Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
2023 Supporting Statement 3038-XXXX (Operational Resilience NPRM).docx	Supporting Statement A	Uploaded 2024-01-24	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
263885	Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants		New

ICR Details

OMB Control No: 3038-0120	ICR Reference No: 202312-3038-003
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: CFTC	Agency Tracking No:
Title: Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 03/12/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/24/2024
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Resubmit when proposed rule is finalized.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: Proposed regulations 1.13 and 23.603 require FCMs, SDs, and MSPs (collectively, covered entities) to establish, document, implement, and maintain an Operational Resilience Framework (ORF), which shall, at a minimum, include an information and technology security program, a third-party relationship program, and a business continuity and disaster recovery (BCDR) plan. All such programs and plan must be supported by written policies and procedures. In addition, the proposed regulations impose the following reporting, recordkeeping, and disclosure obligations: (1) on an annual basis, written approval of each component program or plan of the ORF and of risk appetite and risk tolerance limits, or in the case of covered entities relying on a consolidated program or plan, written attestation; (2) on an annual basis, documenting review and testing of the ORF; (3) as applicable, notifying the Commission of certain “incidents,” as defined in the proposed rule; (4) as applicable, notifying the Commission upon activation of the BCDR plan; (5) as applicable, notifying customers or counterparties of certain “incidents,” as defined in the proposed rule; and (6) providing emergency contact information to the Commission in connection with the information and technology security program and the BCDR plan. It is necessary to ensure that SDs and MSPs establish, document, implement, and maintain an ORF that is reasonably designed to monitor and manage operational risks related to information and technology security, third-party service providers, and emergencies or other significant disruptions to the continuity of normal business activities as an SD or MSP. The collection of information is also necessary to accomplish the purposes of the Act under CEA 8a(5), specifically those related to FCMs’ various statutory requirements required under the Act. The Commission will use the information collected to exercise its regulatory oversight obligations to address systemic risk and protect customer assets. Specifically, the Commission will use the information collected to evaluate and oversee covered entities’ implementation of the ORF required under the proposed rule. The information collected will also inform the Commission of whether it should take any action regarding lack of compliance with the proposed rule. Covered entities’ counterparties and customers will receive information collected that may be used to assess the potential impact of an incident on its information, assets, or positions and to take any necessary action. The information collected is intended to protect counterparties and customers, as well as ensure market integrity and soundness.

---

Authorizing Statute(s): US Code: 7 USC 6s, 12a Name of Law: Commodity Exchange Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF23	Proposed rulemaking	89 FR 4706	01/24/2024

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants

---

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection of information associated with proposed regulations establishing an operational resilience framework for FCMs, SDs, and MSPs. As described in Attachment A, the Commission estimates that, if adopted, the information collections associated with the proposed regulations would entail an estimated 84,240 burden hours along with $8,424,000 in associated labor costs.

---

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

---

Common Form ICR:  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:

(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: 01/24/2024

---