Requirements for Derivatives Clearing Organizations

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 3038-0076 Form DCO	Form	Modified	Available
Form 3038-0076 Requirements for Derivative Clearing Organizations	Form	Modified	Repair queued
2024 Supporting Statement 3038-0076 (Member Property NPRM).docx	Supporting Statement A	Uploaded 2024-01-03	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
195766	Requirements for Derivative Clearing Organizations	Form	Modified	Form DCO
195766	Requirements for Derivative Clearing Organizations	Form	Modified

ICR Details

OMB Control No: 3038-0076	ICR Reference No: 202312-3038-006
Status: Historical Inactive	Previous ICR Reference No: 202310-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Requirements for Derivatives Clearing Organizations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 02/26/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/03/2024
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	12/31/2026	36 Months From Approved	12/31/2026
Responses	22,578	0	22,578
Time Burden (Hours)	64,157	0	64,157
Cost Burden (Dollars)	905,674	0	905,674

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Abstract: Section 5b(a) of the Commodity Exchange Act (“CEA”) provides that a clearing organization may not perform the functions of a derivatives clearing organization (“DCO”) unless the clearing organization is registered with the Commission. In order to register and maintain registration with the Commission, a DCO must comply with the DCO Core Principles and all applicable Commission regulations. This information collection, as a whole, covers the burden associated with Part 39 of the Commission’s regulations applicable to registered DCOs, including requirements related to DCO governance. On January 3, 2024, the Commission published in the Federal Register a proposed rule titled “Protection of Clearing Member Funds Held by [DCOs].” Among other changes, the proposed rule would amend § 39.15 to require DCOs to obtain a written acknowledgment letter from each depository holding clearing member funds and provide a copy of each letter to the Commission. Further the proposed rule would require DCOs to conduct a daily calculation and reconciliation of the amount of clearing member and customer funds owed to each clearing member and the amount owed to and held for all clearing members. DCOs would need to report to the Commission any discrepancies in either the calculations or reconciliations. The Commission is revising its burden estimate for OMB control number 3038-0076 to account for new information collections set forth in the Proposed Rule. Specifically, the Commission believes that the burden under this clearance will increase because the 10 DCOs subject to these requirements will be required under § 39.15(f)(2) to file a copy of each written acknowledgment letter it obtains with the Commission. Further, under § 39.15(g)(5), DCOs will have a new event-specific reporting requirement.

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Authorizing Statute(s): US Code: 7 USC 7a-1 Name of Law: Commodity Exchange Act
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AF39	Proposed rulemaking	89 FR 286	01/03/2024

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Requirements for Derivative Clearing Organizations	3038-0076	Form DCO

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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: The Commission is revising its burden estimate for OMB control number 3038-0076 to account for two of the amendments set forth in the proposed rule titled “Protection of Clearing Member Funds Held by [DCOs] that impose new information collection requirements. Specifically, the Commission estimates the burden under this clearance will increase because the 10 DCOs subject to § 39.15(f)(4) will need to file a copy of the required written acknowledgment letters with the Commission and § 39.15(g)(5) will add an additional event-specific reporting category. As shown in Attachment A of the Supporting Statement, these changes result in an incremental increase of 67 burden hours annually.

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Annual Cost to Federal Government: $223,586

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: 01/03/2024

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