DCOs. Each of these entities has a general recordkeeping obligation for these requirements under the Commission’s regulations (regulation 39.20 for DCOs; regulation 23.606 for SDs and MSPs; and regulation 1.73 for FCMs). The regulations are an important part of the Commission’s regulatory program for SDs, MSPs, FCMs, and DCOs. The information required to be preserved is used by representatives of the Commission to ensure compliance with the CEA and applicable Commission regulations relating to clearing activities.

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Authorizing Statute(s): US Code: 7 USC 6d(c) Name of Law: Conflicts of Interest
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 7 USC 6s(j)(5) Name of Law: Duties – Conflicts of Interest
   US Code: 7 USC 6s(j)(6) Name of Law: Duties – Antitrust Considerations
   US Code: 7 USC 2(h)(1)(B)(ii) Name of Law: Clearing Requirement – In General – Open Access
  

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 58251	08/25/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 77562	11/13/2023
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
Customer Clearing Documentation and Timing of Acceptance of Clearing

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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	180	183	0	0	-3	0
Annual Time Burden (Hours)	7,200	7,320	0	0	-120	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: While the number of DCOs remains the same, at 15 registrants as in 2020, the burden hour adjustment is due to a decrease in the number of SDs, MSPs, and FCMs from 168 to 165, resulting in 180 as the total number of respondents (from 183 in 2020). While the burden hours, at 40 hours per respondent, remains the same as in 2020, the renewal reflects the increase in hourly burden cost from $100.00 to $120.00, bringing the total annual respondent burden cost to $864,000 ($120 x 40 hrs. per respondent x 180 respondents), an increase from $732,000 in respondent burden cost in 2020.

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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.     Yes

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: 11/13/2023

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